Dynamic Announces Receipt of $600,000 in Subscriptions Under Unit Offering; Changes in Management
11/9/2009 7:52:31 PM - Market Wire
PICKERING, ONTARIO, Nov 09, 2009 (MARKETWIRE via COMTEX News Network) --
Dynamic Fuel Systems Inc. (TSX VENTURE: DYA) ("Dynamic" or the "Corporation") is pleased to announce that it has received irrevocable subscriptions for an aggregate of $600,000 of units under its recently announced offering of up to $2,000,000 of units (each a "Unit") at a price of $0.06 per Unit. An aggregate of 10,000,000 units will be issuable pursuant to these subscriptions. Each unit will consist of one common share of Dynamic (a "Common Share") and one common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to acquire one additional Common Share at a price of $0.15 for a period of 5 years from closing. The Corporation continues to seek additional subscribers under this offering and expects to conduct its first tranche closing this week, with further tranches to follow as subscription proceeds and supporting documentation are received. The proceeds from this offering will be used for research and development, sales and marketing and for general working capital purposes.
The Board of Directors of the Corporation further announces that Mr. Timothy Masek has opted to pursue other business opportunities and have determined to appoint Mr. Wayne Hoffman as President and Mr. Jerry Solensky, Jr., as CEO, in replacement of Mr. Masek. Mr. Masek has also resigned his position as a director of the Corporation. Below are brief profiles of Messrs. Hoffman and Solensky.
R. Wayne Hoffman - Mr. Hoffman has served as a member of the Corporation's Business Advisory Committee since October 2007. He is a Chartered Accountant and business executive with one of America's finest companies, Deere & Company, a corporation that is customer driven and places a heavy emphasis on quality and teamwork. He served as Vice-President, Finance at John Deere Limited for 25 years and President of John Deere Credit for over 8 years. As well, Mr. Hoffman spent two years in Deere & Company's Business Development Dept. responsible for mergers and acquisitions. Currently, Mr. Hoffman is serving as a Director on the Board of GTF Aerospace Inc., a Brampton Ontario company, specializing in nano coatings for engines in the aerospace sector. In his public service, Mr. Hoffman is volunteering as Treasurer of Christians For Israel, Canada, responsible for Planning and Development.
Gerald Solensky Jr. - Mr. Solensky has been a member of the board of directors of Dynamic since April 2007 and served as President and Chief Executive Officer from January to August 2009. He has also worked in multiple business platforms within his career. He started his career in the recreational industry in the capacities of sales, research and development, exportation, and retail distribution. Mr. Solensky then was invited to pursue a career in banking as a Regional Vice-President. His success has been recognized in increasing profitability, product image and branding, growing sales organizations and leading high powered management teams.
