ensync energy systems announces board departures and state of business - electrical energy storage systems

MILWAUKEE, Feb.
11, 2019/PRNewswire /--EnSync, Inc. (
New York Stock Exchange: ESNC)
, Dba EnSync energy system (the "Company")
Create the future of electricity using innovative residential and commercial distributed energy (DER)
Energy Systems and the Internet (IOE)
According to the control platform, Richard Abbey, Paul Coppe, James Auchan and Theodore Stern both resigned as board members (the "Board")of the Company.
On February 11, 2019, the company notified NSYE of the United States (New York Stock Exchange
These resignations resulted in a compliance flaw in the following sections of the New York Stock Exchange's US company guide: Section 802nd, requiring a majority --
Article 803, an audit committee is required to be composed of three independent directors.
After the end of the second quarter of fiscal 2019, the head of a large project that the company is working on in Hawaii sent a letter to the company aimed at terminating the subject electricity purchase agreement ("PPA").
Although the alleged termination was unfounded and subsequently recovered by the dismissal, the company, upon receipt of this termination letter, triggered a variety of significant negative events for the company, including :(i)
Preventing the company from successfully completing negotiations for the sale of the PPA, which is expected to provide a substantial advance payment; (ii)
The company delayed or canceled orders for the large number of equipment it ordered to expect to start the project and facilitate the timely completion of the project in accordance with the active project schedule of the project leader, seriously affect the relationship with some key suppliers; and (iii)
Negatively impacting the Company's ability to pursue financing options, including strategic partnership transactions, PPA project financing facilities, amount of current capital credit and additional sales of common stock or other debt or equity securities, this was also negatively affected by the deterioration of the capital market conditions that began in the second quarter of fiscal 2019.
As mentioned earlier, the Company's Current Report on Form 8
K filed with the Securities and Exchange Commission on January 25, 2019 ,(i)
On January 23, 2019, Bradley Hansen resigned as president, CEO and member of the board of directors of the company and (ii)
In January 24, 2019, Sandeep Gupta was appointed interim chief executive officer and chief restructuring officer of the company and served as a member of the company's board of directors. Mr.
Gupta is the lead and founder of Novo Advisors and his expertise covers the development of short-term investments
Short-term liquidity forecast, breakthrough
Even conduct analysis and performance/profit improvement research on M & A and liquidation analysis of health and predicament enterprises in all walks of life.
Due to the above serious impact and current business conditions, the company needs additional financing in the very short term, which it has been actively pursuing.
However, the company does not commit to any additional financing and, if it does not receive sufficient financing in the short term, it may need to stop operations and initiate bankruptcy proceedings.
About EnSync energy system sensync, Inc. (
New York Stock Exchange: ESNC)
, Dba EnSync energy system (EnSync Energy)
Is creating the future of electricity with innovative distributed energy (DER)
Energy Systems and the Internet (IOE)
Control platform.
EnSync Energy ensures the highest cost
From the effective and resilient power provided by the power infrastructure, priority is given to all available resources such as renewable energy, energy storage and public power grids.
As a project developer, EnSync Energy's unique approach to engagement includes load analysis, system design consulting, technical and financial modeling to ensure the scale and optimization of the Energy system, to meet customer value and performance goals.
Proprietary DC (DC)
The wealth of experience in power control hardware, energy management software, and a host of energy storage technologies provides EnSync energy with a unique location to provide a fully integrated system for efficient design, procurement, commissioning and continuity
EnSync Energy's IOE control platform makes it easy to adapt to changing environments
Changing power generation and load variables, as well as changes in utility prices and plans, ensures the means to make money or save money laterthe-
Electricity meters, while providing utilities with the opportunity to use der for a range of grid enhancement services.
In addition to direct system sales, EnSync Energy also includes a power purchase agreement (PPAs)
In its portfolio, it saves customers electricity and provides investors with stable financial benefits.
EnSync Energy is a global company, a joint venture with Meineng Energy in Anhui, China, working with Holu energy LLC, an Energy project development subsidiary in Hawaii.
For more information, please visit www. ensync. com.
Safe Harbor Statement This press release contains forwarding-
The revised article 27A of the Securities Act of 1933 and the revised outlook statement within the meaning of article 21E of the Securities Trading Act of 1934, this is covered by the "safe harbor" created by these sections. Forward-
Forward-looking statements based on certain assumptions and describing our future plans, strategies and expectations can often be identified by using forward-looking statements
Looks like the term "believe", "expect", "possible", "will", "should", "possible", "seek", "intention", "plan", etc. objectives, estimates, expectations, or other similar terms.
In addition to the historical factual statements contained in this press release about our strategy, prospects, financial position, operations, costs, plans and objectives, all statements are moving forward --
Look at the report.
Example of forwarding-
The outlook statements include our schedule for project completion, our ability to monetize PPA assets, statements on the adequacy of our capital resources, expected operating losses, and expected revenue, our expectations and expectations for our business strategy. Forward-
Forward-looking statements are neither historical facts nor guarantees of future performance.
Instead, they are only based on our current beliefs, expectations and assumptions about the future of our business, future plans and strategies, forecasts, expected events and trends, the economy and other future conditions.
Because forwarding
Forward-looking statements relate to the future, and they are affected by inherent uncertainties, risks, and environmental changes that are difficult to predict, many of which are beyond our control.
Our actual results and financial position may be significantly different from what is shown in the forward Report
Look at the report.
So you should not rely on any of these advances-
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Important factors that may lead to significant differences between our actual results and financial position and those noted in the forward Report
Forward-looking statements include, among other things, the following: our history and anticipated future operational losses and our ability to continue to operate as an ongoing business;
Our ability to raise the necessary capital to fund our operations, as well as the risk that financing transactions dilute shareholders;
Our ability to successfully commercialize new products includes our EnSync smart home energy systems, Matrix TM energy management, DER Flex TM, DER SuperModule TM, and Agile TM hybrid storage systems;
Our ability to reduce costs and increase profits;
Our products, customers and geographical location are concentrated and our income is diversified;
The length and variability of our sales cycle;
Our reliance on government mandates, as well as rebates, tax credits and other economic incentives related to alternative energy resources and regulatory treatment in third countries
Solar system;
And risk factors and other risks and uncertainties described in Management's Discussion and Analysis of Financial Position and operational results
The quarterly report we subsequently submitted (s)on Form 10-Q.
We have no obligation to update any forwarding publicly.
Both written and oral forward-looking statements, whether due to new information, future developments or other reasons, may be made from time to time.
EnSync Energy Media Contact: Lisa NashAntenna Group at EnSync Energy sync @ antennagroup. com646-883-
4296 Michelle Montague @ ensync. com (262)735-
5676 contact for Investor Relations: Lytham Partners, LLCRobert Blum, Joseph Diaz, orJoe Dorame (602)889-
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