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
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/northern-power-systems-announces-delay-in-filing-annual-financial-statements-300242325.html
SOURCE Northern Power Systems Corp.