DynaMotive Technologies Appoints Stephen Ives as Chief Financial Officer
8 September 1999
DynaMotive Technologies Appoints Stephen Ives as Chief Financial Officer
VANCOUVER, British Columbia, Sept. 8 --
DynaMotive Technologies Corporation (OTC Bulletin Board: DYMTF) today
announced the appointment of Stephen Ives as the Company's Chief Financial
Officer. Mr. Ives heads Windsor Group Limited, a UK-based consultancy company
that advises major corporations and government agencies in the UK and North
America on corporate restructuring, acquisitions and privitization. As CFO,
he will be responsible for overseeing DynaMotive's financial, audit and
communications systems. Mr. Ives joined DynaMotive's Board of Directors in
June 1999 and is a member of the Board's Executive, Audit and Compensation
Committees.
"We are extremely pleased to attract a CFO with such a strong combination
of corporate finance, information technology (IT) and investor relations
capabilities," said DynaMotive's President and CEO Andrew Kingston. "As the
Company prepares to roll out its BioOil technology in key markets, Steve Ives'
experience and knowledge of European and North American markets will be
invaluable. We believe his appointment sends another strong signal to the
market that DynaMotive has the management team in place to fully implement its
commercialization strategy following the Company's recent restructuring."
"DynaMotive has the potential to become a world leader in renewable energy
and clean fuels," said Mr. Ives. "The Company has gone through a very
difficult period of restructuring, and we must now work to establish investor
confidence and create value for shareholders."
Stephen Ives, 49, established Windsor Group Limited in 1997. He is also
CEO of Lionsgate which now has a property portfolio of 420 million pounds
sterling. He was a partner with Deloitte & Touche in their London office and
headed up the IT and Technical Groups. Prior to that, he was a partner at
Binder Hamlyn in London in charge of IT for Europe and member of the
International Committee.
DynaMotive Technologies Corporation develops and markets environmental
technologies that provide clean, competitive alternatives to traditional
industrial processes. The Company is structured into two strategic business
units. The BioOil Business Unit is commercializing a renewable energy
technology that converts low value forest and agricultural waste into liquid
BioOil. BioOil can be used as a clean burning liquid fuel substitute to
fossil fuels to generate "green" power in stationary diesel engines and gas
turbines. BioOil can also be used as the raw material for a range of
derivative products including fertilizers, air pollution control agents and
special chemicals. The Company's DynaPower Business Unit produces industrial
metal cleaning systems that eliminate the need for toxic chemicals
traditionally used by the wire manufacturing industry to clean their products.
DynaPower systems have now been sold 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.