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Message: New Director & Share Transfer
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Dynamic Announces Appointment of New Director and Reports Share Transfers
Pickering, Ontario CANADA, May 02, 2008 /FSC/ - Dynamic Fuel Systems Inc. (DYA - TSX Venture), ("Dynamic" or the "Corporation") is pleased to announce the appointment of Mr. Sidney Harkema as a Director of the Corporation. Mr. Harkema has recently been providing invaluable service to the Corporation in his capacity as a member of the Corporation's Business Advisory Committee and has agreed to increase his commitment to the Corporation by serving as a director of the Corporation. Mr. Harkema founded and built one of Canada's largest privately owned transport and express companies (Harkema Trucking Group). He served as President and Chairman of the Board of Harkema Trucking for 27 years. He has since sold the entire trucking operation, cartage equipment and all eighteen terminals located throughout the country and has devoted his time to public service organizations.
Mr. Thomas Fairfull, President and Chief Executive Officer, stated that "The Corporation is extremely fortunate to have the participation and commitment of such a seasoned veteran of the trucking industry as Mr. Harkema. We are thrilled to welcome him to the board and look forward to benefiting from his wisdom and knowledge of the ins and outs of our target marketplace."
In conjunction with his appointment and as an indication of his support and commitment to the Corporation, Mr. Harkema has acquired 5,000,000 common shares of the Corporation from the Corporation's principal shareholder, Mrs. Anne Fairfull, at a price of $0.20 per share. This acquisition was completed on a private sale basis in order to minimize dilution to the Corporation's shareholders. Mr. Harkema has also exercised an aggregate of 1,750,000 common share purchase warrants into common shares at a price of $0.18 per share, bringing his total shareholdings to 11,000,000, or approximately 11.7% of the issued and outstanding common shares of the Corporation. As this warrant exercise brings Mr. Harkema's total shareholdings to more than 10% of the issued and outstanding capital of the Corporation, he has filed an Early Warning Report in accordance with applicable securities laws, a copy of which has been filed and can be accessed under the Corporation's profile at www.sedar.com.
In addition to the transfer of shares from Mrs. Anne Fairfull to Mr. Harkema, a further 5,000,000 shares were also transferred by Mrs. Fairfull (at a price of $0.20 per share) to Mr. John Hultink, who also presently serves on the Corporation's Business Advisory Committee. Mr. Hultink has agreed to stand as a nominee for election as a Director at the next meeting of the Corporation's shareholders, which is expected to occur in the fall of 2008. Mr. Hultink has been a self employed entrepreneur since 1973 and has founded such companies as Paideia Press in 1973 and "True Remainder" book company in 1985. In 1988, he also founded Book Depot and most recently founded Bookcloseouts.com in 1991. Mr. Hultink brings a vast experience in corporate strategy and retail market positioning.
All of the shares held by the foregoing parties have been deposited into a voting trust and pooling agreement, pursuant to which Mr. Thomas Fairfull has been appointed the proxy for these shares. Pursuant to that agreement, each of the parties have agreed not to sell any of their shares without the express written consent of the other parties. The term of that agreement is five years.
In accordance with applicable securities laws, Mrs. Anne Fairfull has filed two "Notices of Intention to Distribute Securities under Section 2.8 of National Instrument 45-102 - Resale of Securities" on Form 45-102F1 in respect of the transfer of 10,000,000 common shares and Mr. Thomas Fairfull has filed an Early Warning Report regarding the acquisition of control or direction of shares pursuant to the aforementioned voting trust and pooling agreement. In addition to the 1,614,000 common shares currently held by Mr. Fairfull, a further 33,997,536 common shares are now subject to his control or direction by virtue of the voting trust and pooling agreement. Each of the foregoing securities notices has been filed and can be accessed under the Corporation's profile at www.sedar.com. For further details regarding these transfers, investors are encouraged to make reference to such filings.
About Dynamic Fuel Systems Inc.
Dynamic Fuel Systems Inc. is a Pickering, Ontario based energy sector company engaged in the manufacture, distribution, installation and marketing of a transportable hydrogen generator retrofit targeted for use in the heavy tractor trailer industry. Its flagship product, the Jetstar(TM), is a patent-pending aftermarket retrofit solution that provides combustion enhancement by mixing hydrogen and oxygen into a vehicle's intake air to provide the engine with a more complete burn of the fuel in its internal combustion engine. Its business was founded in 2001 and more information about its products can be viewed at its website at www.dynamicfuel.com.
This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; 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; changes in laws and regulations, includes codes and standards, intellectual property rights, and tax matters; 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. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Thomas Fairfull
President and CEO
Dynamic Fuel Systems Inc.
890 Brock Road South
Pickering, ON L1W 1Z9
Ph: (905) 831-2440
thomas@dynamicfuel.com
www.dynamicfuel.com
DYNAMIC FUEL SYSTEMS INC.
890 Brock Road South
Pickering, Ontario
L1W 1Z9
Phone: (905) 831-2440
Pickering, Ontario CANADA, May 02, 2008 /FSC/ - Dynamic Fuel Systems Inc. (DYA - TSX Venture), ("Dynamic" or the "Corporation") is pleased to announce the appointment of Mr. Sidney Harkema as a Director of the Corporation. Mr. Harkema has recently been providing invaluable service to the Corporation in his capacity as a member of the Corporation's Business Advisory Committee and has agreed to increase his commitment to the Corporation by serving as a director of the Corporation. Mr. Harkema founded and built one of Canada's largest privately owned transport and express companies (Harkema Trucking Group). He served as President and Chairman of the Board of Harkema Trucking for 27 years. He has since sold the entire trucking operation, cartage equipment and all eighteen terminals located throughout the country and has devoted his time to public service organizations.
Mr. Thomas Fairfull, President and Chief Executive Officer, stated that "The Corporation is extremely fortunate to have the participation and commitment of such a seasoned veteran of the trucking industry as Mr. Harkema. We are thrilled to welcome him to the board and look forward to benefiting from his wisdom and knowledge of the ins and outs of our target marketplace."
In conjunction with his appointment and as an indication of his support and commitment to the Corporation, Mr. Harkema has acquired 5,000,000 common shares of the Corporation from the Corporation's principal shareholder, Mrs. Anne Fairfull, at a price of $0.20 per share. This acquisition was completed on a private sale basis in order to minimize dilution to the Corporation's shareholders. Mr. Harkema has also exercised an aggregate of 1,750,000 common share purchase warrants into common shares at a price of $0.18 per share, bringing his total shareholdings to 11,000,000, or approximately 11.7% of the issued and outstanding common shares of the Corporation. As this warrant exercise brings Mr. Harkema's total shareholdings to more than 10% of the issued and outstanding capital of the Corporation, he has filed an Early Warning Report in accordance with applicable securities laws, a copy of which has been filed and can be accessed under the Corporation's profile at www.sedar.com.
In addition to the transfer of shares from Mrs. Anne Fairfull to Mr. Harkema, a further 5,000,000 shares were also transferred by Mrs. Fairfull (at a price of $0.20 per share) to Mr. John Hultink, who also presently serves on the Corporation's Business Advisory Committee. Mr. Hultink has agreed to stand as a nominee for election as a Director at the next meeting of the Corporation's shareholders, which is expected to occur in the fall of 2008. Mr. Hultink has been a self employed entrepreneur since 1973 and has founded such companies as Paideia Press in 1973 and "True Remainder" book company in 1985. In 1988, he also founded Book Depot and most recently founded Bookcloseouts.com in 1991. Mr. Hultink brings a vast experience in corporate strategy and retail market positioning.
All of the shares held by the foregoing parties have been deposited into a voting trust and pooling agreement, pursuant to which Mr. Thomas Fairfull has been appointed the proxy for these shares. Pursuant to that agreement, each of the parties have agreed not to sell any of their shares without the express written consent of the other parties. The term of that agreement is five years.
In accordance with applicable securities laws, Mrs. Anne Fairfull has filed two "Notices of Intention to Distribute Securities under Section 2.8 of National Instrument 45-102 - Resale of Securities" on Form 45-102F1 in respect of the transfer of 10,000,000 common shares and Mr. Thomas Fairfull has filed an Early Warning Report regarding the acquisition of control or direction of shares pursuant to the aforementioned voting trust and pooling agreement. In addition to the 1,614,000 common shares currently held by Mr. Fairfull, a further 33,997,536 common shares are now subject to his control or direction by virtue of the voting trust and pooling agreement. Each of the foregoing securities notices has been filed and can be accessed under the Corporation's profile at www.sedar.com. For further details regarding these transfers, investors are encouraged to make reference to such filings.
About Dynamic Fuel Systems Inc.
Dynamic Fuel Systems Inc. is a Pickering, Ontario based energy sector company engaged in the manufacture, distribution, installation and marketing of a transportable hydrogen generator retrofit targeted for use in the heavy tractor trailer industry. Its flagship product, the Jetstar(TM), is a patent-pending aftermarket retrofit solution that provides combustion enhancement by mixing hydrogen and oxygen into a vehicle's intake air to provide the engine with a more complete burn of the fuel in its internal combustion engine. Its business was founded in 2001 and more information about its products can be viewed at its website at www.dynamicfuel.com.
This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; 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; changes in laws and regulations, includes codes and standards, intellectual property rights, and tax matters; 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. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Thomas Fairfull
President and CEO
Dynamic Fuel Systems Inc.
890 Brock Road South
Pickering, ON L1W 1Z9
Ph: (905) 831-2440
thomas@dynamicfuel.com
www.dynamicfuel.com
DYNAMIC FUEL SYSTEMS INC.
890 Brock Road South
Pickering, Ontario
L1W 1Z9
Phone: (905) 831-2440
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