dynaCERT Inc. (TSX VENTURE:DYA) (OTCQB:DYFSF) (“dynaCERT” or the “Company”) is pleased to provide an update on various corporate matters.
dynaCERT Inc. (TSXV:DYA) (OTCQB:DYFSF) (“dynaCERT” or the “Company”) is pleased to provide an update on various corporate 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.
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 dynaCERTInc. 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.
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 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.
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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
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