BARRE, Vt., April 11, 2016
/CNW/ -- 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 first bi-weekly 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:
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(i)
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There have been no
material changes to the information contained in the March 28, 2016
news release ("Default Notice") and the Company expects to file the
required filings on or before May 30, 2016; however, the Company
continues to work with its auditors to remedy the default and
complete its Annual Filings;
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(ii)
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There have been no
failures with respect to the Company fulfilling its stated
intention of satisfying the requirements of the required
filings;
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(iii)
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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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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 updates by way of news releases. The Company
intends to file its next status report on or before April 25, 2016, unless a material change in
respect of the above occurs before such
time.
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
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/northern-power-systems-provides-required-update-regarding-filing-of-disclosure-documents-300249575.html
SOURCE Northern Power Systems Corp.