TORONTO, July 30, 2020 (GLOBE NEWSWIRE) -- dynaCERT Inc. (TSX: DYA) (OTCQX: DYFSF) (FRA: DMJ) ("dynaCERT" or the "Company") is pleased to announce that it will reopen its offices and newly updated Assembly Plant in Toronto (Canada) after the long four and a half month (4-1/2) hiatus imposed under the general Government of Ontario restrictions as a result of the COVID-19 pandemic.
New Assembly Plant Accommodating Product Improvements
The recently upgraded Company’s Assembly Plant will now re-open for production and fulfilment of purchase orders on Tuesday, August 4, 2020.
The much anticipated and newly designed commercial HydraGEN™ Technology HG2 Units of the Company will be the first among Units to be rolled off dynaCERT’s newest improved Assembly Line, the first commercial production run of the new HG2 models, some of which have already been paid for in part. The new HG2 design has been improved during the COVID closures. The new Assembly Line, which is also very compatible with the production of HG1 Units, is also expected to be deployed for the first runs of much improved HG1 Units in August 2020.
Much Improved Assembly Standards
The Assembly Line has been retrofitted with a new semi-automated assembly system, complete with automated and customized conveyor belt equipment advancing work-in-progress progressively to individually designated workstations which provide improved high standards in state-of-the-art technical specifications. The Assembly Line can maintain a capacity of 100 units per day or 2000 Units per month, assuming one single 8-hour shift per day. Capacity is expected to be capable of tripled production of 6000 Units per month using three shifts per day.
Of most significance, dynaCERT awarded the commissioning of this new dual-sided Assembly Line to Wecon Systems Ltd. of Mississauga (Canada), the very highly regarded specialists for this type of forward-looking project. The newly designed Assembly Plant, while improving quality control, can greatly reduce costs of goods sold and production delivery times and features the support of a proprietary Enterprise Resource Planning (ERP) logistics software. dynaCERT customers can now expect almost immediate delivery of their backlog of purchase orders of HydraGEN™ Units, at their own desired rate of delivery.
Best Practices of Health & Safety
During the shutdown, dynaCERT has implemented the best practices COVID-19 recommendations of Governments, both Municipal and Provincial, and has carefully upgraded Health & Safety measures for all its employees and customers. With these new measures, the Company is confident that all employees will be provided with as safe a working environment as could be expected for a growing Canadian company in compliance with new regulatory measures. In a show of support of dynaCERT by the Federal Government, the Company has received subsidies and grants in the order of approximately $450,000 awarded under the Canada Emergency Wage Subsidy (CEWS).
Proprietary Advances in R&D
During the COVID-19 shutdown, the Research & Development premises and testing equipment of the Company were also upgraded. dynaCERT is continually doing scientific research to make its commercial products more robust and applicable to new vertical markets. The established R&D team, under the new management of Mr. Gavy Singh, P.Eng., has been developing product improvements which will be made available to all dynaCERT customers in all the upcoming deliveries of the Company’s HydraGEN™ Technology Products. The new upgrades feature fewer moving parts, less electrical connections, a simpler design and more user-friendly operation than the existing HG1 Units being deployed at the present time. dynaCERT continues to provide existing customers with the latest upgrades to ensure its continued goodwill with end-users.
Solid Balance Sheet
The Company has re-emerged from the global COVID-19 economic slowdown with a cleaner and stronger balance sheet, having more than adequate cash reserves, a very strong balance sheet with approximately $18,000,000 in cash and virtually no significant debt, a better Assembly Plant, an improved R&D facility, significant Product improvements and a continued backlog of previously announced purchase orders.
The Sales Department of the Company continues to maintain existing dealer relationships and has added new dealers where global marketing continues to be active.
Additional Certifications in the Middle East
In the United Arab Emirates, where the Company has an active dealer, Castle Star General Trading LLC, the Company’s products have recently received homologation of dynaCERT’s HydraGEN™ Technology by way of Certificates of Conformity and Schedules of Certification under the Emirates Conformity Assessment Scheme, based on recent TUV South testing in Germany. The Company’s products can now be offered to numerous markets in Dubai and other parts of the UAE and the Middle East.
Jim Payne, CEO of dynaCERT, stated, “Our people and our customers around the globe have been very loyal and patient during this COVID-19 shutdown, but, in the end, dynaCERT has continued to advance forward. We continue to carry out our global strategy and have emerged successful. During this time, dynaCERT raised over $8,000,000 in the capital markets via an underwritten prospectus offering, upgraded our listing to the Toronto Stock Exchange, upgraded our listing to the OTCQX Best Market in the USA, upgraded our R&D and Assembly Plant and improved our technology. dynaCERT has pushed on successfully with our plan to get certified globally with various homologations, including in the UAE, and concluded a new alignment with our North American Dealer, KarbonKleen Inc., where we can now offer our products through our wholly-owned subsidiary, dynaCERT International Strategic Holdings Inc. or DISH, via a monthly subscription programme to enhance user financing and adoption of our HydraGEN™ Technology.”
About dynaCERT Inc.
dynaCERT Inc. manufactures and distributes Carbon Emission Reduction Technology for use with internal combustion engines. As part of the growing global hydrogen economy, our patented technology creates hydrogen and oxygen on-demand through a unique electrolysis system and supplies these gases through the air intake to enhance combustion, resulting in lower carbon emissions and greater fuel efficiency. Our technology is designed for use with many types and sizes of diesel engines used in on-road vehicles, reefer trailers, off-road construction, power generation, mining and forestry equipment, marine vessels and railroad locomotives. Website: www.dynaCERT.com.
READER ADVISORY
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to completion of the Offering, satisfaction of TSX listing conditions and regulatory approvals. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance of achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether our strategies and business plans will yield the expected benefits; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; the uncertainty of the emerging hydrogen economy; including the hydrogen economy moving at a pace not anticipated; our ability to secure and maintain strategic relationships and distribution agreements; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
On Behalf of the Board
Murray James Payne, CEO
For more information, please contact:
Jim Payne, CEO & President
dynaCERT Inc.
#101 – 501 Alliance Avenue
Toronto, Ontario M6N 2J1
+1 (416) 766-9691 x 2
jpayne@dynaCERT.com
Investor Relations
dynaCERT Inc.
Nancy Massicotte
+1 (416) 766-9691 x 1
nmassicotte@dynaCERT.com