TORONTO, May 02, 2017 (GLOBE NEWSWIRE) -- dynaCERT Inc. (TSX-V:DYA) (OTCQB:DYFSF) ("dynaCERT" or the "Company") is pleased to announce that, with rapidly rising business activities, effective immediately, Mr. Robert Maier, MBA, P.Eng., will step into the role of Chief Operating Officer and Chief Engineer. Mr. Maier has been a Director of dynaCERT since February 2015. After supporting the engineering team since becoming a Director, he will now complete the planning and building of the new production facility to ramp up deliveries. He has a strong background as a senior executive leader in some of Canada’s largest manufacturing companies, such as Skyjack and has launched many new products and developed companies to commercial success. dynaCERT welcomes Mr. Maier as we reach milestones of substantial growth and rapidly increased production to fulfill customer orders.
This change will enable Mr. David Bridge to focus exclusively on the enhancements and expansion of the dynaCERT Smart Electronic Control Unit (“ECU”). Mr. Bridge will be responsible for leading the development of the Smart ECU’s capabilities in the areas of communication, fleet management, monitoring and controlling of our current HydraGENTM and future family of products. He will also continue the work required to support our various patent applications.
Jim Payne, President & CEO of dynaCERT, states, “These changes will help align with the company’s focus while dynaCERT grows and expands. We are pleased that Mr. Bridge will further focus his attention in his areas of expertise, as well as broaden our IP and the product electronics and our various patents. We are also thrilled to welcome Mr. Maier as COO, to best utilize his expertise in engineering, manufacturing and management.”
dynaCERT is pleased to announce shares-for-debt settlements and that it has entered into agreements with two different companies to extinguish amounts owing in connection with the 2014 acquisition of the Intellectual Property (IP) of the HydraGENTM technology.
This will be completed by the issuance of 723,959 common shares of the Company at a price of $1.00 per share. The $500,000 principal amount owing on a promissory note issued in October 2014 will be extinguished with shares-for-debt settlement. As well, the $223,959 interest owing on a loan that was repaid in 2014 (see the Corporation’s press release dated December 7, 2014) will be extinguished with shares-for-debt settlement. The foregoing shares for debt transactions are subject to approval by the TSX Venture Exchange. All the foregoing shares will, upon issuance, be subject to a statutory four-month hold period in accordance with applicable securities laws.
Jim Payne, President and CEO of dynaCERT, states, “Originally, the IP property acquisition was structured to be paid from 50% of the gross profit from sales. The intellectual property is now unencumbered. The payment of all amounts owing strengthens our balance sheet and conserves capital.”