MILWAUKEE, Dec. 14, 2016 /PRNewswire/ -- EnSync, Inc.
(NYSE MKT: ESNC), dba EnSync Energy Systems, a leading
developer of innovative energy management systems for the utility,
commercial, industrial and multi-tenant building markets (the
"Company"), today reported that in light of ongoing discussions
with SPI Solar Inc. (fka Solar Power Inc.) ("SPI"), the Company has
extended to January 23, 2017 the
deadline by which it expects SPI to cure its failure to meet its
purchase obligations under its supply agreement with the
Company. As previously reported, on October 23, 2016 the Company delivered to SPI a
formal Notice of Default under which SPI was informed that it was
in breach of the supply agreement and had 30 days to cure the
breach before the Company would have the right to terminate the
supply agreement.
About EnSync Energy Systems
EnSync, Inc. (NYSE MKT: ESNC), dba EnSync Energy Systems, is
enabling the future of electricity with advanced energy management
systems critical to a global economy becoming increasingly reliant
upon the expansion of renewable energy. Whether part of the grid
power transmission and distribution network, or behind the meter in
commercial, industrial and multi-tenant buildings, EnSync
technology brings differentiated power control and energy storage
solutions to electricity-challenged environments. Our technologies
also serve as the system level intelligence in microgrid
applications, by seamlessly integrating multiple generation and
storage assets to deliver power in remote and community level
environments not served by the grid, or areas electing to use the
grid secondary to microgrid assets. In 2015, EnSync incorporated
power purchase agreements (PPAs) into its portfolio of offerings,
enabling electricity savings for customers and providing a stable
financial yield for investors. EnSync is a global corporation, with
a joint venture in AnHui, China at
Meineng Energy. For more information, visit: www.ensync.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of
1934, as amended, that are intended to be covered by the "safe
harbor" created by those sections. Forward-looking
statements, which are based on certain assumptions and describe our
future plans, strategies and expectations, can generally be
identified by the use of forward-looking terms such as "believe,"
"expect," "may," "will," "should," "could," "seek," "intend,"
"plan," "estimate," "anticipate" or other comparable terms.
All statements other than statements of historical facts included
in this press release regarding our strategies, prospects,
financial condition, operations, costs, plans and objectives are
forward-looking statements. Examples of forward-looking statements
include, among others, statements we make regarding our supply
agreement with SPI Solar, Inc., expected future operating results,
expectations concerning our PPA strategy, the anticipated results
of our product development efforts and other expectations regarding
our business strategy. Forward-looking statements are neither
historical facts nor assurances of future performance. Instead,
they are based only on our current beliefs, expectations and
assumptions regarding the future of our business, future plans and
strategies, projections, anticipated events and trends, the economy
and other future conditions. Because forward-looking statements
relate to the future, they are subject to inherent uncertainties,
risks and changes in circumstances that are difficult to predict
and many of which are outside of our control. Our actual results
and financial condition may differ materially from those indicated
in the forward-looking statements. Therefore, you should not rely
on any of these forward-looking statements. Important factors that
could cause our actual results and financial condition to differ
materially from those indicated in the forward-looking statements
include, among others, the risks and uncertainties described in the
Risk Factors and in Management's Discussion and Analysis of
Financial Condition and Results of Operations sections of our most
recent Annual Report on Form 10-K and our subsequently filed
Quarterly Report(s) on Form 10-Q. We undertake no obligation to
publicly update any forward-looking statement, whether written or
oral, that may be made from time to time, whether as a result of
new information, future developments or otherwise.
Investor Relations Contact:
Lytham Partners, LLC
Robert Blum, Joseph Diaz, or Joe
Dorame
(602) 889-9700
EnSync Media Contact:
Michelle
Montague
(262) 735-5676
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SOURCE EnSync, Inc.