Yahoo Finance Dynamic Technologies Group announces Amendments to Debt Instruments
TORONTO, Dec. 30, 2022 (GLOBE NEWSWIRE) -- Dynamic Technologies Group Inc. (TSXV: DTG, OTC:ERILF) (“Dynamic”, “Company”, “we” and “our”) announces that it has executed an amendment to its senior loan agreement with Promising Expert Limited, to defer all interest payments until February 28, 2023, or until a USD $10 million financing transaction closes, whichever is sooner. The Company has also received an extension to its promissory note of USD $4 million in favour of High Express Holdings Limited, extending the maturity date to April 1, 2023 or until a USD $10 million financing transaction closes, whichever is sooner.
Guy Nelson, Dynamic’s Executive Chairman and Chief Executive Officer said; “These amendments are an important part of our plan to maintain liquidity as we continue our efforts to strengthen our balance sheet. We are grateful for our lenders’ ongoing support as we continue these efforts.”
About Dynamic Technologies Group Inc.
Dynamic is a world leader in the design engineering, production, and commissioning of iconic, media-based attractions and ride systems for the global theme park industry and popular tourist destinations. Dynamic leverages its world class, media-based attraction products and attraction development capability on a co-venture ownership basis. The Company also applies its engineering integration and problem-solving skills on special projects in diversified industries such as alternative energy and large optical telescopes and enclosures.
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 | Allan Francis |
Executive Chair & CEO | Vice President – Corporate Affairs and Administration |
Phone: (416) 366-7977 | Phone: (204) 589-9301 |
Email: gnelson@dynamictechgroup.com | Email: afrancis@dynamictechgroup.com |
Reader Advisory
This news release contains forward-looking statements, within the meaning of applicable securities legislation, concerning Dynamic’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 the expectation that the Company will complete a USD $10 million financing transaction with a strategic investor to retire its senior debt, including receipt of all regulatory approvals. 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 Dynamic 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 Dynamic’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.
