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 the signing of a second Master Distributor Memorandum of Understanding with Range Gen LLC ("Range Gen") of Sterling Heights Michigan.
Under the terms of the MOU and subject to the execution of a definitive Master Distribution Agreement Range Gen, LLC will obtain the rights to undertake final assembly, installation and support responsibilities for HydraGenTM. Range Gen LLC will also be responsible for servicing resellers of the HydraGenTM.
"We are very pleased to be able to make this announcement today," stated Mr. Jim Payne, CEO of Dynamic. "We are extremely excited to have Range Gen join us today at our AGM for the unveiling of their HydraGenTM equipped Class 8 Volvo EGR powered Mack truck. Range Gen has informed Dynamic that under full load they are achieving results in excess of 10 mpg", notes Payne. I understand that the arrangements are underway to have these results verified by Guinness World Records. The principals of Range Gen are committed to the success of HydraGenTM as evidenced by the delivery of a firm order for 500 HydraGenTM units with deliveries commencing as soon as practical."
"We continue to exercise our business model which calls for the selection of qualified 'best in class' distribution partners that are much closer to our end user customers. This model allows Dynamic to remain focused on its core business which is ensuring that our technologies remain at the forefront of the industry," states Grove Bennett, President of Dynamic. Added Bennett; "I believe we're now very well positioned to commence our next phase of growth."
According to Nathan Oaks, President of Range Gen LLC, The Company is a joint venture between Range Gen, LLC's parent company Stellar Motors, LLC and Can Do Mechanical LLC. The companies have merged a collection of fuel efficient technologies and process which have achieved record setting results in a Class 8 Truck. The partnership is led by executives from the automotive industries with vast experience in branding, research & development, advanced manufacturing and field sales service and support. The company will be rolling out its new international fuel enhancement and fleet optimization program beginning July 9th, 2012 with its website and brand launch.
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.