TORONTO, May 02, 2017 (GLOBE NEWSWIRE) -- dynaCERT Inc. (TSX-V:DYA) (OTCQB:DYFSF) ("dynaCERT" or the "Company") is pleased to announce that, with rapidly rising business activities, effective immediately, Mr. Robert Maier, MBA, P.Eng., will step into the role of Chief Operating Officer and Chief Engineer. Mr. Maier has been a Director of dynaCERT since February 2015. After supporting the engineering team since becoming a Director, he will now complete the planning and building of the new production facility to ramp up deliveries. He has a strong background as a senior executive leader in some of Canada’s largest manufacturing companies, such as Skyjack and has launched many new products and developed companies to commercial success. dynaCERT welcomes Mr. Maier as we reach milestones of substantial growth and rapidly increased production to fulfill customer orders.
This change will enable Mr. David Bridge to focus exclusively on the enhancements and expansion of the dynaCERT Smart Electronic Control Unit (“ECU”). Mr. Bridge will be responsible for leading the development of the Smart ECU’s capabilities in the areas of communication, fleet management, monitoring and controlling of our current HydraGENTM and future family of products. He will also continue the work required to support our various patent applications.
Jim Payne, President & CEO of dynaCERT, states, “These changes will help align with the company’s focus while dynaCERT grows and expands. We are pleased that Mr. Bridge will further focus his attention in his areas of expertise, as well as broaden our IP and the product electronics and our various patents. We are also thrilled to welcome Mr. Maier as COO, to best utilize his expertise in engineering, manufacturing and management.”
dynaCERT is pleased to announce shares-for-debt settlements and that it has entered into agreements with two different companies to extinguish amounts owing in connection with the 2014 acquisition of the Intellectual Property (IP) of the HydraGENTM technology.
This will be completed by the issuance of 723,959 common shares of the Company at a price of $1.00 per share. The $500,000 principal amount owing on a promissory note issued in October 2014 will be extinguished with shares-for-debt settlement. As well, the $223,959 interest owing on a loan that was repaid in 2014 (see the Corporation’s press release dated December 7, 2014) will be extinguished with shares-for-debt settlement. The foregoing shares for debt transactions are subject to approval by the TSX Venture Exchange. All the foregoing shares will, upon issuance, be subject to a statutory four-month hold period in accordance with applicable securities laws.
Jim Payne, President and CEO of dynaCERT, states, “Originally, the IP property acquisition was structured to be paid from 50% of the gross profit from sales. The intellectual property is now unencumbered. The payment of all amounts owing strengthens our balance sheet and conserves capital.”
About dynaCERT Inc.
dynaCERT Inc. manufactures, distributes, and installs Carbon Emission Reduction Technology for use with internal combustion engines. Our patent-pending technology creates hydrogen and oxygen on-demand through electrolysis and supplies these additives through the air intake to enhance combustion, resulting in lower carbon emissions and greater fuel efficiency. Our technology is currently in use with on-road applications. More information can be found at 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 periodic updates of results, testing programs and results, negotiations with third parties concerning potential business transactions, and the timing of certain going forward projects. 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 or 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.
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On Behalf of the Board
Murray James Payne, CEO