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FOR IMMEDIATE RELEASE:
DYNAMOTIVE REPORTS FIRST QUARTER FINANCIAL RESULTS
Provides Quarter Operations Summary
VANCOUVER, BC, CANADA, June 4, 2004, --/WORLD-WIRE/-- DynaMotive Energy Systems Corporation (OTCBB: DYMTF) announced the filing of its un-audited financial results for the three-month period ended March 31, 2004.
The Company reported a loss for the period of US$786,000 ($0.01 per share) up from a loss of US$476,000 ($0.01 per share) for the same period in 2003. Increased expenditures were mainly for marketing and business development activities, R & D and administrative costs related to development of the Company's 100 tpd West Lorne BioOil Co-Generation Project and an increase in general business activity.
The weighted average number of outstanding common shares for the period increased to approximately 74.4 million from 50.6 million for the same period in 2003. Total outstanding shares as at March 31, 2004 were 77,917,559. Total shareholders' equity as at period-end was US$2.59 million up from a deficiency of (US$603,000) at March 31, 2003.
The Company reported that it continues to raise equity to support its ongoing business and its investment commitments in the West Lorne BioOil Co-Generation LP, which is developing the world's first 100tpd BioOil fuelled co-generation facility.
Financial statements have been posted on the Company's website.
Highlights for the quarter:
The Company focused its activities in three core areas: Project development and construction, business development and Research and Development, and growing its management capabilities to meet project demands and interest received for its technology.
Project development: Project 1: BioOil fuelled 2.5 MW cogeneration plant located at the Erie Flooring and Wood Products facility in West Lorne, Ontario. The project is being developed in co-operation with Magellan Aerospace Corporation- Orenda division, Ontario Power Generation, Erie Flooring and UMA Engineering. Bruks Klockner will provide feedstock conditioning and Ramsay Group the plant fabrication for the project.
Project construction progressed aggressively in the first quarter, with 90% of the equipment procurement representing $C 8,000,000 completed.
The Company further announced that the project had secured a financial contribution from Sustainable Development Technology Canada of $C 5,000,000.-
Project 2: A project with processing capacity of up to 200 green tons of forest residues per day. The plant, once in operation, would produce sufficient BioOil to displace 400,000 gigajoules of natural gas. The project is being developed with UMA Engineering, Ramsay Group (fabricator) and Bruks Klockner (feedstock conditioning) and is supported by Technology Partnerships Canada.
Procurement of long lead items was secured, the Company has short listed two potential sites for the plant. The plant is expected to be ready for shipment in Q4 this year.
Business Development: The Company disclosed today that its business development effort in Canada was met with strong interest. These efforts resulted in multiple project opportunities that, at the time of writing, are in various stages of development.
The projects include biomass-to-fuel opportunities in the forest industry, wood recycling and wood landfill recovery with fuel usage opportunities in the industrial fuel markets as well as on grid, distributed power generation and combined heat and power applications. The Company reported that the total number of projects under consideration may soon exceed 15 and they span Canada from Newfoundland to British Columbia.
The Company further reported that it has received a significant number of project inquiries from Europe, US, Latin America and Asia and that it is developing a network of agents in these markets in preparation for plant roll out commissioning of its flagship project in West Lorne, Ontario is completed.
Research and Development: The Company established a jointly-funded group with Dr. Desmond Radlein to coordinate its R&D activities and to establish long term strategies in R&D. The research group will invest directly into R&D initiatives and will manage specific development programs. R&D priorities include the reformation of BioOil to syngas and BioOil syngas processing to hydrogen, liquid fuels and chemicals field in which Dr. Radlein has significant expertise. The R&D program aims to validate and demonstrate, at pre-commercial level, the development of mobile fuels from BioOil such as hydrogen, diesel and ethanol.
The Company continued to progress its research into the utilization of BioOil in lime-kilns with the University of British Columbia and the activation of char produced from its process with the University of Saskatchewan.
The Company built project development capacity and advanced market penetration initiatives in North America through expanded agreement with UMA Engineering.
Magellan Aerospace Corporation and DynaMotive announced the world's first commercial scale BioOil turbine generator run.
DynaMotive is an energy systems company focused on the development of innovative energy solutions based on its patented fast pyrolysis system. Through the application of fast pyrolysis, DynaMotive unlocks the natural energy found in the world's abundant organic resources traditionally discarded by the agricultural and forest industries. DynaMotive's technology economically converts biomass into a renewable, environmentally friendly fuel. DynaMotive has successfully demonstrated conversion of these residues into fuel known as BioOil, as well as char.
Forward Looking Statement
Statements in this news release concerning the company's business outlook or future economic performance; anticipated profitability, revenues, expenses, or other financial items; and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are "forward-looking statements" as that term is defined under the Federal Securities Laws. Forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from those stored in such statements. Such risks, uncertainties and factors include, but are not limited to, future capital needs, changes and delays in product development plans and schedules, customer acceptance of new products, changes in pricing or other actions by competitors, patents owned by the Company and its competitors, and general economic conditions, as well as other risks detailed in the Company's filings with the Securities and Exchange Commission.
For more information on DynaMotive, please call:
Tel: (604) 267-6000
Toll Free (in North America): 1-877-863-2268
Fax: (604) 267-6005
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