Dynamic Announces Re-Filed Financial Statements
Oshawa, Ontario--(October 26, 2011) - Dynamic Fuel Systems Inc. (TSXV: DYA) ("Dynamic" or the "Corporation"), announces that it re-filed its interim financial statements on September 13th 2011 for the six month period ended June 30, 2011 to include the Statement of Changes in Equity for the 6 months eneded June 30, 2010 and June 30, 2011 as required under subsection 4.3(2)(b) of National Instrument 51-102, and under paragraph 20(c) of International Accounting Standard 34 Interim Financial Reporting.
This press release is the result of a review of the Corporations second interim financial report prepared under International Financial Reporting Standards by the Ontario Securities
Commissions Corporate Finance branch. An auditor has not performed a review of these interim financial statements.
About Dynamic Fuel Systems Inc.
Dynamic Fuel Systems Inc. is an Oshawa, Ontario; Canada based energy Sector Company engaged in the sales & marketing, manufacture, distribution, installation and support of a transportable hydrogen generator aftermarket product targeted for use in the heavy tractor trailer industry. Its flagship product, the HydraGen, is a patent-pending aftermarket retrofit solution that provides performance enhancement by mixing hydrogen into a vehicle's intake air resulting in greater fuel efficiency supporting on and off road industries. The scientific and product development of the HydraGen is consistent with the Corporation's on-going commitment and dedication to improve the Corporation's current and future product offerings. Its business was founded in 2001.
The Corporations emphasis during the on-going field trials to date was focused on delivering a HydraGen product that will survive the rigors of the transportation industry and to provide a reliable, sustainable & robust product to our end customers. The positive results of the ongoing trials have permitted the Corporation to begin the commercialization of the HydraGen product. As our testing continues, the Corporation will provide specific and verifiable data confirming performance results, emission reductions and fuel savings.
The Corporations relationship with companies with specific knowledge of gas calibration systems and the equipment required to run infield testing, continue to offer the Corporation opportunities for growth and continued development of the HydraGen product for additional industries.
Applications of our new technology are scheduled to commence testing on large diesel engines such as railroad, ocean, transit and equipment used in the oil and gas industries. This testing will provide an increase data base of diesel engine types and provide a design reference for application of the HydraGen product for those specific applications.
We are at the early stages of exploration in these fields and look forward to seeing the impact of the new HydraGen technology within these industries. Our focus is to provide solutions to power generating equipment with major companies, where the goal of a greener environment is at the forefront.
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.
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.
For further information, please contact:
Mr. Grove Bennett
President & Corporate Secretary
Dynamic Fuel Systems Inc.
1288 Ritson Road Nth, Suite 385
L1G 8B2 905-831-2440 x 613