Quercus Makes $10 Million Equity Investment in Dynamotive.VANCOUVER, 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), a leader in biomass-to-biofuel technology, announced today that it has completed a $10.5 million equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. with Quercus Trust, an environmentally oriented fund, and several other private investors. Ardour ar·dour n. Chiefly British Variant of ardor. ardour or US ardor Noun 1. emotional warmth; passion 2. Capital Inc. of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of served as financial advisor in the transaction. Under terms of the transaction, Quercus Trust invested $10 million and other private investors $500,000 to acquire 11.4 million shares of Dynamotive common stock at $0.9215 per share. They also received five-year warrants, with three-year anti-dilution rights, for up to a total of 4.56 million additional shares at $1.06 per share. The shares are restricted securities under the Securities Act of 1933 and were sold pursuant to applicable exemptions. "The Quercus funding comes at an important time for Dynamotive," said Andrew Kingston, president and chief executive officer, "as this significant cash investment by a sophisticated, alternative-energy-oriented investor provides additional working capital to help speed our progress on major activities currently under way." "This capital infusion Capital infusion Often refers to the cross-subsidization of divisions within a firm. When one division is not doing well, it might benefit from an infusion of new funds from the more successful divisions. ," Mr. Kingston continued, "allows us to concentrate on growing the company, investing in new project initiatives, and accelerating our market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" in the U.S. and in Europe, where we are developing further projects." Mr. Kingston noted that the company has two BioOil([R]) biofuel bi·o·fuel n. Fuel such as methane produced from renewable resources, especially plant biomass and treated municipal and industrial wastes. bi plants in Canada, one of which is now ramping up production, and the other is nearing completion of an upgrade. The company is also working to finalize plans for two major biomass-to-electricity complexes in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . About BioOil([R]) Biofuel BioOil([R]) is an industrial fuel produced from cellulose waste material. When combusted it produces substantially less smog-precursor nitrogen oxides ('NOx') emissions than conventional oil as well as little or no sulfur oxide gases ('SOx'), which are a prime cause of acid rain. BioOil([R]) and BioOil Plus[TM] are price-competitive replacements for heating oils #2 and #6 that are widely used in industrial boilers and furnaces. They have been EcoLogo certified, having met stringent environmental criteria for industrial fuels as measured by Environment Canada's Environmental Choice Program. BioOil([R]) can be produced from a variety of residue cellulosic biomass resources and is not dependent on food-crop production. About Dynamotive Dynamotive Energy Systems Corporation is an energy solutions provider headquartered in Vancouver, Canada, with offices in the USA, UK and Argentina. Its carbon/greenhouse-gas-neutral fast pyrolysis py·rol·y·sis n. Decomposition or transformation of a chemical compound caused by heat. pyrolysis (pīrol´isis), n technology uses medium temperatures and oxygen-free conditions to turn dry, waste cellulosic biomass into BioOil([R]) for power and heat generation. BioOil([R]) can be further converted into vehicle fuels and chemicals. For further information, please visit the company's website at www.dynamotive.com. 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, consortiums, teaming agreements, 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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