TORONTO, Oct. 18, 2012 (GLOBE NEWSWIRE) -- Mr. Grove Bennett, President of Dynamic Fuel Systems Inc. (TSX-V:DYA) ("Dynamic" or the "Corporation"), is pleased to announce the entering of a Marketing and Sales agreement with Global Partners Consulting Canada Inc. (Global Partners) and the retirement of debt.
Global Partners has entered into an agreement with the Corporation to provide, international marketing & sales support of the Corporations HydraGen™, a hydrogen generating system and future emission reduction technologies. Global Partners brings international experience and expertise to the Corporation along with an established network of key contacts and an extensive client base across multiple market sectors, where the HydraGen™ technology could add value in the operating efficiency on diesel combustion engines and the reduction of greenhouse gases (GHG).
'We are currently in negotiations with market sectors that are challenged with pending legislation to reduce harmful emissions over the coming years. We anticipate applying the HydraGen™ technology in these market sectors in 2013 to assist in the establishment of specific EPA measurement results. These market sectors are global in scope; significant in volume and upon the EPA measurements being established, Global Partners will work with Dynamic to further develop and penetrate these markets.' Stated Mr. Dave Goodhand, (Sr. Partner Global Partners).
Rick Tonita, a Sr. Partner in Global Partners, commented 'We are fortunate to have Mr. Michael Garvin and Mr. David Tietgen on our team. They have years of experience in disruptive technology development and have been involved in the Clean Cities initiatives in the USA which was created by the US Department of Energy.' Clean Cities is a national network of nearly 100 Clean Cities coalitions that bring together stakeholders in the public and private sectors to deploy alternative and renewable fuels, idle and emissions reduction measures, fuel economy improvements, and emerging transportation technologies.
"We are excited to have signed a Marketing and Sales agreement with Global Partners and look forward to supporting their team in the establishment of specific EPA measurements. Global Partners brings increased strength & support to Dynamic and will assist in the penetration of additional market sectors, while capitalizing on our current transportation opportunities" stated Mr. Grove Bennett, President of Dynamic.
The Corporation Acquires Ownership of HydroFuel LLC
HydroFuel LLC (HydroFuel) was the USA distribution company for the 'Jetstar™' a hydrogen generation system developed by the Corporation. Its members were Dynamic Fuels Systems Inc. (Dynamic), Mr. William Brandt and Global Partners. HydroFuel lent the Corporation funding which, with interest, exceeded four (4) million dollars. The Corporation is pleased to announce that they have come to an agreement to acquire all the units of the USA based HydroFuel LLC Company from Mr. Brandt and Global Partners and retire the entire amount owed by the Corporation. Mr. Brandt remains a shareholder and is supportive of Mr. James Payne, CEO of Dynamic and the management's strategic direction for growth.
"The long standing relationship with Mr. Brandt and the signing of the Marketing and Sales Agreement with Global Partners is both humbling and an important step in the Corporations continued growth. We are looking forward to working with the Global Partners team and establishing a footprint across additional market sectors and thank Mr. Brandt for his continued support and faith in our team" commented Mr. Payne, CEO of Dynamic.
About Dynamic Fuel Systems Inc.
Dynamic is an energy sector Clean-Tech Company focussed exclusively on the exploitation of the intellectual property developed by Dynamic or that which it has exclusive, worldwide and perpetual license rights. Products offered by Dynamic are intended to reduce harmful emissions and improve fuel economy in large displacement diesel engines.
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. 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.
CONTACT: Mr. Grove Bennett President & Corporate Secretary Dynamic Fuel Systems Inc. 501 Alliance Road, Suite 202 Toronto, Ontario 905-831-2440 x 613 www.dynamicfuel.comSource:Dynamic Fuel Systems Inc.