Vancouver, Canada
August 30, 2007
Dynamotive Progresses Biofuel Plants During 2nd Quarter
Plant and Business Development Activities Advance
Dynamotive Energy Systems Corporation (OTCBB:DYMTF) announced today that its net loss for the second quarter ended June 30, 2007 was $3.5 million, or $0.02 per share, compared with a net loss of $3.8 million, or $0.02 per share for the same period a year ago. The lower overall loss represents more activity in almost all business areas, partially offset by lower non-cash charges.
“During the second quarter and since it ended June 30th, the Company continued to make significant progress as we ready our new modular 200 tonne-per-day Guelph, Ontario, BioOil® biofuel plant for full operation,” commented Andrew Kingston, Dynamotive’s president and chief executive officer. “Recent business developments which will help pave the way for the company’s future growth include reaching a letter of agreement with Mitsubishi Corporation and deepening our relationship with the Consensus Business Group through the merger of a jointly held affiliate into Dynamotive.”
“Initial revenue from the Guelph plant and the expanded West Lorne operation will commence in the near future, and our business development position will improve significantly as we enter operating status,” Mr. Kingston noted. “As we approach operating status at these two plants, international interest is growing, with advanced development activities in Europe and South America, and accelerating project development activity occurring in the United States.”
Concluding his remarks, Mr. Kingston said: “With the continued volatility and insecurity of world energy markets and ever greater attention being paid to environmental issues, Dynamotive is also well positioned to be a leader in the Biomass to BioOil sector of the alternative energy market.”
Recent Dynamotive Highlights:
- Signed a detailed Letter of Agreement with Mitsubishi Corporation to explore expanded relationships
- Consensus Business Group converted their biomass JV interest into Dynamotive equity and appointed a director to Dynamotive’s Board
- Development of up to six plants in Corrientes, Argentina continues
- Commissioning and permitting of first 200 tonne-per-day (TPD) plant at Guelph, Ontario nears completion
- West Lorne expansion nearing mechanical completion, commissioning to begin late next month
- Initiated tests in Iowa to use Dynamotive’s biochar for soil enrichment and crop productivity enhancement
Summary financial results are presented as follows:
Consolidated Statement of Loss |
(Expressed in US Dollars) |
| |
| |
| |
| Expenses |
|
|
|
|
| Marketing and business development |
348,524 |
357,041 |
694,752 |
929,639 |
| Research and development |
616,446 |
1,055,022 |
1,510,167 |
2,075,872 |
| General and administrative expenses |
2,576,956 |
1,947,055 |
4,670,695 |
3,497,973 |
| Depreciation and amortization |
34,374 |
32,090 |
64,580 |
55,600 |
| Interest expense |
2,606 |
153,051 |
2,659 |
422,353 |
| Exchange (gain) loss |
54,322 |
346,355 |
37,679 |
247,119 |
| |
|
|
|
|
| |
3,633,228 |
3,890,614 |
6,980,532 |
7,228,556 |
| Loss from operations |
(3,633,228) |
(3,890,614) |
(6,980,532) |
(7,228,556) |
| |
|
|
|
|
| Interest and other income |
36,116 |
134,765 |
115,350 |
174,813 |
| Loss before non-controlling interest |
(3,597,112) |
(3,755,849) |
(6,865,182) |
(7,053,743) |
| |
|
|
|
|
| Interest and other income |
94,876 |
- |
123,850 |
- |
| |
|
|
|
|
| Loss for the period |
(3,502,236) |
(3,755,849) |
(6,741,332) |
(7,053,743) |
| |
|
|
|
|
| Weighted avg. number of common shares outstanding |
185,378,751 |
151,402,079 |
181,511,983 |
141,707,917 |
| |
|
|
|
|
| Basic and diluted loss per common share |
|
|
|
|
| Share for operations for the period |
$0.02 |
$0.02 |
$0.04 |
$0.05 |
Disclaimer Statement
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