BARRE, Vt., July 29, 2016 /PRNewswire/ -- Northern Power
Systems Corp. (TSX: NPS), (the "Company" or "Northern Power
Systems"), a next generation renewable energy technology company,
provides this further update to its news release dated March 28, 2016, which announced that the Company
would be delayed 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 Company today
announces that it completed the filing of its Annual Filings on
July 25, 2016, including a
restatement of financial results for fiscal 2013 and 2014, and the
first three quarters of 2015. As the Company had announced in
a May 24, 2016 press release, the
need to restate its financial results for these periods and the
corresponding delay in filing its Annual Filing was at the
recommendation of its Audit Committee, due to an error in the
timing of recognizing revenue for certain overseas
transactions. The restatement had no impact on the Company's
cash position or cash flow from operations.
In connection with the Company's delay in submitting its 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 Senior VP for Operations
and Finance.
Since filing its ninth status update report on July 14, 2016, in accordance with National Policy
12-203, in addition to filing the Annual Filings, the Company and
its auditors have continued to work diligently to complete the
preparation of the Company's interim financial statements on Form
10-Q for the quarter ending March 31,
2016 (consisting of quarterly financial statements and
management's discussion and analysis) ("First Quarter Filings"),
which it believes it will be able to submit by the end of
August. Pursuant to the requirements of section 4.4 of
National Policy 12-203 – Alternative Information Guidelines, the
Company reports the following:
(i) Except as disclosed in this and previous
status reports including the Company's May
24, 2016 press release and its July
25, 2016 Earnings Release, there have been no material
changes to the information contained in either the March 28, 2016 news release or the subsequent
required bi-weekly updates. The Company continues to work
with its auditors to fully remedy the default and complete its
First Quarter Filings, and is working toward filing the required
filings on or before the end of August;
(ii) As disclosed above, the Company was
required to restate previously filed financial statements. As such,
our estimated filing deadline for our Annual Filings was extended
to June 30, 2016. The Company
requested that the Ontario Securities Commission extend the
deadline for our Annual Filings until July
22, 2016 and the Company completed this obligation on
July 25, 2016;
(iii) Subject to paragraph (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 announced on May 17, 2016, in its fourth default status
report, that it would not be able to timely file its First Quarter
Filings based on the delay in completing its Annual Filings.
The Company is working towards filing its First Quarter Filings by
the end of August. The Company and its auditors are concurrently
working to complete the Company's interim financial statements on
Form 10-Q for the quarter ended June 30,
2016 (consisting of quarterly financial statements and
management's discussion and analysis) ("Second Quarter
Filings"). The Company expects to file its Second Quarter
Filings with its First Quarter Filings by the end of August. 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 for energy
applications, into the global marketplace from its US headquarters
and European offices.
- Northern Power Systems and its predecessors have 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 11 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.
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,
SVP, Operations and Finance
+1-802-661-4673
ir@northernpower.com
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SOURCE Northern Power Systems Corp.