FSC / Press Release
Dynamic Announces Late Filing of Annual Financial Statements
Pickering, Ontario CANADA, April 30, 2008 /FSC/ - Dynamic Fuel Systems Inc. (DYA - TSX Venture), ("Dynamic" or the "Corporation") provides this Notice of Default further to OSC Policy 57-603 advising that Dynamic does not anticipate filing its annual financial statements for the year ending December 31, 2007 on or before the prescribed deadline of April 29, 2008. The Corporation has made an application as prescribed under the foregoing policy requesting that a Management Cease Trade Order be imposed in respect of this late filing, rather than an Issuer Cease Trade Order.
Dynamic's failure to file its annual financial statements within the prescribed period of time is a direct result of the unforeseen and isolated medical emergency befalling its internal accountant immediately prior to the filing deadline. Specifically, the Corporation's internal accountant was forced to travel to the United States on or about April 23, 2008, for an emergency medical procedure that was unavailable in Canada. While in the United States, it became apparent that Corporation's internal accountant would be required to remain under medical care for longer than initially anticipated. Corporation's internal accountant was finally able to return from treatment in the United States on or about April 28, 2008. The Corporation has indicated that they it will require less than fourteen days in order to complete the necessary work to file the audited financial statements for the year ended December 31, 2007.
Dynamic's financial statements for its fiscal year end of December 31, 2007 are required to be filed by April 29, 2008 and Dynamic's failure to file such by June 29, 2007 may result in the securities commissions or regulators imposing an Issuer Cease Trade Order. Dynamic presently expects to file its financial statements for the year ended December 31, 2007 on or before May 14, 2008.
Should Dynamic fail to file the appropriate Default Status Reports as prescribed OSC Policy 57-603, the securities commissions or regulators may as a result of such failure imposed an Issuer Cease Trade Order.
Dynamic fully expects to file its financial statements for the fiscal year end December 31, 2007 prior to June 29, 2008. Further, Dynamic confirms that it intends to satisfy the requirements to provide Default Status Reports so long as it remains in default of its requirements to file its financial statements within the prescribed period of time.
Dynamic confirms that there are no insolvency proceedings against the Corporation as of the date herein. Dynamic also confirms that there is no other material information concerning the affairs of Dynamic that have not been generally disclosed as of the date herein.
Information about Dynamic Fuel Systems Inc.
Dynamic Fuel Systems Inc. is a Pickering, Ontario based energy sector company engaged in the manufacture, distribution, installation and marketing of a transportable hydrogen generator retrofit targeted for use in the heavy tractor trailer industry. Its flagship product, the Jetstar(r), is a patent-pending aftermarket retrofit solution that provides combustion enhancement by mixing hydrogen and oxygen into a vehicle's intake air to provide the engine with a more complete burn of the fuel in its internal combustion engine. Its business was founded in 2001 and more information about its products can be viewed at its website at www.dynamicfuel.com.
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 Company disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Thomas Fairfull
President
Dynamic Fuel Systems Inc.
890 Brock Road South
Pickering, ON L1W 1Z9
905-831-2440
thomas@dynamicfuel.com
www.dynamicfuel.com
Source: Dynamic Fuel Systems Inc. (TSX-V: DYA) http://www.dynamicfuel.com
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