TORONTO, June 20, 2013 /CNW/ - dynaCERT Inc. (TSX -V: DYA) ("dynaCERT" or the "Corporation") today announced that its 60% owned
subsidiary HydroFuel LLC ("HydroFuel") entered into a definitive
agreement for debt settlement with Alisar Corporation ("Alisar").
In 2004, Alisar (a company controlled by one partner of HydroFuel)
advanced US$3,031,149 (the "principal amount") to HydroFuel to pay off
its line of credit. This loan was unsecured, with 4.1% annual interest
rate, payable monthly. The accrued interest on the loan payable
amounted to CAD$1, 020,000 as at March 31, 2013.
All parties agreed to irrevocably waive and release the other from any
claim, demand or action in connection with this settlement of debt for
US$3,031,149 plus all accrued interest, on full and final payment of
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
"We are pleased to see this matter resolved and removed from our
financial statement". States Mr. Jim Payne CEO of dynaCERT. "The extinguishment of the total debt liability of US$3,031,149
plus accrued interest of CAD$1,020,000 will be reflected in our 2013
second quarter financial statement".
Mr. Rakesh Malhotra has joined the Corporation as its Chief Financial
Officer (CFO). "We are excited to have Rakesh on our team; Rakesh
provides increased financial strength and leadership to our executive
group". States Mr. Grove Bennett, President of dynaCERT.
About dynaCERT Inc.
dynaCERT Inc. manufactures, distributes, and installs Carbon Emission
Reduction Technology for use with internal combustion engines. Our
patent-pending technology creates hydrogen and oxygen on-demand through
electrolysis and supplies these additives through the air intake to
enhance combustion, resulting in lower carbon emissions and greater
fuel efficiency. Our technology is currently in use with on-road
applications and we continue to explore options with power generation
applications. More information can be found at www.dynacert.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.
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.
SOURCE: dynaCERT Inc.
For further information:
Mr. Grove Bennett
Phone: 1 (416) 766-9691