Dynamic Announces Sales and Marketing Memorandum of Understanding Plus an Order for the HydraGen(TM) Hydrogen Generator
TORONTO, Oct. 25, 2012 (GLOBE NEWSWIRE) -- Mr. Grove Bennett, President of Dynamic Fuel Systems Inc. (TSX-V:DYA) ("Dynamic" or the "Corporation"), is pleased to announce the signing of a Sales and Marketing Memorandum of Understanding with East West Fuel Strategies Inc. (EWFS) of Toronto, Ontario, Canada.
Under the terms of the MOU and subject to the execution of a definitive Sales and Marketing Agency Agreement, East West Fuel Strategies Inc. (EWFS) will obtain the rights to represent the Corporation, its flagship product the HydraGen™ and future carbon emission reduction technologies. EWFS will undertake initiatives to advance the Corporations presence and product offerings within Ontario and India, including the identification, establishment and servicing of future resellers within the region, including installation and end customer support responsibilities.
"We are extremely excited to have East West Fuel Strategies Inc. join our expanding team of professional organizations now representing Dynamic and the HydraGen™ unit. The opportunity to work with EWFS in a collaborative effort to expand the HydraGen™ and future product offerings locally and abroad in regions such as India is an exciting opportunity for Dynamic," commented Mr. Grove Bennett, President of Dynamic. The signing of the MOU is supported with a confirmed, Purchase Order of 10 HydraGen™ units, supporting both local and international sales efforts.
East West Fuel Strategies have a strong network of key individual contacts and an extensive corporate client base across multiple market sectors; Mr. Bob Garewal has been in liaison business for over 23 years. "I am very excited and at the same time humbled to start working with Dynamic; EWFS's dream to save our environment and reduce diesel fuel consumption at the same time will now be fruitful," commented Mr. Garewal.
"The opportunity to expand Dynamic's product reach via newly formed partnerships that Dynamic is establishing including Mr. Garewal and the EWFS team is creating an exciting opportunity for Dynamic and the HydraGen™ product. I look forward to working with EWFS locally and abroad," commented, Mr. Jim LeBar, Director Customer Relations of Dynamic.
About Dynamic Fuel Systems Inc.
Dynamic is an energy sector Clean-Tech Company focussed exclusively on the exploitation of the intellectual property developed by Dynamic or that which it has exclusive, worldwide and perpetual license rights. Products offered by Dynamic are intended to reduce harmful emissions and improve fuel economy in large displacement diesel engines.
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.