CNQ Symbol "DYR"
Pinksheet Symbol "DYRFF"
LAS VEGAS, April 23 /CNW/ - Dynamic Resources Corp. ("Dynamic" or the
"Company") today announces that the filing of its annual financial statements,
management's discussion and analysis and related CEO and CFO certifications
for the year ended December 31, 2008 (the "Required Filings"), will be delayed
beyond the filing deadline of April 30, 2009. Dynamic has been advised that
additional time is required to complete the audit of the annual financial
statements due to a delay in receiving the engineering report for its oil and
gas resource assets which is being prepared by H.J.Gruy and Associates, Inc.
The reserves report is expected by May 30, 2009.
Dynamic currently plans to remedy the default and file the Required
Filings as soon as it is able to do so. Dynamic also intends to satisfy the
provisions of the alternate information guidelines of section 4.4 of National
Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP
12-203") as long as it is in default of the filing requirements. These
provisions require Dynamic to file a bi-weekly default status report, in the
form of news releases, containing any material changes to the information in
this release; all actions taken by Dynamic to remedy the default; particulars
of any failure by Dynamic to fulfill these provisions; any subsequent defaults
of Dynamic requiring a default announcement; and, any other material
information concerning the affairs of Dynamic not previously disclosed.
Dynamic intends to issue the first default status report on May 7, 2009.
This default announcement is made under section 4.3 of National Policy
12-203, which came into effect September 1, 2008, and replaces previous
policies under which provincial securities commissions could grant extensions
to filing deadlines.
Information Regarding Forward-Looking Statements:
This news release contains "forward-looking statements", as that term is
defined in Section 27A of the United States Securities Act of 1933, as
amended, and Section 21E of the United States Securities Exchange Act of 1934,
as amended. Statements in this press release which are not purely historical
are forward-looking statements and include any statements regarding beliefs,
plans, expectations or intentions regarding the future. Actual results could
differ from those projected in any forward-looking statements due to numerous
factors. Such factors include, among others: (i) the inherent uncertainties
and speculative nature associated with oil and gas exploration; (ii) any
number of events or causes which delay or cease exploration and development of
Dynamic's property interests such as environmental liabilities, weather,
mechanical failures, safety concerns, labour problems and financing problems;
(iii) changes in economic conditions, adverse exchange rates and financial
markets; (iv) the risk that Dynamic does not execute its business plan; (v)
the inability to retain key employees; (vi) changes in the prices of oil and
gas; (vii) Dynamic's inability to finance its operations or growth; and (viii)
the inability to obtain all necessary government, environmental and regulatory
approvals. These forward-looking statements are made as of the date of this
news release and Dynamic assumes no obligation to update the forward-looking
statements, or to update the reasons why actual results could differ from
those projected in the forward-looking statements. Although Dynamic believes
that the beliefs, plans, expectations and intentions contained in this press
release are reasonable, there can be no assurance those beliefs, plans,
expectations, or intentions will prove to be accurate. Investors should
consider all of the information set forth herein and should also refer to the
risk factors disclosed in Dynamic's periodic reports filed from time-to-time
For further information:
For further information: Robert Fedun, President and CEO, (702)
743-1343, Website: www.dynamicresourcescorp.com