BARRE, Vt., June 7, 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 announced in a May 24,
2016 press release that, at the recommendation of its Audit
Committee, it will be restating its previously issued financial
results for fiscal 2013, 2014 and the first three quarters of 2015
due to an error in the timing of recognizing revenue for certain
overseas transactions. The restatement has no impact on the
Company's cash position or cash flow from operations.
The Company is providing its sixth default status report in
accordance with National Policy 12-203, and continues to work
diligently to meet its obligations relating to the Annual
Filings. Due to the need to restate the previously issued
financial results noted above, the Company is working to meet a
filing deadline of June 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:
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(i)
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Except as disclosed
in this and previous status reports, including the Company's May
24, 2016 press release, 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. The Company
expects to file the required filings on or before June 30,
2016;
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(ii)
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As disclosed above,
the Company is required to restate previously filed financial
statements, as such our estimated filing deadline was extended from
May 30, 2016 to June 30, 2016;
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(iii)
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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
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(iv)
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The Company announced
on May 17, 2016, in its fourth default status report, that it would
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 July 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.
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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.