TORONTO, ONTARIO--(Marketwired - June 20, 2014) - dynaCERT Inc. (TSX VENTURE:DYA) ("dynaCERT" or the "Corporation") provides the following updates:
Testing and Data Sharing Agreements TTSI
As announced in the press release dated April 15th, 2014, the Corporation had provided and assisted in the installation of a HydraGen(TM) unit on a 2003 Peterbuilt Class 8 truck through Total Transportation Services Inc. ("TTSI") headquartered in Rancho Dominguez, California. After four months of on-going testing and data collection, TTSI has satisfied itself with respect to its analysis of fuel savings and is currently waiting for testing by an accredited, 3rd party testing facility to validate reduced toxicity of emissions.
Caribbean Pilot Project
dynaCERT announces that it has concluded phase 1 testing of the pilot project of the HydraGen technology with a stationary power generator in the Caribbean.
Phase 1 objective was testing and data collection that measures the performance characteristics of a
9R32 Wartsila generator with the induction of hydrogen and oxygen at varying concentrations, compared to baseline performance.
All the base line and testing data relating to fuel consumption and engine emission profile,completed by GSA-Lab a chemical and environmental lab based in the Dominican Republic, have now been received and are being evaluated by dynaCERT staff and two additional independent engineers, collectively. A full report defining fuel and toxic gas reductions is being compiled and will be forwarded to all related parties in the Caribbean for review. Updates concerning next phases will be announced upon approval.
Acquisition of Technology
As announced on February 28, 2014, dynaCERT Inc. executed a Letter of Intent to acquire ownership of the technology that underlies its principal product, the HydraGen(TM). At present, the Corporation has an exclusive unrestricted, worldwide license to manufacture and market the Technology, in respect of which it pays a royalty fee of 6% of the net invoice price of such product sales. Under the LOI, the Corporation will acquire the Technology (including all patents, patents pending, intellectual property, etc.) for a purchase price of $750,000. The foregoing price shall be paid out of the sales of HydraGen(TM) units, with 50% of the profits from such sales being paid to the vendor and attributed to the purchase price.
The LOI is non-binding and is subject to being superseded by a formal purchase and sale agreement, which is expected to be executed and closed next quarter.
Appointments to Advisory Board
dynaCERT is pleased to announce the appointments of Dean Ross and Gerald Solensky Sr to its Advisory Board.
Mr. Ross is a retired Mechanical Engineer (University of Toronto) with 30+ year experience as Project Manager and Manager of mechanical engineering, mining and metallurgical consultants. Mr. Ross brings years of experience working with large diesel generators throughout northern Canada to optimize both fuel efficiencies and toxic gas reductions, as well as serving as Chairman of Hope Township LLRW ad hoc Committee and in the Hope Township Environmental Advisory Committee.
Mr. Solensky has been a professional engineer in structural mechanics, mechanical engineering and strategic planning/development of R&D programs for almost 40 years. Over that period of time, he has been intimately involved in a wide range of manufacturing programs, including but not limited to projects in the automotive sector. More specifically, he has been involved in such R&D programs as the Stealth Program for Northrop Technologies.
James Payne, CEO, gives a warm welcome to these gentlemen, their years of experience and expertise that they bring to our growing team of collective intelligence.
Private Placement Extension
dynaCERT also announces that the TSX Venture Exchange is granting the Corporation an extension until July 17, 2014 to close its previously announced non-brokered Private Placement (the "Offering") of up to 5,000,000 units (each, a "Unit") at price of $0.10 per Unit, for aggregate gross proceeds of up to $500,000. The proceeds of the Offering will be used for research and development, retirement of outstanding liabilities and for general working capital purposes.
Each Unit will be comprised of one common share in the capital of the Corporation and one-half of one common share purchase warrant, with each whole Warrant being exercisable into one Common Share at a price of $0.15 for a two year period from the date of issuance. The Warrants will include an acceleration clause to the effect that if at any time after four months and one day following the issuance of the Warrants, the closing trading price of the Common Shares on the TSX Venture Exchange (the "Exchange") is greater than Cdn $0.30 per Common Share for a period of ten consecutive trading days, then dynaCERT may give notice to the holders of Warrants of its intention to force the exercise of the Warrants, following which the holders thereof shall have a period of 30 days to exercise the Warrants, failing which the Warrants will automatically expire.
About dynaCERT Inc.
dynaCERT Inc. manufactures, distributes, and installs Carbon Emission Reduction Technology for use with internal combustion engines. This 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. This technology is currently in use with on-road applications. More information can be found at www.dynacert.com.
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 the negotiation of a formal purchase and sale agreement in connection with the acquisition of the Technology and upcoming phases of the Caribbean Pilot Project. 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.
Neither 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 FURTHER INFORMATION PLEASE CONTACT:
President and CEO
Source: dynaCERT Inc.