DYNAMOTIVE ANNOUNCES 1997 FINANCIAL RESULTS
VANCOUVER, April 7 /CNW/ - DynaMotive Technologies Corporation (NASDAQ:DYMTF) today announced audited financial results for the year ended December 31, 1997. The company reported revenues of $1,424,752, three times the revenues of $474,310 for the year ended December 31, 1996. The net loss for 1997 was $2,203,337, or $0.20 per share on 10,824,758 weighted average common shares outstanding, compared to a loss of $3,392,230, or $0.32 per share on 10,460,820 weighted average common shares outstanding for the same period in 1996. Figures are in U.S. dollars and reflect Canadian GAAP standards.
Commenting on the company's performance for the year, Bayne Boyes,
President and CEO, said, ''Throughout 1997, DynaMotive made good progress in commercializing our technologies. However, we did not meet our financial projections and therefore have taken corrective action. We made important management changes and have strategically focused our financial and human resources on commercializing the BioMass Refinery through partnerships with industry leaders. We have also implemented a highly targeted marketing program, which we expect to significantly increase revenues from our DynaPower(R) acid free metal cleaning systems in 1998.
''Increased revenues and decreased losses for 1997 combined with the recently announced new investments in the Company, contributions of $11 million from Canadian, US and European Union government agencies and the Company's new strategic alliances are expected to provide the support the Company needs to scale up production of its clean energy technologies and value added products derived from BioOil.
''Looking forward, we expect to see continued improvement in revenues in 1998 as DynaPower(R) gains expanded acceptance in the marketplace and international sales increase,'' Boyes added. ''Our main focus however, will be to build on the BioMass Refinery alliances we have already established with companies such as Lockheed Martin in the US, BTG in the Netherlands, Usina Santa Helena in Brazil and Stone & Webster Engineering Corporation in Canada, as well as government agencies such as Industry Canada, the National Research
Council and the US Department of Energy.''
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For further information: DynaMotive Technologies, Raymond McAllister,
Director of Communications (604) 222-5590, fax (604) 222-5545; Corporate
Relations Group, Inc., Leo Landry, Broker,Investor Relations Executive 1-800-444-4980, fax (407) 628-0807
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