Vermont Business Magazine Northern Power Systems Corp(TSX: NPS), a Barre-based renewable energy and energy storage technology company, announced on September 20, 2018 that it hadreceived a letter from the Toronto Stock Exchange (TSX) notifying the company that the TSX willdelist the company’s securities, effective October 22, 2018.TSX imposed the delisting for the failure of the company to meet certain continued listing requirements of TSX.The TSX identified several deficiencies regarding the company’s compliance with the TSX continued listing requirements, including the fact that (i) in the opinion of TSX, it is questionable as to whether the company will be able to continue as a going concern, (ii) the market value of the Company’s listed securities has been less than $3.0 million for the 30 previous consecutive trading days, and (iii) market value of the Company’s publicly held listed securities has been less than $2.0 million for the 30 previous consecutive trading days (market cap currently at $1.19 million).
This notification has no immediate effect on the company’s business operations, its listing on the TSX or on the trading of the company’s common stock.
Northern Power told VBM at the end of May that it could face delisting because of a steep decline in revenues with the loss of the bulk of its Italian contracts.It also told VBMin April it had furloughed workers at its Barre manufacturing plant(formerly owned by Bombardier) where it had employed 50.Northern Power isa next generation renewable energy and energy storage technology company notable for its off-grid and remote wind energy systems. The DynaPower wind turbine visible from I-89 in South Burlington is a Northern Power system.
Northern Power wind turbine at DynaPower in South Burlington. VBM photo.
The Company is exploring listing its securities on NEX or the over-the-counter market place (OTCQB) and it is the Company’s desire to establish an alternative listing arrangement prior to the Effective Date. It is uncertain if the Company’s efforts to list its securities on an alternative exchange will be successful or if it will be accomplished prior to the Effective Date of the delisting.
In addition, the Company continues to explore all strategic alternatives and transactions for Company, including the sale of the business or some or all of its assets and business lines including its distributed wind, energy storage and/or services business segments. It is uncertain if the Company’s efforts to identify and effect one or more strategic transaction will be successful.
Northern Power sold its large wind turbine business to a Brazilian firm in 2016.
About Northern Power Systems
Northern Power Systems designs, manufactures, and sells distributed power generation and energy storage solutions with its advanced wind turbines, inverters, controls, and integration services. With over 22 million run-time hours across its global fleet, Northern Power wind turbines provide customers with clean, cost-effective, reliable renewable energy. NPS turbines utilize patented permanent magnet direct drive (PMDD) technology, which uses fewer moving parts, delivers higher energy capture, and provides increased reliability by reducing maintenance and downtime. Northern Power also develops Energy Storage System solutions (ESS) and turnkey projects, deploying its FlexPhase™ power converter platform, which features patented converter architecture and controls technology for advanced grid support and generation applications.
Northern Power has been a technology innovator for over 40 years and serves clients around the globe from its US headquarters and European offices.
Source:BARRE, Vt., Sept. 21, 2018 (GLOBE NEWSWIRE) --Northern Power Systems Corpwww.northernpower.com.