BARRE, Vt., March 28, 2016 /PRNewswire/ -- Northern
Power Systems Corp. (TSX: NPS), (the "Company" or "Northern
Power Systems"), a next generation renewable energy technology
company, today announced that there will be 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") which are due to be filed on or before March 30, 2016 pursuant to relevant securities
laws.
Management, in conjunction with the Company's audit committee
and auditors, has determined that its auditors will not be able to
complete all of their audit procedures and render an audit opinion
by the filing deadline. The Company and its auditors are
analyzing the timing of the recording of certain accounting
transactions. The Company believes that the treatment of
these transactions will have no impact on the Company's cash flow,
cash balance or overall book of business.
Northern Power Systems and its auditors are working diligently
to complete the associated audit work and the Annual Filings. The
Company anticipates that they will be completed on or before
May 30, 2016.
In connection with the delay in filing the Annual Filings by
March 30, 2016, the Company has
applied to applicable Canadian securities regulators requesting
that such regulators issue a voluntary management cease trade order
("MCTO"), which restricts trading in the Company's securities by
the Company's insiders, including the CEO and CFO, as opposed to an
issuer cease trade order, which restricts all trading in the
Corporation's securities. Upon the expected approval, the
MCTO will remain in effect until the Annual Filings are filed.
This release is being issued in accordance with Section 4.3 of
National Policy 12-203 – Cease Trade Orders for Continuous
Disclosure Defaults ("NP 12-203"). The Company intends to
satisfy the provisions of the alternative information guidelines
set out in Section 4.4 of NP 12-203 so long as the Required Filings
are outstanding.
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, and execution
of the company's growth strategy. 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
+1-857-209-3606
ir@northernpower.com
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SOURCE Northern Power Systems Corp.