Dynamic Technologies Group announces Amendment to Senior Lender Agreement
TORONTO, March 31, 2022 (GLOBE NEWSWIRE) -- Dynamic Technologies Group Inc. (TSXV: DTG, OTC:ERILF) (“Dynamic”, “Company”, “we” and “our”) announces that it has executed an amendment to its loan agreement with its senior lender to extend the due date of the principal repayment in the amount of USD $10.4 million from March 31, 2022 to April 15, 2022.
Guy Nelson, Dynamic’s Executive Chairman and Chief Executive Officer, said “This short term loan principal extension will allow the Company to continue ongoing negotiations with a strategic investor, which the Company believes will be concluded within that time frame and are expected to allow the Company to:
Retire our short term debt with strategic debt and equity;
Accelerate the development of several of our co-venture opportunities;
Continue to leverage existing IP and continue to create new IP; and
Continue to support business development and project execution in ride delivery.”
About Dynamic Technologies Group Inc.
Dynamic is a world leader in the design engineering, production, and commissioning of iconic, media-based attractions and ride systems for the global theme park industry and popular tourist destinations. Dynamic leverages its world class, media-based attraction products and attraction development capability on a co-venture ownership basis. The Company also applies its engineering integration and problem-solving skills on special projects in diversified industries such as alternative energy and large optical telescopes and enclosures.
Dynamic’s common shares are listed on the TSX Venture Exchange under the symbol DTG. For more information about the Company, visit www.dynamictechgroup.com or contact:
Executive Chair & CEO
Vice President – Corporate Affairs and Administration
Phone: (416) 366-7977
Phone: (204) 589-9301
This news release contains forward-looking statements, within the meaning of applicable securities legislation, concerning Dynamic’s business and affairs. In certain cases, forward-looking statements can be identified by the use of words such as ‘‘plans’’, ‘‘expects’’ or ‘‘does not expect’’, ‘‘budget’’, “booked”, ‘‘scheduled’’, “positions”, ‘‘estimates’’, “forecasts’’, ‘‘intends’’, ‘‘anticipates’’, “believes” or variations of such words and phrases or state that certain actions, events or results ‘‘may’’, “may be”, ‘‘could’’, “should”, ‘‘would’’, ‘‘might’’ or ‘‘will’’, ‘‘occur’’ or ‘‘be achieved’’. Such statements include statements with respect to: (i) the Company’s belief that the negotiations with the strategic investor will be successful; and (ii) the expectation that the Company will complete a debt and/or equity transaction with the strategic investor, will be in a position to proceed with co-venture opportunities, will be able to leverage its existing IP and will be able to continue to create new IP, and will continue to support business development and project execution in ride delivery. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Dynamic believes these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. Actual results could differ materially from those anticipated in these forward-looking statements as a result of prevailing economic conditions, and other factors, many of which are beyond the control of the Company. The forward-looking statements contained in this news release represent Dynamic’s expectations as of the date hereof, and are subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable securities regulations.
Neither the 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 this release.