TORONTO, Nov. 22, 2018 (GLOBE NEWSWIRE) --

NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES

Mr. Wilmot L. Matthews (“Mr. Matthews”) announced that he has filed an early warning report to amend certain information in a previously filed early warning report dated May 14, 2018 (the “Prior Report”). The Prior Report disclosed that on May 3, 2018, pursuant to a debt settlement agreement between Enerdynamic Hybrid Technologies Corp. (“EHT”) and Mr. Matthews (the “Settlement”), $300,000 principal amount of an 18% secured debenture of EHT due July 3, 2017 (the “18% Debenture”) was settled by the issuance to Mr. Matthews of 3,000,000 units, comprised of 3,000,000 common shares (the “Shares”) and 1,500,000 common share purchase warrants of EHT (the “Warrants” and, together with the Shares, the “Securities”).

The Settlement disclosed in the Prior Report was not completed by EHT, the full amount of the 18% Debenture remains outstanding, and the certificates representing the Securities purported to be issued by EHT on May 3, 2018 in settlement of a portion of the debt owed to Mr. Matthews have been returned to EHT by Mr. Matthews.

As at May 3, 2018, Mr. Matthews beneficially owned or exercised control or direction over an 18% Debenture in the principal amount of $1,000,000, 18,395,000 common shares of EHT and 12,450,000 common share purchase warrants of EHT, representing approximately 8.27% of the issued and outstanding common shares of EHT on a non-diluted basis and representing approximately 13.13% of the issued and outstanding shares of EHT, assuming the exercise of all common share purchase warrants that Mr. Matthews beneficially owned or exercised control or direction over.

As at November 22, 2018, Mr. Matthews beneficially owns or exercises control or direction over an 18% Debenture in the principal amount of $1,000,000, 18,395,000 common shares of EHT and 12,450,000 common share purchase warrants of EHT, representing approximately 6.72% of the issued and outstanding common shares of EHT on a non-diluted basis and representing approximately 10.78% of the issued and outstanding shares of EHT, assuming the exercise of all common share purchase warrants that Mr. Matthews beneficially owns or exercises control or direction over.

Mr. Matthews’ current securityholding percentages as at November 22, 2018 disclosed above are based on 273,698,215 issued and outstanding common shares of EHT disclosed by EHT in the notes to its unaudited condensed consolidated interim financial statements for the nine months ending August 31, 2018.

The securities described herein were acquired by Mr. Matthews for investment purposes. Mr. Matthews may increase or decrease his investment, directly or indirectly, in securities of EHT from time to time, depending on market conditions or any other relevant factors.

EHT is located at 6040 Progress Street, Niagara Falls, Ontario, L2G 0C4. Mr. Matthews is located at 200 King St. W., Suite 1702, Toronto, Ontario, M5H 3T4. A copy of the early warning report to which this news release relates can be obtained on the SEDAR profile of EHT at www.sedar.com.