MILWAUKEE, May 9, 2017 /PRNewswire/ -- EnSync, Inc.
(NYSE MKT: ESNC), dba EnSync Energy Systems, a leading
developer of innovative distributed energy resource (DER) systems
and internet of energy (IOE) control platforms for the utility,
commercial, industrial and multi-tenant building markets,
(the "Company"), today reported that due to the failure of SPI
Solar Inc. (fka Solar Power Inc.) ("SPI") to meet its purchase
obligations under its supply agreement with the Company (the
"Supply Agreement"), the Company has terminated the Supply
Agreement. Pursuant to the Supply Agreement the Company
agreed to sell and SPI agreed to purchase energy management system
solutions for solar projects and related services having an
aggregated total of at least 5 megawatts of energy storage rated
power output within the first year of the Supply Agreement, 15
megawatts within the first two years, 25 megawatts within the first
three years, and 40 megawatts within the first four years of the
Supply Agreement. SPI never made any purchases under the
Supply Agreement. Following the termination of the Supply
Agreement, it will no longer be possible for SPI to satisfy the
conditions that would have enabled it to convert its shares of the
Company's Series C Convertible Preferred Stock into common
stock. Similarly, it will no longer be possible for the
warrant to purchase shares of common stock acquired by SPI to
become exercisable.
About EnSync Energy Systems
EnSync, Inc. (NYSE MKT: ESNC), dba EnSync Energy Systems, is
creating the future of electricity with innovative distributed
energy resource (DER) systems and internet of energy (IOE) control
platforms. EnSync Energy ensures the most cost-effective and
resilient electricity, delivered from an electrical infrastructure
that prioritizes the use of all available resources, such as
renewables, energy storage and the utility grid. As project
developer, EnSync Energy's distinctive engagement methodology
encompasses load analysis, system design consulting, and technical
and financial modeling to ensure energy systems are sized and
optimized to meet our customers' objectives for value and
performance. Proprietary direct current (DC) power control
hardware, energy management software, and extensive experience with
numerous energy storage technologies uniquely positions EnSync
Energy to deliver fully integrated systems that provide for
efficient design, procurement, commissioning, and ongoing
operation. EnSync Energy's IOE control platform adapts easily
to ever-changing generation and load variables, as well as changes
in utility prices and programs, ensuring the means to make or save
money behind-the-meter, while concurrently providing utilities the
opportunity to use DERs for an array of grid enhancing services. In
addition to direct system sales, EnSync Energy includes power
purchase agreements (PPAs) in its portfolio of offerings, which
enables electricity savings for customers and provides a stable
financial yield for investors. EnSync Energy is a global
corporation, with joint venture Meineng Energy in
AnHui, China, and energy project
development subsidiary Holu Energy LLC in Hawaii, and DCfusion LLC, a power
system engineering and design, consultancy and policy firm. 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
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ensync-terminates-supply-agreement-with-spi-solar-inc-300453850.html
SOURCE EnSync, Inc.