OSHAWA, Ontario, Aug. 10, 2011 (GLOBE NEWSWIRE) -- Dynamic Fuel Systems Inc. (TSX-V:DYA) ("Dynamic" or the "Corporation"), announces sales of one hundred and ten (110) units of its flagship product the HydraGen™
Dynamic confirms that it has accepted a binding order for 70 of the Corporation's flagship product, HydraGen™, from its Michigan based reseller Hydrogen Fuel Systems Inc ("HFS") marking a significant milestone in the Corporation's on-going product and business development. HFS sells Class 8 trucks that are specially equipped with a number of fuel and emission reduction measures including HydraGen™.
The new order is supplemental to their April 2010 purchase order for 40 JetStar units. That order was subsequently converted to HydraGen units as a result of the positive performances through the Corporation's on-going field trials, all of which have been delivered, accepted and installed. The revenue associated with that order will be accounted for in the Corporation's 3rd quarter financial statements.
Today's order will be delivered to HFS over the coming 9 weeks. Installation will take place at the Corporation's Zeeland, Michigan Customer Support Center and are scheduled to occur at the rate of 8 units per week to meet end user customer demand. Further information on the Customer Support Center will be made available shortly via the Corporation's website.
"We are very happy with the progress we have made over these past several months. This new order confirms increasing market acceptance of the HydraGen™ product offering and further substantiates the Corporations on-going product and business development activities. We are confident with how the future looks for Dynamic, our customers and our shareholders," stated Mr. Grove Bennett, President of Dynamic.
About Dynamic Fuel Systems Inc.
Dynamic Fuel Systems Inc. is an Oshawa, Ontario; Canada based energy Sector Company engaged in the sales & marketing, manufacture, distribution, installation and support of a transportable hydrogen generator aftermarket product targeted for use in the heavy tractor trailer industry. Its flagship product, the HydraGen™, is a patent-pending aftermarket retrofit solution that provides performance enhancement by mixing hydrogen into a vehicle's intake air resulting in greater fuel efficiency supporting on and off road industries. The scientific and product development of the HydraGen(TM) is consistent with the Corporation's on-going commitment and dedication to improve the Corporation's current and future product offerings. Its business was founded in 2001.
The Corporation's emphasis during the on-going field trials to date was focused on delivering a HydraGen(TM) product that will survive the rigors of the transportation industry and to provide a reliable, sustainable & robust product to our end customers. The positive results of the on-going trials have permitted the Corporation to begin the commercialization of the HydraGen(TM) product. As our testing continues, the Corporation will provide specific and verifiable data confirming performance results, emission reductions and fuel savings.
The Corporation's relationship with companies with specific knowledge of gas calibration systems and the equipment required to run infield testing, continue to offer the Corporation opportunities for growth and continued development of the HydraGen(TM) product for additional industries.
Applications of our new technology are scheduled to commence testing on large diesel engines such as railroad, ocean, transit and equipment used in the oil and gas industries. This testing will provide an increased data base of diesel engine types and provide a design reference for application of the HydraGen(TM) product for those specific applications.
We are at the early stages of exploration in these fields and look forward to seeing the impact of the new HydraGen(TM) technology within these industries. Our focus is to provide solutions to power generating equipment with major companies, where the goal of a greener environment is at the forefront.
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. The Corporation disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
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.