In November, 2014, we announced that we are working with Walmart Canada on a number of opportunities to lower its carbon footprint and improve efficiency in the distribution and warehousing industry. Walmart had tested the Electrovaya product for about six months before approving Electrovaya as a registered vendor to Walmart. The risks inherent in these industries are also explained in a later section of this MD&A.

•MD&A for 3Q '15 and FY 2015 no mention of Walmart