BARRE, Vt., May 17, 2016 /PRNewswire/ -- Northern
Power Systems Corp. (TSX: NPS), (the "Company" or "Northern
Power Systems"), a next generation renewable energy technology
company, today announces that further to its news release dated
March 28, 2016, announcing a delay in
the filing of its annual report on form 10-K for the year ended
December 31, 2015 (which report
consists of audited annual financial statements, management's
discussion and analysis and the annual information form) as well as
the related officer certifications for the year ended December 31, 2015 (collectively, the "Annual
Filings"), the Ontario Securities Commission, the Company's
principal regulator, issued a Management Cease Trade Order ("MCTO")
which restricts trading in the Company's securities by the
Company's insiders, including the CEO and CFO.
The Company is providing its fourth default status report in
accordance with National Policy 12-203. The Company's
management continues to work diligently to meet its obligations
relating to the Annual Filings and meeting a filing date of
May 30, 2016 or earlier.
Pursuant to the requirements of section 4.4 of National Policy
12-203 – Alternative Information Guidelines, the Company reports
the following:
(i) There have been no material changes to the
information contained in either the March
28, 2016 news release ("Default Notice") or the subsequent
required bi-weekly updates. The Company continues to work
with its auditors to remedy the default and complete its Annual
Filings and continues to expect to file the required filings on or
before May 30, 2016;
(ii) There have been no failures with respect to the
Company fulfilling its stated intention of satisfying the
requirements of the required filings;
(iii) Subject to pragraph (iv) below, there has not been,
nor is there anticipated to be, any specified default subsequent to
the default which is the subject of the Default Notice; and
(iv) The Company is announcing that it will not be able to
file its quarterly report on Form 10-Q for the period ended
March 31, 2016 (which report consists
of quarterly financial statements and management's discussion and
analysis) ("Q1 Filing") based on the delay in completing its Annual
Filings. The Company will file its Q1 Filing as soon as
practicable after filing its Annual Filings, but expects to make
such filing no later than June 15,
2016. Other than this announcement, there is no other
material information about the affairs of the Company that has not
otherwise been generally disclosed.
The Company confirms that it intends to satisfy the provisions
of the alternative information guidelines so long as it remains in
default of this filing requirement through the provision of
bi-weekly, or more frequently if deemed necessary, updates by way
of news
releases.
About Northern Power Systems
Northern Power Systems
designs, manufactures, and sells wind turbines and power technology
products, and provides engineering development services and
technology licenses for energy applications, into the global
marketplace from its US headquarters and European offices.
- Northern Power Systems has over 40 years' experience in
technologies and products generating renewable energy.
- Northern Power Systems currently manufactures the NPS™ 60 and
NPS™ 100 turbines. With over 10 million run time hours across its
global fleet, Northern Power wind turbines provide customers with
clean, cost effective, reliable renewable energy.
- Patented next generation permanent magnet direct drive (PMDD)
technology uses fewer moving parts, delivers higher energy capture,
and provides increased reliability due to reduced maintenance and
downtime.
- Northern Power Systems' FlexPhase™ power converter platform
uses patented converter architecture and advanced controls
technology for advanced grid support and generation
applications.
- Northern Power Systems offers comprehensive in‐house
development services, including systems level engineering, advanced
drivetrains, power electronics, PM machine design, and remote
monitoring systems to the energy industry.
- Some of the world's largest manufacturers license the company's
next generation technology and IP for their utility and distributed
wind products and markets.
To learn more about Northern Power Systems, please visit
www.northernpower.com.
Notice regarding forward-looking statements:
This release includes forward-looking statements regarding
Northern Power Systems and its business, which may include, but is
not limited to, product and financial performance, regulatory
developments, supplier performance, anticipated opportunity and
trends for growth in our customer base and our overall business,
our market opportunity, expansion into new markets, execution of
the company's growth strategy and timeline for filing
the Annual Filings. Often, but not always, forward-looking
statements can be identified by the use of words such as "plans",
"is expected", "expects", "scheduled", "intends",
"contemplates", "anticipates", "believes", "proposes" or variations
(including negative variations) of such words and phrases, or state
that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved. Such statements
are based on the current expectations of the management of Northern
Power Systems. The forward-looking events and circumstances
discussed in this release may not occur by certain specified dates
or at all and could differ materially as a result of known and
unknown risk factors and uncertainties affecting the company,
including risks regarding the wind power industry; production,
performance and acceptance of the company's products;
our sales cycle; our ability to convert backlog into revenue;
performance by the company's suppliers; our ability
to maintain successful relationships with our partners and to enter
into new partner relationships; our performance internationally;
currency fluctuations; economic factors; competition; the equity
markets generally; and the other risks detailed in Northern Power
Systems' risk factors discussed in filings with the
U.S. Securities and Exchange Commission (the "SEC"), including but
not limited to Northern Power Systems' Annual Report
on Form 10-K filed on March 31, 2015,
as well as other documents that may be filed by Northern Power
Systems from time to time with the SEC. Although Northern Power
Systems has attempted to identify important factors that could
cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other
factors that cause actions, events or results to differ from those
anticipated, estimated or intended. No forward-looking statement
can be guaranteed. Except as required by applicable securities
laws, forward-looking statements speak only as of the date on which
they are made and Northern Power Systems undertakes no obligation
to publicly update or revise any forward-looking statement, whether
as a result of new information, future events, or
otherwise.
Ciel R. Caldwell,
Chief Financial Officer
+1-802-661-4673
ir@northernpower.com
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SOURCE Northern Power Systems Corp.