CORRECTING and REPLACING DynaMotive Releases 2003 Results.

Energy Editors/Business Editors

CORRECTION...by DynaMotive Energy Systems Corporation

VANCOUVER, British Columbia--(BUSINESS WIRE)--May 19, 2004

In BW6149 issued May 18, 2004: First graph, last two sentences of release dated May 18, 2004, should read: The weighted average number of outstanding shares for the year 2003 increased to approximately 57 million from 45 million for the year 2002. Total outstanding shares as at December 31, 2003 were 69,915,654. Total shareholders' equity as of year-end was $1.72 million up from a deficiency of ($671,812) (sted The number of outstanding shares at year-end increased to approximately 57 million from 45 million at December 31st, 2002. Year-end net assets were $1.72 million up from a deficiency of ($671,812)).

The corrected release reads:

DYNAMOTIVE RELEASES 2003 RESULTS

DynaMotive Energy Systems Corporation (OTCBB:DYMTF) announced audited results for its fiscal year-end of December 31, 2003. The loss for the year was $4.98 million down from $5.26 million in 2002. This loss includes a non-cash charge of $2.43 million for stock-based compensation (2002: $1.33 million). General and administrative expenses increased to $2.69 million from $1.48 million in 2002 reflecting increased staffing and other expenses related to establishment of the first commercial BioOil operation now under construction in Ontario. R&D expenses increased to $512,981 from $165,265 in 2002 reflecting increased development of alternative feedstock applications and other innovations. The weighted average number of outstanding shares for the year 2003 increased to approximately 57 million from 45 million for the year 2002. Total outstanding shares as at December 31, 2003 were 69,915,654. Total shareholders' equity as of year-end was $1.72 million up from a deficiency of ($671,812).

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.