DynaMotive Technologies Announces Acquisition of BioOil Patent From RTI
10 February 2000
DynaMotive Technologies Announces Acquisition of BioOil Patent From RTI
VANCOUVER, British Columbia, Feb. 10 -- DynaMotive
Technologies Corporation (OTC Bulletin Board: DYMTF) announced today that it
has acquired the exclusive worldwide pyrolysis patents from Resource
Transforms International, Ltd. RTI is the developer of the renowned
BioTherm(TM) technology that converts a wide range of organic waste including
forest and agricultural waste into a petroleum-like liquid called BioOil.
BioOil can be used directly as a fuel in diesel engines or gas turbines for
"green" power generation or as the raw material for a range of value added
derivative products. Unlike fossil fuels, BioOil is renewable, clean burning,
low in emissions, greenhouse gas neutral and can be produced economically from
biomass waste materials.
Under terms of the new agreement, DynaMotive acquires RTI's patents
relating to "Energy Efficient Liquefaction of Biomaterials by Thermolysis"
(US Patent No. 5,728,271). In addition, Resource Transforms International,
Ltd. will be retained under contract for ongoing research relating to
pyrolysis technology, BioOil fuels and BioOil derivative products.
Commenting on the patent acquisition, DynaMotive's President and CEO
Andrew Kingston said, "DynaMotive is very happy to have concluded this
agreement with RTI. Having completed our BioOil fuel development program and
moved to commercial exploitation of our BioOil technology, it is in the best
interests of the Company and our shareholders to acquire fully the rights to
this technology. It further strengthens our position as a world leader in
BioOil production to advance our plans to bring the technology to the various
markets. It will also greatly facilitate the negotiation of agreements with
BioOil production partners in all our key markets and will strengthen our
control over the worldwide rights to this technology."
Dr. Desmond Radlein, President of RTI and a DynaMotive Board Member, said,
"RTI is very pleased with this new agreement with DynaMotive. RTI will benefit
from DynaMotive's worldwide commercialization of the BioTherm(TM) technology,
and we will continue to provide support and R&D expertise for development of
additional BioOil fuels and derivative products."
DynaMotive operates a continuous and proven two ton per day capacity
BioOil pilot plant in Vancouver, BC. Clean burning BioOil from the pilot plant
is currently being tested by gas turbine and diesel engine manufacturers
including Orenda Aerospace, a division of Magellan Aerospace Corporation
(TSE: MAL) and a recognized leader in the aerospace industry with an
established reputation in power and propulsion technologies.
Following successful completion of engineering due diligence by Stone &
Webster that concluded that the technology is "reliable and
scalable," DynaMotive has begun engineering for a series of 10-25 tpd
commercial demonstration plants to be built in its key markets of Europe,
North America and Brazil. This will be followed by full scale 100-200 tpd
commercial BioOil plants. The Company continues to invest in improving the
technology as part of its strategy to maintain leadership and expand its
intellectual property assets. An extensive R&D program has been put in place
for Year 2000 that will focus on new feedstocks, reduce production costs,
improve fuel quality and achieve greater operational efficiencies.
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.
For more information, call Toll Free: 877-863-2268
Raymond McAllister, Director, Corporate Communications
Telephone: 604-267-6000 Fax 604-267-6005
Email: investor@dynamotive.com Website: http://www.dynamotive.com
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