DynaMotive Announces Establishment of DynaPower Wire Cleaning Division as Operating Subsidiary
11 July 2000
Filing of New Patent Application and Additional DynaPower Sale
VANCOUVER - DynaMotive Technologies Corporation announced today that it will
be establishing its DynaPower wire cleaning division as a wholly owned operating
subsidiary to be named DynaPower, Inc. James Alexander, currently General
Manager of the division, has been appointed President & CEO and Andrew Kingston
was appointed Chairman of the Board of the new company. DynaMotive also
announced that it has filed patents in the USA and Canada for a new application
of its DynaSonics cleaning technology that it believes has significant
commercial potential for ultrasonic cleaning of wire drawing dies. During the
second quarter of 2000, three additional DynaPower systems have been sold to
Andrew Corporation of Orland Park, Illinois, bringing the total to six systems
ordered this year and nine systems sold to this wire manufacturer.
Commenting on these developments, DynaMotive President and CEO Andrew
Kingston said, ``Over the past year, DynaPower's management demonstrated its
capability to effectively manage and develop the division by expanding both
the applications and market reach for the technology, reducing staff and
operating costs and restructuring its manufacturing base. This resulted in the
division posting a profit in the last two quarters of 1999 with 13 systems
ordered during the year by wire manufacturers in six countries. The sales
momentum has continued in the first half of 2000. DynaMotive's decision to
establish DynaPower, Inc. as an independent operation underscores the Board's
confidence in the management team to fully develop and expand the newly formed
subsidiary.
``DynaMotive Technologies Corporation will continue to hold the
intellectual property rights to the patented DynaPower(R) and DynaSonics(R)
metal cleaning technologies and will license these technologies to DynaPower,
Inc.,'' Kingston said. ``The division recently moved to new headquarters in
Vancouver BC where it will conduct day to day operations and expand its
marketing activities.''
DynaPower, Inc.'s new President and CEO James Alexander said, ``DynaPower
systems have been accepted as an economically viable and environmentally
friendly alternative for wire cleaning by manufacturers worldwide. Having
established in 1999 a platform on which to effectively grow the company, we
are now in a position to aggressively market our products and to introduce new
applications based on our proprietary technology. In doing so we aim to
further strengthen our position in the marketplace and meet growth targets for
the newly formed subsidiary.''
DynaMotive recently filed patents in the USA and Canada for a novel
process it has developed for cleaning diamond or tungsten carbide dies which
are used by the wire industry for drawing a variety of metal wires. Die makers
and wire mills have been aggressively looking for an effective cleaning
process to replace old, ineffective and slow processes. DynaMotive believes
that its new technology can be used by die makers to quickly and effectively
clean their dies during the manufacturing or servicing processes and by wire
mills to clean their dies during regular maintenance. The Company anticipates
it will begin in-plant trials shortly.
DynaMotive Technologies develops and markets environmental technologies
that provide clean, competitive alternatives to traditional industrial
processes. The DynaPower division markets its patented ultrasonic and
electrolytic cleaning systems to the wire manufacturing industry to remove
lubricants and oxides and provide a metal surface that is clean, dry, pH
neutral and adaptable for various industry applications. The cost effective
technology produces exceptional surface cleanliness at high speeds while
totally eliminating the use of acids, caustics and solvents traditionally used
by the wire industry to clean its products.
DynaPower, Inc.'s Senior Management Team includes:
Andrew Kingston, Chairman of the Board of Directors, DynaPower, Inc. and
President & CEO, DynaMotive Technologies Corporation
Mr. Kingston has held senior positions in multi-national oil companies,
property and investment corporations and financial institutions in Europe, the
USA and South America including the Gatoil Group of Companies, Rotch Property
Group Ltd., Price Waterhouse & Co. and Ducilo S.A., a subsidiary to E.I.
DuPont de Nemours & Co.
James Alexander, President & CEO
Mr. Alexander has been General Manager of the DynaMotive Metal Cleaning
Division since 1998. He has been directly responsible for establishing a
market presence for the DynaPower(R) system. Mr. Alexander graduated from
Strathclyde University with a degree in Mechanical Engineering and has over 25
years experience in the wire industry in engineering and sales positions.
Norm Chow, M.A.Sc., Technical Manager
Mr. Chow has spent the past six years developing the DynaPower(R) metal
cleaning system and tailoring it for new applications. Mr. Chow holds a
B.A.Sc. in Metals and Materials Engineering and an M.A.Sc. in Corrosion
Engineering, both from the University of British Columbia.
Cliff Mui, P.Eng., Manager, Engineering and Manufacturing
Mr. Mui has been responsible for the specification, design and
manufacturing of the DynaPower(R) systems for the past four years. Mr. Mui
holds a B.A.Sc. in Metals and Materials Engineering, a M.A.Sc. in Advanced
Process Control and is a Registered Professional Engineer.