TORONTO, June 28, 2012 (GLOBE NEWSWIRE) -- Mr. Grove Bennett, President of Dynamic Fuel Systems Inc. (TSX-V:DYA) ("Dynamic" or the "Corporation"), is pleased to announce negotiations pertaining to a non exclusive Master Distributor Agreement with Contractor's Tank Inc. of California has culminated in the signing of a Memorandum of Understanding.
Under the terms of the MOU and subject to the execution of a definitive Master Distribution Agreement, Contractor's Tank Inc. will obtain the rights to undertake final assembly, installation and support responsibilities for HydraGenTM. Contractor's Tank Inc will also be responsible for servicing resellers of the HydraGenTM.
Contractor's Tank Inc is a newly established entity under the ownership of Mr. Tom Pistacchio of Newport Beach, California and Mr. Dave Roach of Hanford, California. It occupies a 10,000 square foot facility in Madera, CA.
Mr. Pistacchio offers extensive industry knowledge, expertise and connections to the Dynamic's distribution channel. Prior to acquiring America's Trailer Company (see the link below) Mr. Pistacchio owned and operated 7 Kenworth Dealerships.
http://www.americastrailercompany.com/site/
Mr. Roach has extensive business experience having owned his own architectural services firm for 33 years prior to its sale. Mr. Roach now serves as the Chief Pilot for Sterling Executive Charter of Fresno, California.
"We are very pleased to have reached this stage of discussions," stated Mr. Jim Payne, CEO of Dynamic. The principles behind Contractor's Tank Inc. represent ideal distribution partners for Dynamic's products. They have immediate access to and fully understand the needs of the heavy duty trucking industry and our target customers.
"As a technology company, we recognize the need to develop distribution relationships with well respected industry players," adds Grove Bennett, President of Dynamic. This is representative of our new business model, that we believe, once fully developed will yield very positive results.
"I wish to extend to the Board and management of Dynamic Fuels our excitement at reaching this stage of the discussions towards becoming a Master Distributor for this exciting new product. During the past three years, we have worked closely with Dave Sikkema to put forward the HydraGen application and testing for the California Air Resource Board (CARB) exemption. As you know, that process was successful and Dynamic Fuels in now in possession of the CARB exemption. Our work in this regard has allowed us to become very knowledgeable with the HydraGen technology and we are truly believers in this product," states Mr. Dave Roach.
About Dynamic Fuel Systems Inc.
Dynamic is an energy sector Clean-Tech Company focused exclusively on the exploitation of the intellectual property developed by Dynamic or that which it has exclusive, worldwide and perpetual license rights. Products offered by Dynamic are intended to reduce harmful emissions and improve fuel economy in large displacement diesel engines.
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.