dynaCERT Inc. (TSX VENTURE:DYA) (OTCQB:DYFSF) ("dynaCERT" or
the "Company") is pleased to provide an update on various corporate
matters.
Litigation Matters:
dynaCERT reports that it has filed a claim in
Ontario Superior Court for damages in the amount of approximately
$47.7 million to recover costs, lost revenue and damages associated
with the non-functioning electronics from a previous supplier and
the resulting delay in production and deliveries. A re-design
of the electronic system began in early June and was completed in
late August. The Company has shifted component production to
another supplier.
Operations:
HG1 units advance in their commercial
stage. All units in the field have been updated, or are in
the process of being updated, with the most recent technology,
including the latest software, to ensure optimum performance.
Updated HG1 units are available for shipping by dynaCERT and we
expect to make available for shipping our HG2 units near the end of
this year.
dynaCERT reports that the testing of the SMART
ECU2 has now been completed and regulatory approvals were
successfully obtained for the use of our new exclusive technology
for use throughout all of North America.
Our Smart ECU systems, our Electronic Control
Units that power our proprietary HydraGEN™ line of
products that target reduction of harmful gas emissions and
improved fuel consumption, incorporate dynaCERT’s proprietary ECU
technology, which has been developed by us after years of extensive
trials and research. Meaningfully, dynaCERT now has an approved
state-of-the-art capability to accurately track, measure and report
on greenhouse gas emissions associated with many proponents
operating in a diverse set of trades such as Residential,
Industrial, Commercial, Power Generation, Railway, Marine,
Aviation, On/Off Road and Agricultural applications including the
world-wide diesel trucking industry. The data collected with our
proprietary ECU’s can be used to determine the amount of greenhouse
gas credits or offsets with a view to certify carbon credits in a
scientific manner and moreover, do so quickly and in opportune
time.
Initially, the newest miniaturized ECU2 version
of our ECU line of technology, will be utilized in dynaCERT’s new
HydraGEN™ HG2 units. Production of the new
HydraGEN™ HG2 unit is targeted to be underway
promptly as procurement of parts and equipment have begun for the
new HG2 unit.
PIT Group testing of HydraGEN™
technology continues. Following the announcement dated September
21, 2017, the break-in period and testing by PIT for fuel
consumption is expected to be completed by the first week of
November and a report received by mid-November. Once received
and confirmed by PIT, these results are expected to be announced by
dynaCERT.
European Market update:
In Europe, dynaCERT is in the process of
Homologation Certification in Germany working with TÜV NORD GROUP,
the largest German safety organization. For this purpose, the
dynaCERT board has approved the creation of dynaCERT GMBH as a
subsidiary LLC company in Germany, to be wholly-owned by dynaCERT
Inc. This process is expected to be the key final regulatory
requirement to permit sales in the European Market. TÜV NORD GROUP
is a technical service provider with worldwide activities. Founded
in 1869 and headquartered in Hanover, Germany, the Group employs
more than 10,000 people in more than 70 countries of Europe, Asia,
America and Africa.
Jim Payne, President & CEO of dynaCERT,
commented, “I congratulate our COO, Robert Maier and our team at
dynaCERT for their professionalism and dedication, as well our
loyal clients for their close collaboration, and together helping
dynaCERT make our products robust and effective for a world that
requires working solutions to the enormous challenges of Climate
Change. We are relentlessly pursuing our long-standing corporate
mission to help the world reduce its carbon footprint in a most
effective manner.”
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. Website:
www.dynaCERT.com.
READER ADVISORYExcept 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: future
development and production of our HG2 units and potential shipments
by end of the year; reporting of fuel savings results from PIT
testing; homologation certification in Germany and potential sales
in the European Market; and litigation matters. 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,
CEOFor more information, please
contact:
Jim Payne, CEO & PresidentdynaCERT Inc.#101 – 501 Alliance
AvenueToronto, Ontario M6N 2J1(416) 766-9691 x
2jpayne@dynaCERT.com
Investor RelationsdynaCERT Inc.Nancy Massicotte(416) 766-9691 x
1ir@dynaCERT.com
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