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Technology Stocks : DYMTF - DynaMotive Technologies -- Ignore unavailable to you. Want to Upgrade?

To: Chartgod who wrote (45)	2/4/1999 9:46:00 PM
From: Gofer	Read Replies (2) \| Respond to of 61

This can't be why the stock went up 50% today. Has anyone seen any news? DynaMotive announces findings of report on market manipulation and reaches settlement with one of its CD holders VANCOUVER, Feb. 1 /CNW/ - DynaMotive Technologies Corporation (NASDAQ: DYMTF) today announced the findings of the consultant's report commissioned by a Special Committee of the Board of Directors to investigate the falling price of its stock since it entered into the previously announced convertible debenture financing which took place in April, 1998. The report confirms ''a pattern of trading consistent with stock manipulation'' of DynaMotive's share price. The Company also announced that one of its current 23 convertible debentures holders has accepted the Company's settlement offer. The report was prepared by Robert W. Lowry whose experience includes more than 28 years with the U.S. Securities and Exchange Commission (SEC), including 23 years with the Division of Market Regulation. Mr. Lowry has conducted investigations into broker dealer trading activities and market manipulation. He has also given expert witness testimony in federal court relating to matters of market manipulation. In conducting his investigation, Mr. Lowry examined and analyzed DynaMotive's trading records including price and volume reports and market maker concentration reports. In addition, Mr. Lowry examined the trading history of the stock of other companies which also had business relationships with certain CD holders that participated in the DynaMotive CD financing. Lowry's conclusion is that ''the price decline in DynaMotive stock does not reflect the operation of free economic forces of supply and demand.'' The report also indicates that a short selling scheme orchestrated by certain CD holders is the most likely cause for the price decline. It goes on to say that ''the NASDAQ trading volume reflects either pre-arranged or circular trading by market makers...and...that a pattern of this type of trading is consistent with market manipulation.'' Commenting on the report, DynaMotive CEO Bayne Boyes said, ''The Lowry report clearly indicates that the dramatic decline in the price of our stock appears to have been due to manipulation. These activities have caused considerable harm to our shareholders and the Company. ''DynaMotive will, however, continue to pursue a fair and equitable settlement with CD holders which is in the best interests of all stakeholders, but is also taking all necessary steps to protect and vigorously defend the rights of the Company's shareholders.'' The Company expects that most, if not all, of the CD holders who did not participate in the stock manipulation and who share in the Company's optimism for the growth of its business will quickly come to accept the Company's settlement proposal for repayment of the debentures. Forward Looking Statement Statements in this news release concerning the company's business outlook or future economic performance; anticipated profitability, revenues, expenses, or other financial items; and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are ''forward-looking statements'' as that term is defined under the Federal Securities Laws. Forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from those stored in such statements. Such risks, uncertainties and factors include, but are not limited to, changes and delays in product development plans and schedules, customer acceptance of new products, changes in pricing or other actions by competitors, patents owned by the Company and its competitors, and general economic conditions, as well as other risks detailed in the Company's filings with the Securities and Exchange Commission. -30- For further information: Raymond McAllister, Director, Corporate Communications (604) 267-6009 or Toll-Free 1-877-863-2268, fax (604) 267-6005, Email mcallister@dynamotive.com, Website www.dynamotive.com