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August 13, 2014
10:20 EDTCBDECBD Energy acquires equity interest in Environmental Engineering Group
CBD Energy entered into an agreement with Environmental Engineering Group Thailand to acquire 30% of the company. As part of the transaction CBD intends to grant EEG a sub-license to utilize the Westinghouse Solar brand in Thailand. The company has developed a unique market position with an attractive model for commercial solar rooftops which is supported by a partnering agreement with the Government owned Provincial Electricity Authority’s renewable energy subsidiary PEA ENCOM. This transaction will ensure that CBDE participates in EEG’s extensive project pipeline of over 100 megawatts with the potential for significant and rapid growth. This pipeline is in addition to an agreement, announced August 1, with Environmental Engineering Group Thailand to participate in the construction of 64MW of solar projects with a projected development cost of approximately $112M. The projects are supported by 25-year power purchase agreements.
News For CBDE From The Last 14 Days
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October 24, 2014
08:48 EDTCBDECBD Energy Limited announces non-reliance on financial statements
CBD Energy Limited announced in a filing with the SEC on Form 6-K that the company, through its Audit Committee, and in concert with PricewaterhouseCoopers, its independent registered public accounting firm, has determined that its audited Financial Statements for the 2012 and 2013 Fiscal Years, and its unaudited interim financial statements as of and for the six months ended December 31, 2013 cannot be relied upon, and revisions are required. In the case of the audited financial statements for Fiscal Years 2012 and 2013, the determination of non-reliance is related solely to uncertainty about the completeness and accuracy of disclosures with respect to related party transactions. It is anticipated that revisions will impact footnotes to the financial statements, and that no material revisions will be required to be made to the Statements of Operations or Balance Sheets related to those periods. With respect to the December Statements, in addition to uncertainty about disclosures of related party transactions, there are also uncertainties as to whether: the full (or any) value is recoverable in connection with a deposit of approximately $680,000 recorded as a current asset; some or all of approximately £575,000 of expenditures capitalized in connection with the Company's offering of Secured Energy Bonds should have been expensed under the highly technical requirements of AASB139 Financial Instruments: Recognition and Measurement; disclosures regarding goodwill were adequate and some impairment should have been recognized; certain expenses should have been classified in different categories. The Company's Audit Committee is conducting a review of the foregoing issues and the Company is not currently aware of any other accounting errors requiring adjustment to any prior period Financial Statements; however, the possibility remains that adjustments or supplementary disclosures will be required in addition to those noted. As a consequence of the review, the Company expects a delay in completing its audit of 2014 Fiscal Year Financial Statements and to file its annual report on Form 20-F after the regulatory deadline. Nevertheless, the Company intends to do so as soon as practicable.

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