dynaCERT announces settlement of debt

About this update from Dynacert Inc.

[{"type":"text","content":"\n\n\nTORONTO, June 20, 2013 /CNW/ - dynaCERT Inc. (TSX -V: DYA) (\"dynaCERT\" or the \"Corporation\") today announced that its 60% owned\n subsidiary  HydroFuel LLC (\"HydroFuel\")  entered into a definitive\n agreement for debt settlement with Alisar Corporation (\"Alisar\").\n\n\nIn 2004, Alisar (a company controlled by one partner of HydroFuel)\n advanced US$3,031,149 (the \"principal amount\") to HydroFuel to pay off\n its line of credit. This loan was unsecured, with 4.1% annual interest\n rate, payable monthly. The accrued interest on the loan payable\n amounted to CAD$1, 020,000 as at March 31, 2013.\n\n\nAll parties agreed to irrevocably waive and release the other from any\n claim, demand or action in connection with this settlement of debt for\n US$3,031,149 plus all accrued interest, on full and final payment of\n US$180,000 by dynaCERT to Alisar. As of June 18th, 2013 dynaCERT has made payment and the balance owed by HydroFuel to Alisar has\n been forgiven.\n\n\n\"We are pleased to see this matter resolved and removed from our\n financial statement\". States Mr. Jim Payne CEO of dynaCERT. \"The extinguishment of the total debt liability of US$3,031,149\n plus accrued interest of CAD$1,020,000 will be reflected in our 2013\n second quarter financial statement\".\n\n\nMr. Rakesh Malhotra has joined the Corporation as its Chief Financial\n Officer (CFO). \"We are excited to have Rakesh on our team; Rakesh\n provides increased financial strength and leadership to our executive\n group\". States Mr. Grove Bennett, President of dynaCERT.\n\n\nAbout dynaCERT Inc.dynaCERT Inc. manufactures, distributes, and installs Carbon Emission\n Reduction Technology for use with internal combustion engines.  Our\n patent-pending technology creates hydrogen and oxygen on-demand through\n electrolysis and supplies these additives through the air intake to\n enhance combustion, resulting in lower carbon emissions and greater\n fuel efficiency.  Our technology is currently in use with on-road\n applications and we continue to explore options with power generation\n applications.  More information can be found at www.dynacert.com\n\n\nThis release includes forward looking statements, which are based on\n certain assumptions and reflects management's current expectations. \n These forward looking statements are ...

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