12.11.07

12.11.2007: Meldung: Dynetek Industries Ltd.: nine month and third quarter results

Dynetek reports 2007 nine month and third quarter results and a revitalized Board of Directors
Friday November 9, 5:00 pm ET

CALGARY, Nov. 9 / Dynetek Industries Ltd., a leader in the design, manufacturing and marketing of proprietary fuel storage cylinders and systems for compressed natural gas (CNG) and hydrogen, today reported results for the three months and nine months ended September 30, 2007.

Financial Highlights

(tabular amounts in thousands of Canadian dollars, except share capital
and per share data)
(unaudited)
Three months ended Nine months ended
September 30 September 30
-----------------------------------------------
2007 2006 2007 2006


Total Revenue 9,836 8,664 28,481 26,306

Net income (loss) (412) (311) (2,554) (244)
Net income (loss) per
common share (basic
and fully diluted) (0.02) (0.02) (0.12) (0.01)
EBITDA(1) 375 317 2,061 1,703
Cash flow (deficiency)
from operations (12) (2,144) 981 (822)
-------------------------------------------------------------------------
(1) EBITDA is a non-GAAP financial measure that is defined and discussed
in the Non-GAAP Financial Measures section of the Management"s
Discussion and Analysis.


Revenues for the nine months ended September 30, 2007 were a record of $28.5 million. Third quarter cylinder and system sales were 2% higher than in Q3 2006 and research and development revenue was 225% higher than in Q3 2006, resulting in an overall revenue increase for the three months ended September 30, 2007 of 13%. This highlights the importance of the diversification of Dynetek"s product and service offerings that allows the Company to buffer market demand variations.

The loss of ($2.6 million) for the nine months ended September 30, 2007 relates primarily to the impairment of the future tax asset previously reported for Q2 2007 which is a one-time reduction of the future tax asset and a non-cash item. The net loss for the three months ended September 30, 2007 is $199,000, down from a $244,000 loss in Q3 2006.

Christian Rasche, President and Chief Executive Officer, said the third quarter revenues significantly surpassed amounts forecasted in the Q2 2007 report. "Our cylinder and system sales were higher than originally anticipated as we were able to accommodate certain customers" unexpected immediate requirements. In addition, our research and development revenues were higher than the same period through 2006 as Dynetek successfully met all planned R&D deliverables to the hydrogen fuel system development project for Daimler in cooperation with Magna Steyr. Dynetek expects to see an increase in activities for hydrogen powered vehicles."

As indicated in our news release and interim report for Q1 and Q2 2007, the reason for lower than expected cylinder and systems sales for the nine months is a result of low tender activities by many European bus manufacturers. "For this reason we expect that our European cylinder and system sales in Q4 2007 will be lower than the levels achieved in Q4 2006. Dynetek has undertaken measures to control spending and to increase activities in other business areas to minimize the impact of the slower than expected European market. The lower revenues for CNG cylinder and system sales will be offset with higher revenue in Research and Development activities which reflects the increasing activities in the hydrogen market," commented Mr. Rasche. "We expect the activities in the European market to pick up by Q2 2008. Dynetek is very well positioned in the CNG market place where opportunities will enable the Company to achieve the long-term goals of net income and continued revenue growth."

Dynetek also announces the appointment of John Bobenic and G. Howard (Howie) Kroon to the Board of Directors.

Mr. Bobenic is currently the President & CEO and a Director of Maxim Power Corp., a TSX listed independent power producer. Mr. Bobenic is a Chartered Accountant, an Executive MBA and has over 25 years of energy industry experience. Mr. Bobenic is also a member of the Board of Directors/Managers of the Independent Power Producers Society of Alberta ("IPPSA") and numerous affiliates of Maxim Power Corp. including Maxim Power (USA) Inc., Maxim Power Europe BV, Comax France SAS, Milner Power Inc., Basin Creek Holdco LLC, and Pawtucket Power Generation LLC. Mr. Bobenic has been appointed to the Audit Committee of the Board of Dynetek and has agreed to serve as Chairman of that committee.

G. Howard (Howie) Kroon has nine years of manufacturing industry experience in senior management positions. Howie is presently the President and CEO of Palliser Lumber Sales Ltd. Mr. Kroon joined Palliser Lumber Sales Ltd. in 1998 as the CFO, transitioned to COO during his tenure and was appointed CEO in 2003. Prior to 1998 he was at an international accounting firm where Howie was a senior manager in the areas of tax and advisory services and obtained his chartered accountancy designation.

With these appointments and the recent appointments of Tony Roberts and Brad Turner announced in August, the revitalized Board of Directors of Dynetek and Board Committees are now composed of:

John Bobenick(1),(3)
Howie Kroon(1),(2)
Brad Turner(1),(3)
Anthony Roberts(2)
Robb Thompson(2),(3)
Heinz Portmann
Chris Rasche

(1) Members of the Audit Committee
(2) Members of the Compensation Committee
(3) Members of the Corporate Governance Committee


OPERATIONAL HIGHLIGHTS

In the first nine months of 2007, Dynetek achieved total revenues of $28.5 million compared to $26.3 million for the same period of 2006. Cylinder and system sales for the nine months ended September 30, 2007 were $23.6 million compared to $24.6 million for the same period of 2006. In the third quarter of 2007, Dynetek achieved total revenues of $9.8 million (2006 - $8.7 million) with cylinder and system sales of $8.5 million (2006 - $8.3 million) and research and development revenue of $1.3 million (2006 - $0.4 million). The Company recorded cash flow from operations of $1.0 million for the nine months ended September 30, 2007, compared to cash flow deficiency from operations of ($0.8) million for the same period of 2006. Cash flow deficiency from operations for the three months ended September 30, 2007 was ($12,000) compared to cash flow deficiency from operations of ($2.1) million for the same period of 2006. The Company continues to have positive EBITDA(1) and reported $2.1 million for the nine months ended September 30, 2007 and positive EBITDA(1) of $0.4 million for the three months ended September 30, 2007 representing the sixteenth consecutive quarter.

Dynetek reported a loss of ($2.6) million for the nine months ended September 30, 2007 and ($0.4) million for the three months ended September 30, 2007. The loss for the nine months ended September 30, 2007 is primarily the result of the impairment of the future tax asset reported in Q2 2007, which was directly affected by the deferral of tenders for the European bus markets into 2008. The one-time reduction of the future income tax asset is a non-cash item. The loss for the three months ended September 30, 2007 is primarily the result of reduced contribution margins, due to changes in foreign exchange rates and the timing differences between when raw materials are purchased and when finished cylinders and systems are manufactured and sold.

The Company continues to focus its compressed natural gas cylinder and system sales in areas such as California and Europe. Dynetek"s proprietary technology provides advantages such as less weight, more compressed natural gas on board and less operating costs, being the value proposition we offer our customers that our competitors cannot provide. In the first nine months of 2007, Dynetek"s European operations achieved cylinder and system sales of $13.5 million (2006 - $15.0 million). For the quarter ended September 30, 2007, Dynetek"s European operations achieved cylinder and system sales of $4.6 million (2006 - $5.5 million). The cylinder and system sales from the Canadian operations for the nine months ended September 30, 2007 were $10.2 million (2006 - $9.6 million). Cylinder and system sales from the Canadian operations for the quarter ended September 30, 2007 were $3.9 million (2006 - $3.2 million).

Dynetek"s research and development team continues to focus its efforts on compressed hydrogen and related storage requirements. During the first nine months of 2007 the Company continued to work with 9 different OEMs, including Ford, Hyundai, Daimler and Nissan, to design, manufacture and deliver the hydrogen storage solution on 12 confidential development programs.

In February of 2007 Dynetek accepted a purchase order representing approximately $7 million (CAD) in compressed hydrogen system sales with Magna Steyr, an operating unit of Magna International Inc. The purchase order involves the development, certification and supply of 700bar compressed hydrogen fuel storage systems, including related engineering, to Magna Steyr in connection with Daimler"s fuel cell program. At the end of September Dynetek had delivered three storage systems for the project.

In the third quarter of 2007 Dynetek delivered the Bulk Transport Systems "BT450" Tube Trailer System to the Integrated Waste Hydrogen Utilization Project ("IWHUP"). The BT450 utilize removable modules - also called Powercubes - to transport hydrogen to various usage points along B.C"s Hydrogen Highway. One of the hurdles identified for the widespread adoption of hydrogen as a motor vehicle fuel is the refueling infrastructure. These modules are a key link between the hydrogen production and the various points of use in the IWHUP. The BT450 is a further demonstration of how Dynetek"s "Instant Infrastructure(TM)" products can enable customers to refuel hydrogen powered vehicles easily and cost effectively.

On November 1, 2007 the Company announced that it had signed a MOU with the William J. Clinton Foundation to supply hydrogen systems for Fuel Cell Buses. The Clinton Climate Initiative (CCI) is a project of the William J. Clinton Foundation. CCI will utilize the skills that the Clinton Foundation has developed in worldwide mobilization to confront crises such as AIDS, to help initiate programs that directly result in substantial reductions in greenhouse gas emissions. The CCI"s intent is to pool demand in the Large Cities in a way that can accelerate the development of markets for efficient and sustainable energy technologies and to simultaneously work with suppliers to help reduce the cost of sustainable energy products that are of interest to cities and thereby decrease economic impediments to wide adoption.

(1) EBITDA is a non-GAAP financial measure that is defined and discussed
in the Non-GAAP Financial Measures section of the Management"s Discussion
and Analysis.


MANAGEMENT"S DISCUSSION AND ANALYSIS


The following sets out management"s discussion and analysis of our financial position and results of operations for the three months and nine months ended September 30, 2007 and 2006 and is based on information available as at November 1, 2007. The interim management"s discussion and analysis (MD&A) updates our annual MD&A included in our 2006 Annual Report to Shareholders, to which readers are referred. No update is provided where an item is not material or where there has been no material change from the discussion in our annual MD&A.

Non-GAAP Financial Measures

Dynetek Industries Ltd. ("the Company") reports its financial results in accordance with generally accepted accounting principles (GAAP). It also occasionally uses certain non-GAAP financial measures, such as EBITDA, working capital and non-cash working capital. Dynetek defines EBITDA as earnings before interest, taxes, stock based compensation, non-cash foreign exchange, depreciation, and amortization. (Prior to Q3 2007, Dynetek defined EBITDA as also being before impairment of other assets.) Dynetek defines working capital as current assets less current liabilities. Dynetek defines non-cash working capital as current assets less cash and current liabilities. These non-GAAP financial measures are always clearly indicated. The Company believes that non- GAAP financial measures provide investors and analysts with useful information so that they can better understand the financial results and perform a better analysis of the Company"s growth and profitability potential. Since non-GAAP financial measures do not have a standardized definition, they may differ from the non-GAAP financial measures used by other companies. The Company strongly encourages investors to review its financial statements and other publicly filed reports in their entirety and not rely on a single non-GAAP financial measure.

Financial Highlights

(tabular amounts in thousands of Canadian dollars, except share capital
and per share data)
(unaudited)
Three months ended Nine months ended
September 30 September 30
-----------------------------------------------
2007 2006 2007 2006
Revenue

Cylinder and system sales 8,481 8,275 23,641 24,598
Research and development
income 1,322 376 4,499 1,638
Investment and other
income 33 13 341 70
-----------------------------------------------
9,836 8,664 28,481 26,306

Net income (loss) (412) (311) (2,554) (244)
Net income (loss) per
common share (basic and
fully diluted) (0.02) (0.02) (0.12) (0.01)
EBITDA(1) 375 317 2,061 1,703
Capital expenditures 86 1,113 817 1,943
Cash and cash equivalents 861 1,202 861 1,202
Non-cash working
capital(1) 11,648 12,405 11,648 12,405
Working capital(1) 12,510 13,607 12,510 13,607
Cash flow (deficiency)
from operations (12) (2,144) 981 (822)
Total assets 42,065 47,108 42,065 47,108
Long-term debt 1,769 1,478 1,769 1,478
Common shares
outstanding 20,940,451 20,940,451 20,940,451 20,940,451
Weighted average common
shares outstanding 20,940,451 20,940,103 20,940,451 20,940,103
-------------------------------------------------------------------------

(1) EBITDA, working capital and non-cash working capital are non-GAAP
financial measures that are defined and discussed in the Non-GAAP
Financial Measures section of the Management"s Discussion and
Analysis.


Cylinder and system sales for the nine months ended September 30, 2007 were $23.6 million, down 4% from $24.6 million for the same period of 2006. Cylinder and system sales for the three months ended September 30, 2007 were $8.5 million, up $0.2 million or 2% for the same period in 2006. In 2006 Dynetek achieved record cylinder and system sales growth. However, in 2007 Dynetek has been unable to maintain the same increases in growth due to the reduction in tenders in the European Bus Market.

Research and development income for the nine months ended September 30, 2007 was $4.5 million, up 181% or $2.9 million from the same period in 2006. Research and development income for the third quarter of 2007 was $1.3 million, up 225% or $0.9 million from the same period of 2006. The primary reason for the increase in research and development income for both the nine months and three months ended September 30, 2007 is the revenues relating to the Magna Steyr purchase order involving the design, certification and supply of 700bar compressed hydrogen fuel storage systems. During the first nine months of 2007, Dynetek continued to be involved with Natural Resources Canada (NRCan) and 9 different Original Equipment Manufacturers (OEMs), including Ford, Hyundai, Daimler and Nissan, to design, manufacture and deliver the hydrogen storage solution on 12 confidential development programs. Revenues received from the OEMs regarding these projects are recorded on billing milestones outlined in the contracts and, therefore, timing differences occur between when costs are incurred and funding is received. Non-repayable cost shared monies received from NRCan are recorded as revenue in the period it is invoiced.

Investment and other income for the nine months ended September 30, 2007 was $0.3 million, compared to $0.1 million for the same period in 2006. In the third quarter of 2007, investment and other income was $33,000 compared to $13,000 for the same period of 2006.

Cost of goods sold was $19.0 million for the nine months ended September 30, 2007 compared to $18.9 million for the same period in 2006. Cost of goods sold was $6.6 million for the three months ended September 30, 2007 compared to $6.4 million for the same period in 2006. Corresponding contribution margins for the nine months ended September 30, 2007 were $4.6 million, or 19% of sales compared to $5.7 million, or 23% of sales for the same period of 2006. Corresponding contribution margins for the three months ended September 30, 2007 were $1.9 million, or 22% of sales compared to $1.9 million, or 23% of sales for the same period of 2006. The margin reduction for the nine months ended September 30, 2007 is due primarily to the airfreight costs incurred in the first quarter and the reduced cylinder and system sales volumes to cover fixed manufacturing costs. The margin reduction for the three months ended September 30, 2007 is due to changes in the foreign exchange rates and the timing differences between when raw materials are purchased and when finished cylinders and systems are manufactured and sold.

General and administrative expense was $2.9 million for the nine months ended September 30, 2007 compared to $2.8 million for the same period of 2006. General and administrative expense was $0.9 million for the three months ended September 30, 2007, which is comparable to the same period of 2006. General and administration expense as a percentage of revenue for the nine and three months ended September 30, 2007 were comparable to the same periods of 2006 at 10%.

Research and product development expense was $3.2 million for the nine months ended September 30, 2007 compared to $1.6 million for the same period in 2006. Research and product development expense was $1.4 million for the quarter ended September 30, 2007 compared to $0.6 million for the same period in 2006. The increase in expenses is reflective of the increase in revenue resulting from the additional programs in the first nine months of 2007 compared to the same period of 2006. Research and development expense consists of materials, labor and costs of benefits and overhead related to research and development activity.

The majority of Dynetek"s research and development programs are co-funded with major OEMs and government (NRCan). The funding from the OEMs for the research and development programs is recorded as research and development revenue based on billing milestones outlined in the contracts. This can result in timing differences between when costs are incurred and funding is received. The government funding is recorded either as research and development income or loans. The cost shared monies received from NRCan, which is non-repayable, are recorded as research and development revenue in the period it is invoiced and the repayable government cost shared monies are recorded as a loan.

Marketing expense was $1.3 million for the nine months ended September 30, 2007, compared to $1.4 million for the same period of 2006. Marketing expense was $0.5 million for the three months ended September 30, 2007, comparable to the same period of 2006. Marketing expense decreased to 4% of revenue for the nine months ended September 30, 2007 compared to 5% for the same period of 2006. Marketing expense was 6% of revenue for the three months ended September 30, 2007, which is comparable to the same period of 2006.

Interest Expense was $0.2 million for the nine months ended September 30, 2007, compared to $22,000 for the same period of 2006. Interest expense was $58,000 for the three months ended September 30, 2007, compared to $22,000 for the same period of 2006.

Depreciation was $1.2 million for the nine months ended September 30, 2007, $0.1 million higher than the $1.1 million for the same period of 2006. Depreciation was $0.4 million for the three months ended September 30, 2007, which is comparable to the same period of 2006.

Amortization was $0.7 million for the nine months ended September 30, 2007, which was $0.2 million higher than the same period of 2006. Amortization was $0.3 million for the three months ended September 30, 2007, which is $0.1 million higher than the same period of 2006. Items included in amortization expense include process and development costs, patents and deferred start-up costs for the European operation.

Foreign exchange for nine months ended September 30, 2007 was a loss of ($0.1) million compared to a loss of ($0.2) million in the same period of 2006. Foreign exchange for three months ended September 30, 2007 was a loss of ($34,000) compared to a loss of ($6,000) for the same period of 2006. Dynetek"s Canadian operations invoices the majority of its revenue in US dollars and the European operation invoices in Euros. The Company reports its results in Canadian dollars but the revenues are generated in US dollars, Euros and Canadian dollars. The foreign exchange loss in the first nine months of 2007 and the third quarter of 2007 is a result of a weakening of the U.S. dollar and the Euro against the Canadian dollar resulting in a negative impact on the foreign denominated accounts receivable and cash when translating into Canadian dollars for financial reporting purposes and the settlement of accounts receivable transactions during the period.

Stock based compensation for nine months ended September 30, 2007 was $0.1 million compared to $0.2 million in the same period of 2006. Stock based compensation for three months ended September 30, 2007 was $29,000 compared to $54,000 for the same period of 2006. The reduction of stock based compensation for the nine and three months ended September 30, 2007 is due to a reduction in options issued.

Future income tax for the first nine months of 2007 were ($2.4) million compared to $nil for the same period of 2006. The future income taxes for the three months ended September 30, 2007 was $nil which is comparable to same period of 2006. During the second quarter of 2007 the Company considered the future income tax asset impaired due to the deferral of sales for the European bus markets into 2008 and reduced the future income tax asset value to $nil. For tax purposes the non-capital losses that the future tax asset represents are still available for use by the Company to reduce taxable income until 2010 and were not affected by the recorded impairment for book purposes.

Net Loss for the nine months ended September 30, 2007 was ($2.6) million or ($0.12) per common share compared to net loss of ($0.2) million or ($0.01) per common share for the comparable period of 2006. Net loss for the three months ended September 30, 2007 was ($0.4) million or ($0.02) per common share compared to ($0.3) million or ($0.02) per common share for the same period of 2006. The net loss for nine months ended September 30, 2007 is substantially the result of the impairment of the future income tax asset and a decrease in contribution margin on cylinder and system sales, which is partially offset by the positive margin on the research and development projects. The net loss for the three months ended September 30, 2007 is the result of reduced contribution margin.

Summary of Quarterly Results

The following table shows selected unaudited financial information for the past eight quarters ending September 30, 2007. The information has been obtained from our quarterly unaudited financial statements, which have been prepared in accordance with Canadian GAAP and, in the opinion of management, have been prepared using accounting policies consistent with the audited financial statements and include all adjustments necessary for the fair presentation of the results of the interim periods. We expect our operating results to vary significantly from quarter to quarter and they should not be relied upon to predict future information.

(thousands of
Canadian dollars ---------------------------------------------
except per share data) Dec. 31 Mar. 31 June 30 Sept 30 Dec. 31
(unaudited) 2005 2006 2006 2006 2006
---------------------------------------------

Revenues
Cylinder and system sales 5,858 8,233 8,090 8,275 11,334
Research & development
income 603 618 644 376 771
Investment & other income 317 19 38 13 14
---------------------------------------------
6,778 8,870 8,772 8,664 12,119
Operating expenses
Cost of goods sold 4,538 6,241 6,307 6,393 9,513
Marketing & general
and admin. 1,548 1,331 1,384 1,387 1,802
Research & product
development 461 478 515 567 650
---------------------------------------------
6,547 8,050 8,206 8,347 11,965
---------------------------------------------
Earnings before interest,
taxes, stock based
compensation non-cash
foreign exchange,
depreciation &
amortization(1) 231 820 566 317 154
---------------------------------------------
Interest - - - 22 62
Taxes - - - - 150
Stock based compensation 105 48 51 54 56
Foreign exchange (gain)
loss 258 70 146 6 75
Depreciation & amortization 466 486 518 546 1,018
---------------------------------------------
829 604 715 628 1,361
---------------------------------------------
Net income (loss) (598) 216 (149) (311) (1,207)
---------------------------------------------
---------------------------------------------

Income (loss) per share
Basic and fully diluted (0.03) 0.01 (0.01) (0.02) (0.05)
---------------------------------------------
---------------------------------------------


(thousands of
Canadian dollars ---------------------------
except per share data) Mar. 31 June 30 Sept 30
(unaudited) 2007 2007 2007
---------------------------

Revenues
Cylinder and system sales 9,322 5,838 8,481
Research & development
income 918 2,259 1,322
Investment & other income 270 38 33
---------------------------
10,510 8,135 9,836
Operating expenses
Cost of goods sold 7,630 4,817 6,581
Marketing & general
and admin. 1,312 1,350 1,489
Research & product
development 658 1,184 1,391
---------------------------
9,600 7,351 9,461
---------------------------
Earnings before interest,
taxes, stock based
compensation non-cash
foreign exchange,
depreciation &
amortization(1) 910 784 375
---------------------------
Interest 68 33 58
Taxes 80 2,275 -
Stock based compensation 28 28 29
Foreign exchange (gain)
loss (1) 115 34
Depreciation & amortization 568 642 666
---------------------------
743 3,093 787
---------------------------
Net income (loss) 167 (2,309) (412)
---------------------------
---------------------------

Income (loss) per share
Basic and fully diluted 0.01 (0.11) (0.02)
---------------------------
---------------------------

(1) EBITDA is a non-GAAP financial measure that is defined and discussed
in the Non-GAAP Financial Measures section of the Management"s
Discussion and Analysis.


Intangible assets and deferred costs
(thousands of Canadian dollars)
(unaudited)
Three months ended Nine months ended
September 30 September 30
2007 2006 2007 2006
-------------------------------------------------------------------------

Patents 51 23 67 45
Certification costs 185 285 608 913
Deferred Costs 49 23 111 67
-------------------------------------------------------------------------
285 331 786 1,025
-------------------------------------------------------------------------


Intangible asset expenditures for the nine months ended September 30, 2007 were $0.8 million compared to $1.0 million for the same period of 2006. Intangible asset expenditures for the three months ended September 30, 2007 were $0.3 million, which is comparable to the same period of 2006. The additions for the three and nine months ended September 30, 2007 were due to certification and patent costs incurred during the period. The Company will invest in patents and costs associated with product certification in future years to ensure protection of our intellectual property, developed products and production processes.

Capital Expenditures

(thousands of Canadian dollars)
(unaudited)
Three months ended Nine months ended
September 30 September 30
2007 2006 2007 2006
-------------------------------------------------------------------------

Building and leaseholds - 15 186 38
Manufacturing equipment 61 333 1,524 684
Office furniture and other
equipment 39 40 142 59
Computer hardware and
software 2 30 23 48
Manufacturing equipment
under construction (16) 695 (1,058) 1,114
-------------------------------------------------------------------------
86 1,113 817 1,943
-------------------------------------------------------------------------


Capital expenditures for the nine months ended September 30, 2007 were $0.8 million compared to $1.9 million for the same period in 2006. Capital expenditures for the three months ended September 30, 2007 were $0.1 million compared to $1.1 million for the same period in 2006. In the third quarter of 2007 Dynetek sold assets with a net book value of $21,000 for proceeds of $30,000 resulting in a gain on sale of approximately $9,000.

The Company"s capital resource requirements consist of capital expenditures to maintain and improve the existing production line.

Financial Resources and Liquidity

To date, the Company has met its liquidity needs through its working capital position and operating bank line. Due to the unexpected deferral of European bus tenders the Company is evaluating several alternative funding arrangements including leveraging certain assets to meet its current liquidity needs until the anticipated recovery of the European bus markets in Q2 2008.

The Company"s actual funding requirements and financing alternatives could vary depending on a number of factors, including the increase or decrease of the CNG system sales on a global basis, the progress of research and development projects and the development of additional relationships with strategic partners. Dynetek is continuing to control spending and to increase activities in other areas to minimize the impact of the slower than expected European Bus market.

As at September 30, 2007 Dynetek had cash and cash equivalents of $0.9 million, compared to $1.6 million at June 30, 2007, $1.4 million at March 31, 2007 and $2.0 million at December 31, 2006. Dynetek was cash flow positive from operations of $1.0 million for the nine months ended September 30, 2007 and a cash flow deficiency from operations of ($12,000) for the three months ended September 30, 2007. Dynetek"s working capital(1) level was $12.5 million at September 30, 2007, compared to $12.5 million at March 31, 2007 and $12.1 million at December 31, 2006.

Dynetek"s investment in inventory decreased to $10.9 million at September 30, 2007, from $11.9 million at December 31, 2006. Work-in-progress inventory represented by confirmed orders decreased by $0.7 million from the December 31, 2006 levels to $3.4 million. Raw material inventory decreased by $0.2 million from the December 31, 2006 levels to $3.8 million. Finished goods inventory decreased by $0.1 million to $3.7 million from the December 31, 2006 level of $3.8 million.

At September 30, 2007 accounts receivable were $7.2 million, a reduction of $1.0 million when compared to December 31, 2006. This decrease is a result of the reduction of cylinder and system sales compared to the fourth quarter of 2006. The Company seeks to manage the collection of receivables, the use of its operating bank line and the payment of payables in a manner that working capital levels will continue to fund ongoing operations. Accounts payable at September 30, 2007 were $3.6 million, compared to $7.2 million as at December 31, 2006. This decrease is representative of the decreases in production compared to the fourth quarter of 2006. Deferred revenue at September 30, 2007 was $1.0 million compared to $0.7 million at December 31, 2006. The increase is mainly due to an advance payment made by Magna Steyr in connection with Daimler"s fuel cell program.

At September 30, 2007 the Company had drawn down $1.9 million of the $5.0 million operating bank line with a major chartered bank.

The long-term debt relates to repayable research and development funding supplied by NRCan. These agreements allow Dynetek to retain the intellectual property and to receive long-term funding. During the first nine months of 2007 the Company recorded $0.3 million of long-term debt relating to the repayable research and development funding supplied by NRCan. The debt is repayable only in the form of royalties based on specific related commercial product sales and is interest free. The Company has $0.2 million to be repaid in 2007.

The Company believes that additional cost shared monies will continue to be available from governments and OEMs for future research and development projects.

Dynetek continues to build on the strong strategic alliances with several major OEMs whereby confidential joint funding has been obtained to develop complete hydrogen fuel storage systems. Other research programs with strategic partners, such as government bodies, who provide financial and technical support, are also in place to explore other storage applications in the energy marketplace.

(1) Working capital is a non-GAAP financial measure that is defined and
discussed in the Non-GAAP Financial Measures section of the Management"s
Discussion and Analysis

Transactions with Related Parties


For the nine months ended September 30, 2007, the Company purchased under normal terms and conditions $3.5 million (2006 - $7.6 million) of material used in the production of lightweight fuel storage systems from Mitsubishi Rayon Corporation, a shareholder of the Company.

Outstanding Share Data

Issued and outstanding
Dollar
Number of Amount
Shares ("000)

Balance at December 31, 2006 20,940,451 52,433
-------------------------------------------------------------------------
Balance at September 30, 2007 20,940,451 52,433
-------------------------------------------------------------------------


September 30 December 31
2007 2006
-------------------------------------------------------------------------

Securities convertible into common shares:
Stock options 1,099,500 1,170,500
Warrants 756,738 756,738
-------------------------------------------------------------------------


As at November 1, 2007, common shares outstanding were 20,940,451, options outstanding were 1,099,500 and warrants outstanding were 756,738.

CHANGES IN ACCOUNTING POLICIES

As required by the Canadian Institute of Chartered Accountants ("CICA"), on January 1, 2007, the Company adopted CICA Handbook section 1530, Comprehensive Income; Section 3251, Equity; Section 3855, Financial Instruments - Recognition and Measurement; Section 3861, Financial Instruments - Disclosure and Presentation; Section 3865, Hedges; and Section 1506, Accounting Changes. See Note 3 to the Consolidated Financial Statements for further details.

INTERNAL CONTROL OVER FINANCIAL REPORTING

There were no changes in the Company"s internal control over financial reporting that occurred during the most recent interim period that materially affected, or is reasonably likely to materially affect, the Company"s internal control over financial reporting.

OUTLOOK

During the third quarter and months subsequent the Company has introduced four new board members to the market place. All new board members bring past experience and skill sets complementary to the current needs of the Company. The Board"s mandate will be to challenge and provide support to management as it reviews, revises and sets a long term strategic plan to create ongoing sustainable shareholder value.

The Company will remain committed to continuing to grow its CNG revenue stream globally through targeted marketing initiatives. The Company, along with the Board, will review alternatives to growing the compressed gas revenue stream, whether it is new joint ventures, new partners and customers, licensing arrangements, new manufacturing techniques or additional product offerings. The Company and the Board are committed to change where appropriate to attain its goals of revenue growth and net income.

Major economic and environmental factors contribute to continuing high- growth in natural gas demand and related markets and hence a positive intermediate and longer term outlook for Dynetek.

- The high growth rate in demand for natural gas stems from the
comparative advantages of natural gas compared to diesel, gasoline
and bio-fuels;
- Natural gas is cleaner with less toxic emissions than diesel or
gasoline; and
- A growing natural gas infrastructure. Continuing investment in
infrastructure is adding to the number of compressed natural gas
refueling centers.


The markets for our products are and will continue to be worldwide. At the local level, customers include fleet-owners as well as OEM"s. Dynetek will continue to review its product portfolio to generate a larger market potential to cover all market requirements.

Dynetek expects to incur a loss in Q4 2007 and for the 2007 financial year because of a temporary slowdown in the demand for its products, specifically a postponement of public transit bus manufacturing in Europe. Strong economic and environmental forces suggest Dynetek"s growth will resume. When this happens we look forward to profitability achieved through a long- term strategic plan, supported by carefully selected capital investments to achieve a high sales growth rate, higher contribution margins along with ongoing rationalizing where appropriate throughout the organization.

Additional information relating to Dynetek

Additional information concerning Dynetek, including the Company"s AIF, is available on SEDAR at www.sedar.com.

Dynetek Industries Ltd. is a leading international company engaged in the design, manufacturing and marketing of fueling systems and high-pressure components including valves and regulators. The key component of the storage system is the DyneCell(R) cylinder, capable of storing high pressure gases including compressed natural gas (CNG), hydrogen, and various industrial gases. Dynetek"s cylinder and fuel storage systems applications include but are not limited to: the transportation industry, including passenger automobiles, light and heavy-duty trucks, transit and school buses; the bulk hauling of compressed gases; and stationary storage or ground storage refueling applications.

Forward looking statements

In addition to historical information, this news release contains forward- looking statements and should be read in conjunction with the financial statements and related notes for the year ended December 31, 2006 and quarterly interim reports for 2007. Forward-looking statements are based upon current assumptions, expectations and estimates that involve a number of risks and uncertainties and actual results could differ materially from those discussed in the forward-looking statements. Readers are encouraged to review the section in the Management"s Discussion and Analysis titled "Principal Risks and Uncertainties" for a discussion of factors that could affect Dynetek"s future operations and financial results. Forward-looking statements are based upon management"s assumptions, expectations and estimates at the time the statements are made. Dynetek does not update forward-looking statements should circumstances or management"s assumptions, expectations or estimates change, except where required by law.

CONSOLIDATED BALANCE SHEETS
(thousands of Canadian dollars)
(unaudited)
September 30 December 31
2007 2006
-------------------------------------------------------------------------

ASSETS
Current assets
Cash and cash equivalents 861 2,030
Accounts receivable 7,169 8,246
Inventory (note 4) 10,919 11,859
Prepaids and other 230 696
-------------------------------------------------------------------------
19,179 22,831

Intangible assets and deferred costs 5,992 5,917

Capital assets 16,894 17,263

Future income tax (note 9) - 2,355
-------------------------------------------------------------------------

42,065 48,366
-------------------------------------------------------------------------
-------------------------------------------------------------------------

LIABILITIES
Current liabilities
Operating bank line 1,875 2,650
Accounts payable and accrued liabilities 3,579 7,171
Deferred revenue (note 2) 964 720
Current portion of long-term debt 251 185
-------------------------------------------------------------------------
6,669 10,726

Long-term debt 1,518 1,293

SHAREHOLDERS" EQUITY
Share capital (note 5) 52,433 52,433
Contributed surplus (note 6) 2,476 2,391
Deficit (21,031) (18,477)
Accumulated other comprehensive income - -
-------------------------------------------------------------------------
33,878 36,347

42,065 48,366
-------------------------------------------------------------------------
-------------------------------------------------------------------------

See accompanying notes to the unaudited interim consolidated financial
statements



CONSOLIDATED STATEMENTS OF NET INCOME (LOSS), COMPREHENSIVE INCOME (LOSS)
AND DEFICIT
(thousands of Canadian dollars except share capital and per share
amounts)
(unaudited)
Three months ended Nine months ended
September 30 September 30
2007 2006 2007 2006
-------------------------------------------------------------------------

REVENUE
Cylinder and system
sales 8,481 8,275 23,641 24,598
Research and development
income 1,322 376 4,499 1,638
Investment and other
income 33 13 341 70
-------------------------------------------------------------------------
9,836 8,664 28,481 26,306
EXPENSES
Cost of goods sold 6,581 6,393 19,028 18,941
General and administrative 941 868 2,884 2,752
Research and product
development 1,391 567 3,233 1,560
Marketing 548 519 1,267 1,350
Interest expense 58 22 159 22
Depreciation 410 371 1,165 1,059
Amortization of intangible
assets and deferred costs 256 175 711 491
Foreign exchange loss 34 6 148 222
Stock based compensation
(note 5) 29 54 85 153
-------------------------------------------------------------------------
10,248 8,975 28,680 26,550
-------------------------------------------------------------------------
Net loss before income
taxes (412) (311) (199) (244)
-------------------------------------------------------------------------

PROVISION FOR TAXES
Future income tax (note 9) - - (2,355) -
-------------------------------------------------------------------------
- - (2,355) -
-------------------------------------------------------------------------

NET LOSS AND COMPREHENSIVE
LOSS (note 3) (412) (311) (2,554) (244)
-------------------------------------------------------------------------

Deficit, beginning
of period (20,619) (16,959) (18,477) (17,026)
-------------------------------------------------------------------------
DEFICIT, END OF PERIOD (21,031) (17,270) (21,031) (17,270)
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Per Share Information
Net income (loss) per
share (basic and diluted) (0.02) (0.02) (0.12) (0.01)
Weighted average number
of common shares
outstanding 20,940,451 20,940,103 20,940,451 20,940,103
-------------------------------------------------------------------------
-------------------------------------------------------------------------

See accompanying notes to the unaudited interim consolidated financial
statements



CONSOLIDATED STATEMENTS OF CASH FLOWS
(thousands of Canadian dollars)
(unaudited)
Three months ended Nine months ended
September 30 September 30
2007 2006 2007 2006
-------------------------------------------------------------------------

Cash flows provided by
(used for) operating
activities
NET LOSS AND
COMPREHENSIVE LOSS (412) (311) (2,554) (244)
Items not involving cash
Depreciation 410 371 1,165 1,059
Amortization of
intangible assets
and deferred costs 256 175 711 491
Stock based compensation 29 54 85 153
Future income tax - - 2,355 -
Gain on sale of asset (9) - (9) -
Unrealized foreign
exchange loss (gain) 447 19 541 (88)
-------------------------------------------------------------------------
721 308 2,294 1,371
Changes in non-cash
working capital
Accounts receivable (1,780) (1,347) 1,077 (854)
Inventory 2,988 (1,424) 940 (2,617)
Prepaid expenses 172 108 466 385
Accounts payable and
accrued liabilities (1,339) 226 (3,592) 812
Deferred revenue (318) - 244 -
Unrealized foreign
exchange gain relating
to non-cash working
capital (456) (15) (448) 81
-------------------------------------------------------------------------
Cash flow (deficiency)
from operations (12) (2,144) 981 (822)
-------------------------------------------------------------------------

INVESTING ACTIVITIES
Additions to intangible
assets and deferred
costs (285) (331) (786) (1,025)
Additions to capital
assets (86) (1,113) (817) (1,943)
Proceeds on disposal 30 - 30 -
-------------------------------------------------------------------------
(341) (1,444) (1,573) (2,968)
-------------------------------------------------------------------------
FINANCING ACTIVITIES
Operating bank line (395) 2,175 (775) 2,175
Long-term debt - - 291 -
Exercise of options - - - 1
-------------------------------------------------------------------------
(395) 2,175 (484) 2,176
-------------------------------------------------------------------------

Foreign exchange (gains)
loss on cash held in a
foreign currency 9 (4) (93) 7
-------------------------------------------------------------------------
Decrease in cash and cash
equivalents (739) (1,417) (1,169) (1,607)

Cash and cash equivalents,
beginning of period 1,600 2,619 2,030 2,809
-------------------------------------------------------------------------

Cash and cash equivalents,
end of period 861 1,202 861 1,202
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Interest income received during the nine month period ended September 30,
2007 was $26,000 (2006 - $32,000) and the three month period ended
September 30, 2007 was $11,000 (2006 - $7,000). Interest paid during the
nine month period ended September 30, 2007 was $0.2 million (2006 -
$22,000) and the three month period ended September 30, 2007 was $58,000
(2006 - $22,000).

See accompanying notes to the unaudited interim consolidated financial
statements



SELECTED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the three and nine months ended September 30, 2007 and 2006 and as at
September 30, 2007 and December 31, 2006
(tabular amounts in thousands of Canadian dollars, except share capital
amounts)
(unaudited)

1. BASIS OF PRESENTATION

The unaudited interim consolidated financial statements of Dynetek
Industries Ltd. ("Dynetek" or "the Company") have been prepared by
management in accordance with Canadian generally accepted accounting
principles. The unaudited interim consolidated financial statements have
been prepared following the same accounting policies and methods of
computation as the most recent annual audited consolidated financial
statements for the year ended December 31, 2006. The unaudited interim
consolidated financial statements should be read in conjunction with the
audited consolidated financial statements and the notes thereto in the
Company"s Annual Report for the year ended December 31, 2006.

2. SIGNIFICANT ACCOUNTING POLICIES

a) Revenue recognition

Cylinder and system revenue is recognized when finished goods are shipped
to the customer.

Research and development revenue is generated by projects co-funded with
the original equipment manufacturers (OEMs) and government agencies. This
revenue is recognized when contractual deliverables and milestones are
met. Timing differences can occur between when costs are incurred and
when revenue is invoiced and earned. Customer billings for services not
yet rendered or customer deposits are received and deferred and
recognized as revenue when the services are rendered and finished goods
are shipped to the customer. Any associated deferred revenue is included
in current liabilities.

b) Research and development costs

Research and development costs are expensed as incurred.

3. CHANGES IN ACCOUNTING POLICIES

As required by the Canadian Institute of Chartered Accountants ("CICA"),
on January 1, 2007, the Company adopted CICA Handbook section 1530,
Comprehensive Income; Section 3251, Equity; Section 3855, Financial
Instruments - Recognition and Measurement; Section 3861, Financial
Instruments - Disclosure and Presentation; Section 3865, Hedges; and
Section 1506, Accounting Changes.

a) Comprehensive Income and Equity

Upon adoption of Section 1530, the Company revised its "Consolidated
Statement of Operations and Deficit" to include the newly required
Statement of Comprehensive Income by creating a "Consolidated Statement
of Net Income, Comprehensive Income and Deficit", and added to the
Consolidated Balance Sheet "Accumulated Other Comprehensive Income" as a
component of Shareholders" Equity.

b) Financial Instruments

i) Financial assets and financial liabilities

Under the new CICA standards, financial assets and financial liabilities
are initially recognized at fair value and are subsequently accounted for
based on their classification. The classification depends on the purpose
for which the financial instruments were acquired and their
characteristics. Except in very limited circumstances, the classification
is not changed subsequent to initial recognition.

The new CICA standards require that all financial assets be classified in
one of the five categories; 1) loans and receivables, 2) assets held-to-
maturity, 3) assets available-for-sale, 4) other financial liabilities,
and 5) held-for-trading. Financial instruments classified as held-for-
trading or available-for-sale items as a result of initially adopting
this section are measured at fair value. Gains or losses on re-
measurement of held-for-trading items are recognized as an adjustment to
opening retained earnings, while gains and losses on re-measurement of
available-for-sale items are recognized as an adjustment to opening
Accumulated Other Comprehensive Income.

Financial instruments that are classified as held-for-trading or
available-for-sale are re-measured each reporting period at fair value
with the resulting gain or loss recognized immediately in net income and
other comprehensive income, respectively. All other financial instruments
are accounted for at amortized cost with foreign exchange gains and
losses recognized immediately in net income. The recognition,
de-recognition and measurement policies followed in financial statements
for periods prior to the adoption of this standard are not reversed and,
therefore, those financial statements are not restated.

ii) Classification of financial instruments

The Company has applied the following classifications to each of its
significant categories of financial instruments outstanding as of
January 1, 2007:

Cash and cash equivalents Designated as held-for-trading
Accounts receivable Loans and receivables
Accounts payable and accrued Other liabilities
liabilities
Operating bank line Other liabilities
Long-term debt Other liabilities

iii) Derivatives

At September 30, 2007 and December 31, 2006 the Company had no
derivatives.

iv) Embedded derivatives

Derivatives embedded in other financial instruments or contracts are
separated from their host contracts and accounted for as derivatives when
their economic characteristics and risks are not closely related to those
of the host contract; the terms of the embedded derivative are the same
as those of a free standing derivative; and the combined instrument or
contract is not measured at fair value, any changes in fair value
recognized in the income statement. At September 30, 2007 and
December 31, 2006 the Company had no embedded derivatives.

v) Determination of fair value

The fair value of a financial instrument on initial recognition is the
transaction price, which is the fair value of the consideration given or
received. Subsequent to initial recognition, fair value is determined by
using valuation techniques which refer to observable market data.

vi) Transaction Costs

At September 30, 2007 and December 31, 2006 the Company had no
transaction costs.

c) Hedge accounting

Section 3865 specifies the criteria that must be satisfied in order for
hedge accounting to be applied and the accounting for each of the
permitted hedging strategies: fair value hedges and cash flow hedges.
Hedge accounting is discontinued prospectively when the derivative no
longer qualifies as an effective hedge, or the derivative is terminated
or sold, or upon the sale or early termination of the hedged item. The
Company did not have any hedging contracts outstanding as at
September 30, 2007 and December 31, 2006.

d) Accounting Changes

Effective January 1, 2007, the Company also adopted CICA section 1506,
"Accounting Changes". Under this standard, voluntary changes to
accounting policies are allowed only in situations where they provide
financial statements users with more reliable and relevant information.
Policy changes are applied retroactively unless it is impractical to
determine the period or cumulative impact of the change. Corrections of
prior period errors are retroactively applied to the financial statements
while changes in accounting estimates are prospectively applied with the
changes included in earnings. This section applies to all changes in
policies and estimates or corrections of prior period errors in periods
beginning on or after January 1, 2007.

4. INVENTORY

September 30 December 31
2007 2006
-------------------------------------------------------------------------
Raw materials 3,844 3,957
Work-in-progress 3,385 4,126
Finished goods 3,690 3,776
-------------------------------------------------------------------------
10,919 11,859
-------------------------------------------------------------------------

5. SHARE CAPITAL

The issued and outstanding common shares of the Company along with
securities convertible into common shares are as follows:

Issued and outstanding:

Number of
Shares Amount

Balance at December 31, 2006 20,940,451 52,433
-------------------------------------------------------------------------
Balance at September 30, 2007 20,940,451 52,433
-------------------------------------------------------------------------


September 30 December 31
2007 2006
-------------------------------------------------------------------------

Securities convertible into common shares:
Stock options 1,099,500 1,170,500
Warrants 756,738 756,738
-------------------------------------------------------------------------

The estimated fair value of the options used for accounting purposes has
been determined using the Black Scholes option-pricing model with the
following assumptions:

Nine months ended
September 30
-------------------------------------------------------------------------
2007 2006

Weighted average risk-free interest rate 4.48% 2.5%
Weighted average expected life 5 years 5 years
Estimated volatility in the market price
of the common shares 76% 80%
Dividend yield 0% 0%


The weighted average fair value per option was $1.06 for the nine months
ended September 30, 2007 and $1.55 for the comparable period of 2006.

During the first nine months of 2007, 61,000 (2006 - 48,000) options were
issued to employees.

6. CONTRIBUTED SURPLUS

The following table summarizes information about contributed surplus.

Balance at December 31, 2006 2,391
Stock based compensation expense 85
-------------------------------------------------------------------------
Balance at September 30, 2007 2,476
-------------------------------------------------------------------------

7. TRANSACTIONS WITH RELATED PARTIES

For the nine months ended September 30, 2007, the Company purchased under
normal terms and conditions $3.5 million (2006 - $7.6 million) of
material used in the production of lightweight fuel storage systems from
Mitsubishi Rayon Corporation, a shareholder of the Company.

8. SEGMENTED INFORMATION

The Company currently conducts business in one operating segment, which
involves the manufacture and sale of lightweight fuel storage systems.
The majority of the Company"s operations and assets relating to
commercial production were located in Canada at September 30, 2007.
Revenues attributed to foreign countries are based on the location of the
customer.

Three months ended Nine months ended
September 30 September 30
2007 2006 2007 2006

Cylinder and system sales
Canada 1,090 97 2,048 272
United States 1,602 2,389 5,303 3,536
Japan 688 312 1,782 1,188
European Union 4,638 5,458 13,570 14,976
Australia - 19 - 4,626
Other 463 - 938 -
-------------------------------------------------------------------------
8,481 8,275 23,641 24,598
-------------------------------------------------------------------------

9. PROVISION FOR INCOME TAXES

The future income tax asset represented non-capital loss carry forwards
that the Company expected to utilize in future periods to offset current
taxes payable. Based on the delays in orders received in the European bus
market place, during the second quarter of 2007 the Company determined
that, for financial statement purposes, the future income tax asset was
impaired and has taken a full valuation allowance to reduce the value of
the future income tax asset to $nil. The Company has $ 9.7 million of
non-capital loss carry-forwards for income tax purposes.



Corporate Information

Board of Directors Officers and Management Bankers

Heinz O. Portmann Heinz O. Portmann Bank of Nova Scotia
Chairman of the Board Chairman of the Board Calgary, Alberta
Dynetek Industries Ltd.
Calgary, Alberta Christian W. Rasche Auditors
President and Chief Deloitte & Touche LLP
Robb D. Thompson(i)(v) Executive Officer Calgary, Canada
Vice President Finance,
and Chief Financial Michael D. Portmann Legal Counsel
Officer Vice President and Gowling Lafleur
Berkana Energy Corp. General Manager Henderson LLP
Calgary, Alberta Calgary, Alberta
Ulrich Imhof
Anthony Roberts(i) Vice President, Transfer Agent and
Independent Business Engineering Registrar
Person CIBC Mellon Trust
Lake Elsinore, Karen Y. Minton Company
California, USA Vice President Finance, with offices in
and Chief Financial Toronto, Montreal and
Bradley W. Turner(x)(v) Officer Calgary
President and CEO
Richards Oil & Gas Stock Listing
Limited Norman E. Hall Toronto Stock
Calgary, Alberta Corporate Secretary Exchange
Trading Symbol: DNK
G. Howard Kroon(x)(i)
President and CEO
Palliser Lumber Investor Relations
Calgary, Alberta To obtain additional
Corporate Head Office information about
John R. Bobenic(x)(v) 4410 - 46th Avenue SE Dynetek or to be
President and CEO Calgary, Alberta, Canada placed on our
Maxim Power Corp T2B 3N7 mailing list for
Calgary, Alberta Tel (403) 720 0262 quarterly reports
Fax (403) 720 0263 please
Christian W. Rasche Web site: www.dynetek.com contact either:
President and Chief Christian W. Rasche
Executive Officer Karen Minton
Dynetek Industries Ltd. Dynetek Industries
Ratingen, Germany Ltd.
Investor Relations
4410 - 46th Avenue SE
Subsidiary Calgary, Alberta,
Dynetek Europe GmbH Canada
Breitscheider Weg 117a T2B 3N7
D-40885 Ratingen Germany Tel
Germany +44 210230963 20
Tel +44 210230963 20 Calgary Tel
Fax +44 210230963 10 (403) 720 0262
Fax (403) 720 0263
Email:
invest(at)dynetek.com

(x) Audit Committee member
(i) Compensation Committee member
(v) Corporate Governance Committee member


For further information

Christian Rasche, President and Chief Executive Officer
Karen Minton, Vice President Finance, and CFO, Dynetek Industries Ltd., 4410 46th Avenue SE, Calgary, Alberta, T2B 3N7, Tel Calgary: (403) 720-0262, Tel Germany: + 44 2102 30963-20, Toll free: 1-888-396-3835, Fax Calgary: (403) 720-0263, Fax Germany: +442102 30963-10, Web: www.dynetek.com


Source: Dynetek Industries Ltd.
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