dynaCERT Inc. (TSXV:DYA; OTC:DYFSF) (“dynaCERT” or the “Company”) announces that it has released its quarterly financial statements and management discussion and analysis for the three and six months ended June 30, 2017 (fiscal Q2 2017). This press release should be read in conjunction with dynaCERT‘s financial statements and MD&A for the quarter ended June 30, 2017. These …
dynaCERT Inc. (TSXV:DYA; OTC:DYFSF) (“dynaCERT” or the “Company”) announces that it has released its quarterly financial statements and management discussion and analysis for the three and six months ended June 30, 2017 (fiscal Q2 2017). This press release should be read in conjunction with dynaCERT‘s financial statements and MD&A for the quarter ended June 30, 2017. These documents can be found on the company’s website or on SEDAR.
- Revenue of $238,737
- Gross profit of $103,141
- Net loss of $992,105
Robert Maier, COO of dynaCERT, states, “We encountered significant challenges during the quarter with one of our key suppliers, which required us to redesign key electrical components and resulted in us discontinuing our relationship with that supplier. The Company has retained legal counsel and has put the initial supplier on notice to recover costs associated with the loss due to the defective components, the work related to the redesign, and the delays in income related to business interruption. The Company is discussing with legal counsel the appropriate next steps, which may include legal action. This redesign was completed in August.”
The Company noted that a number of their US and Canadian end-users and dealers had advised that they were delaying release of their orders for HG1 units pending the completion of the testing at the PIT Group facility in Montreal.
dynaCERT has engaged a third party for validation testing of the HydraGEN™ technology. This testing will be conducted at the accredited PIT Group in Montreal who use the official Transport Canada’s test track to provide real life test results in a controlled manner. The joint protocol TMC/SAE J1321 Type II is the recommended practice providing a standardized test procedure for comparing the in-service fuel consumption and emissions of a test vehicle to another equal vehicle. The unchanged control vehicle is operated in tandem with the test vehicle, which has an HG1 unit operating on it to provide reference fuel consumption and carbon emissions performance data. PIT Group have advised that it will take two to three weeks to complete their report on the test results.
The Company has made significant progress in the development of the HG2 unit, which is approximately 25% of the size of the HG1. The HydraGEN™ HG2 is designed for use on diesel engines of truck classes 2-5, refrigerated trailers and containers and applications such as off-road construction equipment and stationary power generators up to 300HP. A production facility to produce the HG2 at 501 Alliance Avenue in Toronto is under construction.
Non-IFRS Financial Measures
Financial information has been prepared in conformity with IFRS. However certain measures used in this press release do not have any standardized meaning under IFRS and could be calculated differently by other companies. We believe that many readers analyze our results based on certain non-IFRS financial measures because such measures provide a better indicator of the performance of the Company’s activities. Management uses such non-IFRS financial information to evaluate the performance of its operations and managers. These measures should be considered in addition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with IFRS.
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.
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: future issuances of shares, approval by the TSX Venture Exchange. 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 more information, please contact: Jim Payne, CEO & President dynaCERT Inc. #101 – 501 Alliance Avenue Toronto, Ontario M6N 2J1 (416) 766-9691 x 2 jpayne@dynaCERT.com Investor Relations dynaCERT Inc. Nancy Massicotte (416) 766-9691 x 1 ir@dynaCERT.com
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