Guy Nelson, Executive Chairman and CEO said, "The Name Change is reflective of many things, not the least of which is the strategic pivot the Company has been making towards creating and leveraging its proprietary technology. One of the Company's core values is its commitment to innovation which has become a pre-requisite for success in the future. Over the past five years, the Company has invested over 500 person years of engineering to develop its amusement ride technology, knowhow and intellectual property. This technology will be applicable in the global amusement park industry and has application in the location-based entertainment business sector, especially post-Covid as demand increases for world class entertainment experiences. The Name Change is part of a natural evolution for the Company."
Because the Company did not complete a share consolidation in connection with the Name Change, shareholders are not required to exchange existing share certificates for new share certificates bearing the Company's new name. The Name Change does not affect the rights of the Company's shareholders and no further action is required by existing shareholders.
The Name Change symbolizes many important strategic considerations and the timing coincides with the advancement and completion of many tactical initiatives.
- The flying theatre co-venture in the Smoky Mountains of Tennessee is scheduled to open in the summer of 2021. The Company has an option to purchase a 50% interest in this co-venture;
- Leveraging the Company's proprietary IP and creative knowhow by pursuing co-ventures globally, a market niche that the Company believes will grow dramatically in a post-pandemic world;
- Created and funded a long-term commitment to R&D, focusing our world class, multi-disciplinary engineering skills on diversified markets;
- Successfully completed the handover of our first special effects coaster in Abu Dhabi;
- Finalizing the successful completion and handover of amazing ride systems in Osaka, Beijing, Kuala Lumpur, Los Angeles, and Doha, all waiting for the pandemic to subside to open them to the public;
- Strengthened the Board by adding an American with 35 years of experience in the US capital markets; and
- Amended its US$32.7 million of debt to reduce the interest and defer approximately half the principal repayments to between mid 2022 and mid 2023 and match the other half to receivable collections related to holdback releases on all the rides being commissioned throughout 2021.
"It has been a very challenging time for virtually every company in the world as we manage our way through the pandemic, especially companies that produce products and deliver services that entertain guests out of the home like Dynamic," stated Guy Nelson, founder of the Company. "This time was used to get closer to our customers, critically assess the Company's incredibly valuable intangible assets and reorganize our employees in such a way as to capitalize on the tremendous opportunities that we have identified in a post-pandemic world."
The pandemic is not over yet and it will continue to have its effects on our 2021 results but vaccines, cleaning technologies and the effectiveness of operational protocols are combining to make everyone more optimistic about the future. Our journey is not a short term one, it will take time to execute, but our strategy is clear and the long-term prospects are very exciting using our Technology to Drive the Dynamic Difference.
The Company is launching its new website, www.dynamictechgroup.com, on March 1, 2021 and has commenced a program to refresh its social media presence on LinkedIn, Twitter, YouTube and Vimeo. All our social media links are easily found by going to our new website. Bookmark and follow these social media links to stay current and make sure you are on the Company's mailing list for ongoing News Releases.
About Dynamic Technologies Group Inc.
Dynamic focuses on designing, supplying, and installing iconic, media-based attractions and ride systems for the global theme park industry. It also uses these same engineering integration skills for special projects in diversified industries such as large optical telescopes and enclosures. Dynamic also has commenced an initiative to leverage its world class flying theater and attraction development capability on a co-venture ownership basis. It was selected as a 2020 TSX Venture 50 company. The 2020 TSX Venture 50 is a ranking of top performers on the TSX Venture Exchange over the past year. The ranking is comprised of 10 companies from each of 5 industry sectors, with Dynamic being selected in the Diversified Industry category. Selection was based on three equally weighted criteria; share price, trading and market capitalization. Dynamic's common shares are listed on the TSX Venture Exchange under the symbol DTG.
For more information about the Company, visit www.dynamictechgroup.com or contact:
Guy Nelson
Executive Chair & CEO
Phone: (416) 366-7977
Email: gnelson@dynamictechgroup.com
Allan Francis
Vice President - Corporate Affairs and Administration
Phone: (204) 589-9301
Email: afrancis@dynamictechgroup.com
Reader Advisory
This news release contains forward-looking statements, within the meaning of applicable securities legislation, concerning Empire's business and affairs. In certain cases, forward-looking statements can be identified by the use of words such as ''plans'', ''expects'' or ''does not expect'', ''budget'', "booked", ''scheduled'', "positions", ''estimates'', "forecasts'', ''intends'', ''anticipates'', "believes" or variations of such words and phrases or state that certain actions, events or results ''may'', "may be", ''could'', "should", ''would'', ''might'' or ''will'', ''occur'' or ''be achieved''. Such statements include statements with respect to: (i) the expectation that the amusement ride technology will be applicable in the global amusement park industry and the location-based entertainment business sector; (ii) the belief that demand for world class entertainment experiences will increase post-Covid; (iii) the scheduled opening of the flying theatre co-venture in the Smoky Mountains of Tennessee in the summer of 2021; (iv) the belief that global co-ventures leveraging the Company's proprietary IP and creative knowhow will grow dramatically post-pandemic; (v) the anticipated effects of the pandemic on the Company's 2021 results; and (vi) the planned launch of the Company's new website on March 1, 2021. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Empire believes these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. Actual results could differ materially from those anticipated in these forward-looking statements as a result of prevailing economic conditions, and other factors, many of which are beyond the control of the Company. The forward-looking statements contained in this news release represent Empire's expectations as of the date hereof, and are subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable securities regulations.
Neither the 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 this release.
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