DynaMotive Signs Heads of Agreement for 3 Year Supply of BioOil and BioOil - Char Slurries.VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography -- DynaMotive Energy Systems Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :DYMTF) announced today that it has agreed to principal terms with a private Ontario Ontario, city, United States Ontario, city (1990 pop. 133,179), San Bernardino co., S Calif., near Los Angeles, in a region of vineyards; inc. 1891. corporation for the sale of BioOil and BioOil - char slurries produced at the West Lorne Lorne also Lorn , Firth of An inlet of the Atlantic Ocean on the western coast of Scotland between Mull Island and the mainland. BioOil plant. The terms establish a 3 year supply on a fixed price basis of up to 33 tonnes per day of fuel grade material. The value of BioOil - char to be delivered over the 3 year period based on increasing delivery volumes to the plant's maximum capacity is estimated at U.S. $800,000 in the first 12 months escalating to U.S. $1,500,000 in years 2 and 3 for a potential aggregate of U.S. $3,800,000 over the 36 month term. Under the arrangements, DynaMotive will confirm fuel availability to the buyer monthly in advance and shipment dates will be agreed within 10 days and payment due within 30 days. The terms are subject to a definitive agreement expected to be concluded in the near future. The Company previously disclosed it entered into a wood residue residue n. in a will, the assets of the estate of a person who has died with a will (died testate) which are left after all specific gifts have been made. Typical language: "I leave the rest, residue and remainder [or just residue] of my estate to my grandchildren. , power and steam supply agreement with Erie Erie, indigenous people of North America Erie (ĭr`ē), indigenous people of North America of the Iroquoian branch of the Hokan-Siouan linguistic stock (see Native American languages). Flooring and Wood Products and a BioOil supply agreement to a company in the U.S.; the first shipment on this contract was completed in November. Contracts signed and terms agreed account for all electricity and steam generated by the plant, and 90% of the BioOil and char produced. The terms provide an option on the balance of the product. DynaMotive confirmed that it has reserved BioOil and char for its current and future research and market development programs. First deliveries are expected in January with test shipments for combustion combustion, rapid chemical reaction of two or more substances with a characteristic liberation of heat and light; it is commonly called burning. The burning of a fuel (e.g., wood, coal, oil, or natural gas) in air is a familiar example of combustion. tests with industrial users planned for this month. DynaMotive further disclosed that it has agreed to conduct combustion tests in January with large industrial users and that it continues to receive strong interest for its technology and products. The Company has completed test shipments of BioOil to Germany, France and the U.S. The West Lorne plant provides a strong platform for market development purposes. The Company has completed more than 17 operational demonstrations in the past 90 days with visiting companies from Argentina, Australia, China, Japan, U.K., U.S. and Russia, amongst others. About DynaMotive DynaMotive is an energy systems company focused on the development of innovative energy solutions based on its patented fast pyrolysis py·rol·y·sis n. Decomposition or transformation of a chemical compound caused by heat. pyrolysis (pīrol´isis), n system. Through the application of fast pyrolysis, DynaMotive unlocks the natural energy found in the world's abundant organic resources created by the agricultural and forest industries. DynaMotive's technology economically converts biomass into a renewable, environmentally friendly Environmentally friendly, also referred to as nature friendly, is a term used to refer to goods and services considered to inflict minimal harm on the environment.[1] fuel. DynaMotive has successfully demonstrated conversion of these residues into fuel known as BioOil, as well as char. Forward-Looking Statement forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Statements in this news release concerning the company's business outlook or future economic performance; including the anticipation of future plant start-ups, partnerships, government assistance, other anticipated cash receipts, 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". Forward-looking statements are by their nature 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, changes in energy prices, availability of capital, and the Company's ability to access capital on acceptable terms or any terms at all, changes and delays in project development plans and schedules, customer and partner acceptance of new projects, changes in input pricing, competing alternative energy technologies, government policies and general economic conditions. These risks are generally outlined in the Company's disclosure filings with the Securities and Exchange Commission. |
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