Source: dynaCERT Inc.
TORONTO, April 20, 2018 (GLOBE NEWSWIRE) -- dynaCERT Inc. (TSX VENTURE:DYA) (OTCQB:DYFSF) (DAX:DMJ) ("dynaCERT" or the "Company") is pleased to announce the official launch of its HydraGEN™ Technology products at the Truck World Show, its application for Marine Classification Society Type Approval and the closing of the final tranche of its previously announced Private Placement.
Truck World Show
dynaCERT is officially launching its line of upgraded HydraGEN™ Technology products at the Truck World Show at the Toronto International Centre on April 19 to 21, 2018.
Truck World features over 450 exhibitors, 15,000 industry professionals and 390,000 square feet of event space. In addition to exhibitors like dynaCERT, the Truck World features industry service providers, associations, government and media, as well as heavy duty service repair shops, heavy duty wholesalers and distributors, over 6000 fleets, and over 2500 owner-operators, new vehicle dealers and manufacturers.
On April 18, over 32 national and international dealers and agents of dynaCERT were greeted by senior management for a full day of extensive training on the fully upgraded product line and were familiarized with the sales and marketing materials and corporate video in order to initiate the official launch at the Truck World Show. dynaCERT is very pleased with its dealer network and following our April 18 dealer meeting and launch of the upgraded HydraGEN™ products, dynaCERT has commenced shipping through its dealers to Halifax, Moncton, Montreal, cities in Ontario, Calgary and Edmonton. Internationally, as well, dynaCERT has commenced shipping to Pennsylvania, Texas, Mexico, India and Dubai and continues to ship to Germany.
Marine Classification Society Type Approval
Diesel powers nearly 95% of the world’s commercial, military and pleasure craft fleet. There are typically 3 to 4 diesels in use on every vessel, as they are used for propulsion and to generate power for onboard “hotel” loads, cranes and navigation equipment. dynaCERT is pursuing Marine Classification Society Type Approval for its HydraGEN™ Technology through Lloyd’s Register. Type Approval for hydrogen-on-demand systems does not currently exist for vessels. As a result, the work pursued by dynaCERT will develop a new marine standard in the same manner that is being completed in Europe for a HydraGEN™ system on transport trucks (see press release dated March 2, 2018). When a vessel owner chooses to modify various aspects of a vessel, an installation plan must be submitted for approval to the local authorities where the vessel is registered. This plan, if accompanied by Type Approval, is more readily approved when accompanied by a regime for installation and operations that Lloyds Register stands behind. dynaCERT believes that obtaining a CLASS Type Approval will take 8 to 12 months as there is a process that will include design review, production review and operational testing. Type Approval from Lloyd’s Register and subsequent approval by Transport Canada Marine Safety will facilitate adoption of the HydraGEN™ Technology Internationally.
Closing of Final Tranche of Private Placement
dynaCERT is pleased to announce the closing of the final tranche of its non-brokered equity private placement, as previously announced on January 31, 2018 (the “Financing”) via the issuance of 1,223,810 units at a price of $0.42 per unit for gross proceeds of $514,000. When combined with the first two tranches closing of the Financing (pursuant to which 6,249,047 units were issued previously for gross proceeds of $2,624,600), the aggregate gross proceeds raised under the Financing is $3,138,600, with an aggregate of 7,472,857 units having been issued, which represents an oversubscription of the Financing by $138,000. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant is exercisable at $0.50 for a period of one year from closing, provided however that in the event that the Company's common shares trade at a price above $1.00 per common share on the TSX Venture Exchange for twenty (20) consecutive trading days, dynaCERT shall have the right to give notice to holders that the warrants shall expire within thirty (30) days of such notice. Proceeds from the Financing will be used to fund working capital, manufacturing and special projects of the Company. All of the common shares and warrants that have been issued today in connection with the Financing are subject to statutory four-month hold periods, expiring on August 20, 2018.
About dynaCERT Inc.
dynaCERT Inc. manufactures, distributes, and installs Carbon Emission Reduction Technology for use with internal combustion engines. As part of the growing global hydrogen economy, our patent-pending technology creates hydrogen and oxygen on-demand through electrolysis and supplies these through the air intake to enhance combustion, resulting in lower carbon emissions and greater fuel efficiency. Our technology is designed for use with all 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
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 completion of additional tranches of the Financing and the potential uses of the proceeds from the Financing. 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
For more information, please contact:
Jim Payne, CEO & President
#101 – 501 Alliance Avenue
Toronto, Ontario M6N 2J1
(416) 766-9691 x 2
(416) 766-9691 x 1