EHT enters into LOI to acquire EVIA
By Enerdynamic Hybrid TechnologiesNews
June 22, 2015 - Enerdynamic Hybrid Technologies has entered into a non-binding letter of intent to acquire 100% of the shares of EVIA Finance S.A.R.L., a manufacturer and installer of patented modular housing units, container units and truck/trailer units.
The total acquisition value is expected to be approximately CAD$46.7 million, CAD$15.2 million of which shall be payable in cash and CAD$31.2 million of which shall be payable by the issuance of 35 million EHT common shares at a deemed price of 90 cents per share. The cash portion of the consideration is expected to be funded from a portion of the proceeds from EHT’s previously announced offering of up to CAD$20 million of two-year 18% debentures and bonus shares. Please see the new release dated June 11, 2015. A $7 million lead order for the debenture financing has been secured.
EVIA operates globally, is headquartered in Luxembourg and, for 2014 the consolidated revenue of EVIA and its affiliated businesses and licensees was approximately CAD$28 million and CAD$9 million of EBITDA (Unaudited). As a supplier to the US Government of energy efficient housing units as well as having an established business in modular home and container unit sales across various sectors of the economy, EVIA h as established a growing order book. EVIA’s growth is driven by the fact that their proprietary modular housing units can be built in less than one day, are 70% more energy efficient than a traditional modular home and are fully recyclable at the end of their useful life.
Combining EHT’s renewable energy solutions with EVIA’s patented modular structure technology provides EHT the opportunity to be a leading supplier of energy self-sufficient modular structures that can be used for housing, medical facilities, disaster recovery units, schools or offices anywhere in the world.
The proposed acquisition is conditional on, among other things, completion of satisfactory due diligence, entry into of a definitive binding share purchase agreement, audited financial statements, completion of the previously announced debenture financing and TSX Venture Exchange approval.
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