DynaMotive Technologies Appoints Jonathan Rhone as COO
23 March 1999
DynaMotive Technologies Appoints Jonathan Rhone as Chief Operating OfficerVANCOUVER, British Columbia, March 23 -- DynaMotive Technologies Corporation today announced the appointment of Jonathan Rhone as the Company's Chief Operating Officer. Mr. Rhone joined DynaMotive in August 1998 as Vice President, Corporate Development. DynaMotive's President and CEO Bayne Boyes said, "We are very pleased to announce Jonathan Rhone's appointment as Chief Operating Officer. Since joining DynaMotive last summer, Jonathan has played a pivotal role in redefining the focus of the Company, developing a strategy for commercialization of BioOil fuels and settling the convertible debenture financing issue. "As C.O.O., Jonathan will be responsible for taking the Company to the next level of BioOil commercialization and establishing DynaMotive as a leader in the renewable energy sector. His major focus will be to form the strategic alliances required to scale up BioOil production technology and bring BioOil fuels to market. Jonathan will also oversee the restructuring of both of the Company's business units to realign resources and build the core competencies needed to take the Company forward. This includes assessing the potential for establishing the DynaPower Business Unit as an independent operating subsidiary." "DynaMotive's No.1 objective is to lead the world in the production of BioOil in order to create value for our shareholders," Rhone said. "We intend to make this happen by focusing our energies in three key areas: scaling up BioOil production, demonstrating BioOil fuels in the power generation market and creating strategic alliances with engine manufacturers, biomass suppliers and energy companies. The net results of restructuring will be improved operational efficiency, better use of resources and total focus on the business objective." Jonathan Rhone joined DynaMotive from the Delphi Group where as Partner and Vice President, he worked extensively with high tech companies, multinational corporations and financial institutions on a range of strategic management, market, technology and financing initiatives. Prior to joining Delphi, Jonathan worked for Amoco Canada Petroleum and Dome Petroleum in Calgary, Alberta where he was responsible for negotiating and structuring exploration joint ventures. Jonathan is also a board member for the VanCity Capital Corporation, the founder of the EXCEL Partnership (Excellence in Corporate Environmental Leadership), senior advisor to the GLOBE Foundation of Canada and co-publisher of Environmental Business Canada. DynaMotive's BioOil Business Unit is commercializing a unique waste-to- energy technology that converts low-value forest and agricultural waste into a petroleum-like liquid known as BioOil. Unlike fossil fuels, BioOil is renewable, clean burning, low in emissions, greenhouse gas neutral and can be produced economically from waste products. As previously announced, the Company has recently increased production capacity at its pilot plant in Vancouver to meet market demand for BioOil and has begun shipping BioOil to engine manufacturers in Europe and North America. The Company's DynaPower Business Unit has commercialized an acid free metal cleaning system that it has now sold to 15 industrial customers in eight countries. 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.