TORONTO, May 01, 2019 (GLOBE NEWSWIRE) -- dynaCERT Inc. (TSX VENTURE: DYA) (OTCQB: DYFSF) (FRA: DMJ) ("dynaCERT" or the "Company") is pleased to announce that it has filed its audited Financial Statements and accompanying Management Discussion and Analysis for the year ended December 31, 2018.
The corporate strategy of dynaCERT continues in 2019 to expand internationally and in numerous applications of its HydraGEN™ Technology. Highlights of the 2018 fiscal year include numerous expenditures which have been written off as expenses. For greater clarification, dynaCERT wishes to explain the significant nature and extent of its investments in 2018 as they relate to the Company’s successful accomplishments. Although the financial statements do not separate expenditures by their purpose, in accordance with the Company’s business strategy, management of the Company estimates its 2018 expenditures to be approximately apportioned as follows:
15% in Canadian endeavours, including representations and negotiations with Canadian Federal and Provincial Governments regarding tax, subsidies and legislation that could affect dynaCERT’s HydraGEN™ Technology favourably in the months ahead (see Press Releases dated December 19, 2018, and October 1, 2018). In 2018 dynaCERT has commenced establishing our brand recognition in Canada and in the United States, as we have launched and show-cased our HydraGEN™ Technology product line in industries such as Trucking and Heavy Equipment shows in Ontario, Quebec, Western Canada and Kentucky. The Company has also started to initiate pilot projects with several large trucking and heavy equipment companies in both Canada and the USA.
15% for European endeavours, including setting up a wholly-owned company, dynaCERT GMBH, and opening and staffing of office and warehouse facilities in Lahr, Germany to spearhead all European sales efforts, marketing in Europe and setting up new dealerships in Europe. The TUV NORD and TUV SUD testing and certification in 2018 has been very successful, and the Company awaits KBA Homologation (see Press Releases dated September 24, 2018 and August 16, 2018). The Company also has secured a dealer in Scotland that will distribute the HydraGEN™ product line across the UK. We are also pleased that a pilot project was successfully launched in Austria pursuant to a letter of intent for outfitting government diesel-powered vehicles and equipment upon successful demonstration of emission reductions (see Press Release dated December 20, 2018).
5% in North American non-Canadian endeavours, including negotiations regarding USA and Mexican strategies for market penetration. Moreover, the Company is advancing in California Air Research Board (CARB) certification, EPA recognition processes and numerous large potential users of its HydraGEN™ Technology.
15% in South Asia endeavours, where the Company already has earned firm orders, letters of intent from two separate provinces of India, received iCat certification for our HydraGEN™ Technology and has established strong ties and continuing in talks with governments of India through its select group of dealers (see Press Releases dated February 27, 2018, March 2, 2018, June 21, 2018, September 17, 2018, December 28, 2018, and January 16, 2019).
5% for Middle East endeavours, where the Company has showcased our HydraGEN™ Technology and signed up a well-connected dealer for all of the Middle East based in Dubai, and also separately, an exclusive distributor for Israel. Both Israel and Dubai are such key areas for the use of HydraGEN™ Technology that the Company has appointed to its Advisory Boards senior strategic advisors regarding those specific jurisdictions. Results in the Middle East in 2018 have been very successful, especially in terms of trials of our HydraGEN™ Technology for use on cranes and on generators (see Press Releases dated April 10, 2018, May 11, 2018, September 17, 2018, and December 28, 2018).
10% in the mining and marine sector. The Company is strategically targeting both open pit and underground mining globally as a key market for its HydraGEN™ Technology as a consequence of the industry’s dependency on diesel. The Company has followed up in 2019 by launching our HydraGEN™ Technology in the mining industry while showcasing at the Prospectors and Developers Association Convention, one of the world’s largest mining conventions, along with being awarded the top prize at the Mining Cleantech Challenge in Denver, Colorado (see Press Releases dated March 22, 2019 and April 11, 2019). The Company has started the Type Approval under Transport Canada and Lloyds Register policies for equipment on marine vessels under the Safety Of Life At Sea (“SOLAS”) rules and regulations (see Press Releases dated April 20, 2018).
15% for the eventual collection and sale of Carbon Credits. The Company recently announced part of its new team of highly qualified professionals, Ms. Monika Wojcik and Mr. Brian Semkiw, to obtain certification of its HydraGEN™ Technology to accommodate Carbon Credit trading.
20% in development work and legal fees for the continuation to advance our important Intellectual Property portfolio including additional patent applications and securing world-wide patent protection on our initial patents.
Jim Payne, President & CEO of dynaCERT said, “We think of our 2018 expenditures as investments foreshadowing the inordinate potential future that lies ahead. In 2018, dynaCERT has stablished a unique and diversified team around the world, in different jurisdictions, aimed at numerous vertical markets. We are preparing for a future of our proud Canadian company based in Toronto to market its revolutionary technology around the world.”
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 potential expansion into new markets, industries and segments, such as diesel-powered use of any the dynaCERT products and sales. 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 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
#101 – 501 Alliance Avenue
Toronto, Ontario M6N 2J1
(416) 766-9691 x 2
(416) 766-9691 x 1