Dynamic Announces Update Re First Majestic Pilot Project, Attendance at Richmond Club and CEO Conference Call
Pickering, Ontario CANADA, January 29, 2009 /FSC/ - Dynamic Fuel Systems Inc. (DYA - TSX Venture), is pleased to announce further progress with its previously announced Pilot Project with First Majestic Silver Corp. (FR - TSX) ("First Majestic"), attendance at a Richmond Club presentation.
As initially announced on March 19, 2008, Dynamic has entered into a Memorandum of Understanding with First Majestic which sets out the basic terms for the implementation of a Pilot Project, whereby Dynamic will provide Jetstar(tm) units, together with required parts, equipment, materials, installation and support personnel. In turn, First Majestic has assumed all operational costs and will be recording all technical information regarding the performance of the units, following which it is expected that First Majestic will purchase the units employed during the Pilot Project, provided that certain performance thresholds are realized during the Pilot Project. Dynamic had anticipated sending a team to commence the Pilot Project in late September 2008, however that trip was delayed due to certain co-ordination logistics. Dynamic's team of representatives (which will include management, sales and engineering personnel) arrived at First Majestic's La Encantada Silver Mine on January 19, 2009, where Jetstar(tm) units have now been installed on various types of diesel power generators. Dynamic will also conduct an examination and assessment of other underground pieces of equipment employed in First Majestic's La Encantada Silver Mine that might be candidates for similar retrofits and expansion of the Jetstar(tm) system's applications, as well as other potential business opportunities within Mexico and the mining industry generally. It is expected that Dynamic's team will be in Mexico until approximately February 4th, 2009.
Dynamic also announces that it provided a presentation at the Richmond Club in Toronto on January 14, 2009, where its audience was comprised of current and prospective shareholders, as well as representatives of a number of investment firms, venture capitalist groups and institutional organizations. Feedback on the presentation was extremely positive and Dynamic looks forward to further communication with the attendees and hopes to further capitalize on the opportunities deriving from this unique experience. Dynamic considers this a further step towards increasing market awareness and acceptance of its products and services.
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:
Jerry Solensky Jr.
President and CEO
Dynamic Fuel Systems Inc.
890 Brock Road South
Pickering, ON L1W 1Z9
905-831-2440
www.dynamicfuel.com
Source: Dynamic Fuel Systems Inc. (TSX-V: DYA) http://www.dynamicfuel.com
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