Dynamic Provides Update Re First Majestic Diesel Generator Pilot Project and Development of New Product Line
Pickering, Ontario CANADA, March 18, 2009 /FSC/ - Dynamic Fuel Systems Inc. (DYA - TSX Venture), ("Dynamic" or the "Corporation") is pleased to provide a further update on its previously announced Pilot Project with First Majestic Silver Corp. (FR - TSX) ("First Majestic") and to announce the development of a new product line - The Jetstar PG.
As announced on January 29, 2009, Dynamic sent a team of representatives (including management, sales and engineering personnel) to First Majestic's La Encantada Silver Mine in February 2009. Dynamic developed a prototype assemblage of Jetstars(tm), which were configured for use on two types of First Majestic's diesel powered generators. Working together with First Majestic's engineering team, a series of tests were conducted over a period of roughly nine days. Preliminary results of those tests have been produced and are currently in the verification stage. Final results will be announced upon receipt. The Corporation is very encouraged by the preliminary results and confirms that First Majestic has requested that Dynamic put forward a proposal to outfit their generation systems at 3 current mine sites, along with their 4th that is currently in the planning stages. It is estimated that this would result in an average of 8 systems being applied per site.
Commenting on the Jetstar's(tm) application and the preliminary results that are currently under review, Mr. Keith Neumeyer, CEO of First Majestic, praised the positive impact that this technology would have on his company's operational costs and expressed his strong desire to lead the industry in today's "Green Effects". Mr. Neumeyer also stated that he would love the ability to showcase the Jetstar(tm) application at First Majestic's newest mining operation.
The results of the Pilot Project to-date validate management's view that the Jetstar(tm) system can be modified to fit various types of diesel engines. The Pilot Project with First Majestic was an ideal opportunity to demonstrate the flexibility of the Jetstar(tm) system and the Corporation's ability to modify the Jetstar(tm) technology in a manner to support a differing size of internal combustion engine. Stemming from what has, to date, been a successful trial, the Corporation intends to embark on the development of a new product line under the label "Jetstar PG" (Power Generation). Steps toward commercialization of this product line have commenced and Dynamic looks forward to further developing this new product, enhancing and targeting its market research and penetration and tapping into what it believes to be a substantial market opportunity in the power generation industry. It is management's goal to continue to explore further opportunities to expand product offerings and penetrate new, untapped industries and markets. The mining and power generation industries are the first examples of this extension.
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
Maximum News Dissemination by Filing Services Canada Inc. *
www.usetdas.com