TORONTO, June 20, 2013 /CNW/ - dynaCERT Inc. (TSX
-V: DYA) ("dynaCERT" or the "Corporation") today announced
that its 60% owned subsidiary HydroFuel LLC
("HydroFuel") entered into a definitive agreement for debt
settlement with Alisar Corporation ("Alisar").
In 2004, Alisar (a company controlled by one partner of
HydroFuel) advanced US$3,031,149 (the
"principal amount") to HydroFuel to pay off its line of credit.
This loan was unsecured, with 4.1% annual interest rate, payable
monthly. The accrued interest on the loan payable amounted to
CAD$1, 020,000 as at March 31, 2013.
All parties agreed to irrevocably waive and release the other
from any claim, demand or action in connection with this settlement
of debt for US$3,031,149 plus all
accrued interest, on full and final payment of US$180,000 by dynaCERT to Alisar. As of
June 18th, 2013
dynaCERT has made payment and the balance owed by HydroFuel
to Alisar has been forgiven.
"We are pleased to see this matter resolved and removed from our
financial statement". States Mr. Jim Payne CEO of dynaCERT.
"The extinguishment of the total debt liability of US$3,031,149 plus accrued interest of
CAD$1,020,000 will be reflected in
our 2013 second quarter financial statement".
Mr. Rakesh Malhotra has joined
the Corporation as its Chief Financial Officer (CFO). "We are
excited to have Rakesh on our team; Rakesh provides increased
financial strength and leadership to our executive group". States
Mr. Grove Bennett, President of dynaCERT.
About dynaCERT Inc.
dynaCERT Inc. manufactures, distributes, and installs Carbon
Emission Reduction Technology for use with internal combustion
engines. Our patent-pending technology creates hydrogen and
oxygen on-demand through electrolysis and supplies these additives
through the air intake to enhance combustion, resulting in lower
carbon emissions and greater fuel efficiency. Our technology
is currently in use with on-road applications and we continue to
explore options with power generation applications. More
information can be found at www.dynacert.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.
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.
SOURCE dynaCERT Inc.