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DynaMotive Consolidates Operation Purely in Bioenergy Field
ARCHIVED 2002–2016: Originally distributed via the eWire press wire service. Preserved as historical record.
DynaMotive Consolidates Operation Purely in Bioenergy Field
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FOR IMMEDIATE RELEASE
DynaMotive Consolidates Operation Purely in Bioenergy Field
Sale of DynaPower Division is Completed
CANADA, BRITISH COLUMBIA, VANCOUVER, Apr. 11 -/E-Wire/-- DynaMotive Energy Systems Corporation (OTCBB: DYMTF) announced today that it has completed the sale of its DynaPower, its metal cleaning subsidiary to former employees. The Company is now exclusively focused in the bioenergy field and in the development of BioOil related technology and systems. DynaMotive will retain ownership in all of DynaPower's intellectual property and expects to receive on-going royalties from its patents. DynaPower produces industrial metal cleaning systems that eliminate the need for toxic chemicals traditionally used by the wire manufacturing industry to clean their products. DynaPower systems have been sold in North and South America, Europe and Asia.
DynaMotive CFO, Jack MacDonald said, ââ¬ÅSeveral steps have been taken to streamline and concentrate operations on the core BioOil business and on technology development. The completion of the DynaPower sale marks the final step in putting DynaMotive on a single focused track as a pure energy company with concentration on the renewable biofuel markets through development and commercialization of its BioOil production technology.ââ¬ì³
The Company also announced that, due to the divestiture of DynaPower and in order to streamline administrative and financial operations, some non-core staff positions have been eliminated. Principally, the staffing cost reductions are due to the DynaPower divestment, but are also due to the introduction of strategic partners such as Tecna, which brings engineering resources and EcoSecurities, which brings financial and strategic partnering expertise pertaining to renewable energy markets. The Company maintains full operational functionality at its R&D; BioOil facility in Vancouver and a full staff complement related to the commercial-scale BioOil project developments announced in Canada and the UK. The Company is now squarely focused on capturing market share in the rapidly growing renewable energy business. Recent increases in prices for fossil fuel commodities further enhance the value proposition brought by DynaMotiveââ¬â¢s biomass waste-to-energy technology.
DynaMotive is an energy systems company that is focused on the development of innovative energy solutions based on its patented pyrolysis system. Through the application of its technology and know-how, the Company intends to tap into abundant organic resources that are generally discarded by the agricultural and forest industries at a cost, and economically convert them into a renewable and environmentally friendly fuel. Examples include forestry residues such as wood and bark and agricultural residues such as sugar cane bagasse. The Company has successfully converted each of these residues into BioOil and char making them a renewable and environmentally friendly oil and char reserve that is available worldwide.
Forward Looking Statement Statements in this news release concerning the companyââ¬â¢s business outlook or future economic performance; anticipated profitability, revenues, expenses, or other financial items; and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are ââ¬Åforward-looking statementsââ¬ì³ as that term is defined under the Federal Securities Laws.
Forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from those stored in such statements. Such risks, uncertainties and factors include, but are not limited to, changes and delays in product development plans and schedules, customer acceptance of new products, changes in pricing or other actions by competitors, patents owned by the Company and its competitors, and general economic conditions, as well as other risks detailed in the Companyââ¬â¢s filings with the Securities and Exchange Commission.
DynaMotive Energy Systems Corporation
For further information: on DynaMotive, please call: Corporate Communications, Tel: (604) 267-6000, Toll Free (in North America): 1-[REDACTED-PHONE], Fax: (604) 267-6005, Email: [REDACTED-EMAIL], Website: www.DynaMotive.com; In Europe, contact: Antony Robson, Managing Director, Tel: (44) (0) 20-7518-9380, Fax: (44) (0) 20-7518-9381; For US enquiries, contact: James Acheson, Chief Operating Officer, DynaMotive Corporation, Tel: (323) 460-4900, Fax: (323) 465-2617, Email: [REDACTED-EMAIL]
http://www.DynaMotive.com
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