DynaMotive Appoints Andrew Kingston as President & CEO
3 May 1999
DynaMotive Appoints Andrew Kingston as President & CEOVANCOUVER, British Columbia, May 3 -- DynaMotive Technologies Corporation (OTC Bulletin Board: DYMTF) today announced that the Board has appointed Andrew Kingston as the Company's new President and Chief Executive Officer effective April 30, 1999. The appointment follows the resignation of Bayne Boyes who will remain on the Company's Board of Directors. Mr. Boyes held a number of positions with the Company from 1992 to 1998 including Executive Vice President, Secretary and CFO and was appointed President and CEO in March 1998. "We are extremely pleased to attract a CEO with such a strong combination of strategic, financial and leadership capabilities," said DynaMotive's Chairman Richard Lin. "We believe Mr. Kingston's appointment sends a strong signal to the market that DynaMotive now has a management team in place to complete the Company's recent restructuring and fully implement its commercialization strategy. "The Board would also like to thank Mr. Boyes for his contribution to DynaMotive. Over the past year, he has led the Company through a transition period, and has been successful in attracting a high calibre senior management team to take the Company forward." Mr. Boyes will resume his duties as President of Neoventi Technology Corporation, a major shareholder in DynaMotive Technologies. "DynaMotive has the potential to become a world leader in renewable energy and clean fuels," said Mr. Kingston. "The Company has gone through a very difficult period of restructuring, and I will work diligently to establish investor confidence and create value for shareholders." Andrew Kingston, 39, has established an impressive track record in helping to turn around public companies and increasing shareholder value. He has held senior positions in multi-national oil companies, property and investment corporations and financial institutions in Europe, the USA and South America. He was a financial advisor on corporate restructuring for Interpetrol S.A., a South American oil trading company which at the time was partly owned by the Argentine National Oil Company . He held a number of positions with the Gatoil Group of Companies, a fully integrated, privately owned oil conglomerate, including Managing Director of Gatoil Services (UK) Limited and Financial Vice President of Gatoil Enterprises Inc. (USA). Mr. Kingston was senior advisor to the Chairman of Rotch Property Group Ltd., a UK property investment and development company with assets in excess of US $1.8 billion. Over the past two years, he has worked with a US-based public internet company where as strategic advisor, he worked on redefining corporate objectives, formulating corporate strategy and restructuring operations. This company currently has a market cap of over US $230 million. He also worked for Price Waterhouse & Co. and Ducilo S.A., a subsidiary to E.I. DuPont de Nemours & Co. DynaMotive Technology Corporation develops and commercializes technologies that improve industrial efficiency and solve major environmental problems. The Company is structured into two strategic business units. The BioOil Business Unit is commercializing a unique, waste-to-energy technology that converts low value forest and agricultural waste into liquid BioOil. This clean burning liquid fuel can be used as a substitute for fossil fuels to generate "green" power in stationary diesels and gas turbines. The Company's DynaPower Business Unit produces acid free metal cleaning systems that are used in the wire manufacturing industry. 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.