OSHAWA, Ontario, Nov. 29, 2010 (GLOBE NEWSWIRE) -- Dynamic Fuel Systems Inc. (TSX-V:DYA) ("Dynamic" or the "Corporation") is pleased to announce that it has entered into field trials of a new product called "HydraGen™". This product is a hydrogen generator aftermarket retrofit for diesel fuelled engines supporting the on road and off road industries. The scientific and product development of the HydraGen™ is consistent with the corporation's on-going commitment and dedication to improve the Corporation's product offerings.
Scientific research was initiated the last quarter of 2009 with the goal of better understanding hydrogen gas injection into transport truck diesel engines. To assist in the research, Dynamic partnered with a variety of companies with specific knowledge of gas calibration systems and who had the equipment required to run infield tests. The scientific data was collected and used to develop a new product specification for hydrogen gas injection systems. HydraGen™ is a result of this research.
The scientific research and engineering development (SR&ED) of The HydraGen™ product is significantly different from previous systems, the system is lighter, more compact and costs less to manufacture. The Corporation remains committed to being an Intellectual Property (IP) company and this contractual agreement with our Integrated Product Team (IPT) partner is a testament to this directional change.
The corporation has continued to reduce operating expenses, while focusing on the scientific and product development of the HydraGen™. As such, the Corporation has divested itself from past product offerings by reducing current inventory and working towards the development and full scale commercialization of the New HydraGen™ as its flagship product in early 2011.
Grove Bennett, Vice President of Dynamic, comments, "We are excited with the development and advancements we have made with the new HydraGen™ and believe our customers will be satisfied with the product and its offerings. This represents a tremendous directional change in the Corporation and we must look forward and ensure we provide our customers with a reliable, sustainable and robust product that enhances their ability to capitalise on the improved value proposition."
The Corporation will conclude its field trials prior to manufacturing and anticipates commercialisation in the 1st quarter of 2011.
About Dynamic Fuel Systems Inc.
Dynamic Fuel Systems Inc. is an Oshawa, Ontario; Canada based energy sector company engaged in the sales & marketing, manufacture, distribution, installation and support of a transportable hydrogen generator aftermarket product targeted for use in the heavy tractor trailer industry. Its flagship product, the HydraGen™ is a patent-pending aftermarket retrofit solution that provides performance enhancement by mixing hydrogen into a vehicle's intake air resulting in greater fuel efficiency.
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. The Corporation disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
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.
CONTACT: Dynamic Fuel Systems Inc. Grove Bennett, Vice President 905-831-2440 www.dynamicfuel.com 1288 Ritson Road, Nth, Suite 385 Oshawa, ON L1G 8B2