CALGARY, May 16, 2012 /CNW/ - Dynetek Industries Ltd. ("Dynetek" or the "Company") announced that the Toronto Stock Exchange (the "TSX") has informed the Company that it is reviewing the eligibility for continued listing of Dynetek's common shares on the TSX. The Company understands that the TSX initiated its delisting review pursuant to its continued listing criteria and as a result of the market value of the Company's listed shares. The review is being conducted under the TSX's remedial review process, pursuant to which the Company has been granted 120 days to comply with all of the TSX requirements for continued listing.
At this time, Dynetek intends to defend its listing on the TSX. Although the Company was not successful in completing the previously announced business combination with S.V. Greentech Private Limited, the Company is continuing to explore strategic alternatives, including, without limitation, the potential sale of the company or a strategic combination with a third party. However, as there are no binding agreements in place, there can be no assurances as to the terms on which a transaction may occur or that a transaction will occur at all. The ultimate results of these ongoing efforts may be a factor in the Company's ability to remain listed on the TSX. There can be no assurance that the Company will be able to achieve compliance with the TSX's listing requirements within the required time frame. If the Company cannot satisfy the TSX that continued listing on the TSX is warranted, it will explore the possibility of seeking an alternative listing.
Dynetek Industries Ltd. is a leading participant in the global clean technology space and a leader in the design and manufacture of proprietary fuel storage systems. Dynetek designs, produces and markets one of the lightest and most advanced fuel storage and refueling systems for compressed natural gas, low emission vehicles and compressed hydrogen, zero-emission fuel cell vehicles. Dynetek is recognized around the world for its solutions-of-choice to the alternate fuel vehicle sector, evidenced by strategic relationships with major manufacturers around the globe. Dynetek's common shares are listed on the TSX under the symbol "DNK".
This press release contains forward-looking information as defined under applicable securities legislation. All information and statements contained herein that are not clearly historical in nature constitute forward-looking information, and the words "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "propose", "predict", "potential", "continue", or the negative of these terms or other comparable terminology are generally intended to identify forward looking statements. In particular, this press release contains forward-looking information relating, but not limited to: the continued listing of the Company's common shares; the Company's plans to defend its listing on the TSX and to explore possible listing alternatives; and the Company's plans to evaluate strategic alternatives available to it. Such forward-looking information reflects Management's current beliefs and assumptions and is based on information currently available to Management. With respect to the forward-looking information contained herein, assumptions have been made with respect to: the availability of financing opportunities and corporate restructuring alternatives; the availability of necessary capital and the terms and timing thereof; industry demand; expectations regarding technology adoption rates; governmental regulatory requirements; and the economic condition in Canada, the United States and globally. In addition, forward-looking information involves significant known and unknown risks and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking information contained herein, including, but not limited to, risks associated with: the Company's ability to maintain its listing on the TSX; a failure to obtain required regulatory and other requisite approvals; changes in the economic conditions in Canada, the United States and globally; the Company's ability to access necessary capital on acceptable terms or at all and on the timing needed; the availability of financing opportunities and corporate restructuring alternatives; volatility in commodity prices and exchange rates; changes in government regulation and government funding levels; and changes in demand for fuel storage systems. Readers are cautioned that the foregoing lists are not exhaustive. Additional risks and uncertainties associated with Dynetek's future plans are described in Dynetek's Annual Information Form for the year ended December 31, 2011. Although the forward-looking information contained herein is based upon assumptions which Management believes to be reasonable, there can be no assurance that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Dynetek will derive therefrom. As such, readers and prospective investors should not place undue reliance on forward-looking information. This forward-looking information is made as of the date hereof and Dynetek assumes no obligation to update or revise this information to reflect new events or circumstances, except as required by law. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.
For further information:
Douglas Pigot, Executive Chairman
Dynetek Industries Ltd.
4410 - 46th Avenue SE
Calgary, Alberta T2B 3N7
Tel Calgary: 403-720-0262
Toll free: 1-888-396-3835