18.11.02

18.11.2002: Meldung: Dynetek Industries Ltd.: Quartalsergebnis (engl.)

Dynetek Industries Ltd. Reviews Third Quarter 2002 Results

2002 Third Quarter 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

2002 2001 2002 2001

Revenue

Cylinder and system sales 2,617 2,315 7,131 5,475

Research and development income 453 250 1,436 1,017

Investment and other income 155 289 414 1,192

------------------------------------------------------------------------

3,225 2,854 8,981 7,684

Net loss (1,206) (204) (2,956) (752)
Net loss per common share (0.06) (0.01) (0.15) (0.04)
Capital expenditures 2,073 2,214 4,750 6,264
Cash and cash equivalents 22,324 33,456 22,324 33,456
Long-term debt 1,456 1,096 1,456 1,096
Common shares
outstanding 20,120,395 19,534,364 20,120,395 19,534,364
Weighted average common
shares outstanding 20,120,395 19,532,002 20,120,395 19,532,002

Operations Update

Cylinder and system sales were $2.6 million, up $0.3 million or 13% from $2.3 million for the same quarter in 2001. On a nine month basis to September 30, 2002, cylinder and system sales were $7.1 million, up 29% from $5.5 million for the nine months ended September 30, 2001. The net loss was $(1.2) million or $(0.06) per share for the third quarter of 2002, compared to a loss of $(0.2) million or $(0.01) per share for the same quarter in 2001. The net loss was $(3.0) million or $(0.15) per share for the first nine months, compared to a net loss of $(0.8) million or $(0.04) per share for the same nine months of 2001. The net loss for the nine months ended September 30, 2002 can be attributed to two key strategic decisions. The investment in the German operations to service the European CNG market incurred set-up and infrastructure costs greater than expected sales in the current period. The research and development group increased its activity and the Company commissioned a valve division, in the third quarter, to develop the peripherals to compliment the development of a 10000psi (700bar) hydrogen cylinder. Even though many of the research and development group"s projects are funded by the OEM"s and other governmental agencies the expenses are often incurred in advance of when the funding is received.

Dynetek maintained its gross margin for the nine months ended September 30, 2002 and 2001 at 22%. The gross margin for the third quarter of 2002 was 21% consistent with the third quarter of 2001. Cost of goods sold for the nine months ended September 30, 2002 increased by $1.3 million to $5.6 million which is reflective of the increase in sales but at the same time maintaining the gross margin. The cost of goods sold for the third quarter of 2002 was $2.1 million, an increase of $0.3 million over 2001, which also reflects the increase in sales but maintaining the 21% gross margin.

"Our 2002 third quarter sales again demonstrated growth over the 2001 comparative quarter, with the overall cylinder system sales remaining 30% ahead of our sales one year ago," said Robb Thompson, President and Chief Executive Officer. "The Company continues to increase and expand our near term revenues and CNG customer base. We also remain focused on enhancing our manufacturing processes and reducing our component costs to increase our margins," Mr. Thompson said.

Highlights of Dynetek"s third quarter include the following:

In July, Dynetek announced successful testing of the world"s first 12500psi (825bar) lightweight composite storage cylinder. The cylinder was developed initially for hydrogen storage at refueling stations. These refueling stations will be capable of fast filling the next generation of Fuel Cell Vehicles which will have on- board storage of compressed hydrogen at 10000psi (700bar). The cylinder development is the result of Dynetek"s experience in designing and manufacturing lightweight, cost efficient and safe high-pressure composite cylinders.

In September, Heinz Portmann, Chairman of Dynetek Industries Ltd. announced the appointment of Robb Thompson to President and Chief Executive Officer. Mr. Portmann, the founder of Dynetek, will continue in the research and development of advanced energy storage technologies as well as the long-term strategic direction of the Company. Mr. Thompson"s responsibilities will include investor relations, strategic planning, globalization of business operations and processes and developing new CNG and industrial gasmarkets and strategic alliances.

In September, Dynetek announced an order from Ballard Power Systems for the final sixteen on-board hydrogen fuel storage systems of the thirty fuel cell buses bound for European cities previously announced by DaimlerChrysler. Dynetek delivered fourteen systems by the end of 2002 and early 2003, with the remaining sixteen systems to be delivered in 2003.

During the third quarter, Dynetek formed a new valve division. The products that the new division will develop are focused on the compressed hydrogen market. The division is a result of customers and partners requiring a regulator and valve solution operating with a 10000psi (700bar) cylinder. Dynetek previously acquired the valve technology (including tangible assets, patents and patents pending) for approximately $1.5 million (U.S.). After the commissioning of equipment and hiring qualified individuals, the new valve division has now commenced research and development activities.

In October, Dynetek announced the delivery of ninety-six CNG cylinders for eight complete systems to Chance Coach, Inc. for their CNG American Heritage Streetcar. The Streetcars are outfitted with Dynetek lightweight composite cylinders, which provide transit authorities with an environmentally friendly vehicle meeting the stringent emission standards. Dynetek"s solution also provides the performance standards required of any transit bus, which includes the required range, cylinder reliability and ease of maintenance.

Management"s Discussion and Analysis

Management"s discussion and analysis ("MD&A") should be read in conjunction with the unaudited consolidated financial statements for the nine months ended September 30, 2002 and the audited consolidated financial statements and MD&A for the year ended December 31, 2001.

Revenue
(thousands of Canadian dollars)
(unaudited) Three months ended Nine months ended
September 30 September 30
2002 2001 2002 2001

Cylinder and system sales 2,617 2,315 7,131 5,475
Research and development income 453 250 1,436 1,017
Investment and other income 155 289 414 1,192
------------------------------------------------------------------------
3,225 2,854 8,981 7,684
------------------------------------------------------------------------
------------------------------------------------------------------------



Cylinder and system sales for the nine months ended September 30, 2002 were $7.1 million or 30% higher than the same period in 2001. The 2002 third quarter sales of $2.6 million were 13% higher than the same quarter in 2001. During 2002, a selection of customers who purchased the DyneCell(TM) fuel storage systems were: Thomas Built Buses (United States), Nova Bus (United States), Neoplan USA Corporation (United States), MAN Technologie AG (Germany), Marubeni Metals Corp. (Japan), Chance Coach (United States), General Hydrogen (Canada), Stuart Energy (Canada) and Ballard Power (Canada).

Research and development income for the nine months ended September 30, 2002 was $1.4 million or 41% higher than the same period in 2001. The 2002 third quarter research and development income of $0.5 million was 81% higher than the same period in 2001. During 2002, Dynetek was involved in co-funded research and development projects with several major OEMs and NRCan. Due to the confidentiality agreements with these OEMs, Dynetek is unable to disclose the nature or application of these projects. The subsidies, which Dynetek receives from the OEMs regarding these projects, are based on completion of the project and therefore timing differences occur between when costs are incurred and funding is received. In addition, funding received from NRCan is recorded as long-term debt, repayable as a royalty percentage from future sales of products developed.

Investment and other income for the nine months ended September 30, 2002 was $0.4 million compared to $1.2 million for 2001. At September 30, 2002, Dynetek had $22.3 million in cash invested in AAA rated securities for less than 90-day terms, compared to $33.5 million at September 30, 2001.

Cost of goods sold for the nine months ended September 30, 2002 increased by $1.3 million to $5.6 million which is reflective of the increase in sales but at the same time maintaining the gross margin. Dynetek maintained its gross margin for the nine months ended September 30, 2002 and 2001 at 22%. The gross margin for the third quarter of 2002 was 21% consistent with the third quarter of 2001. The cost of goods sold for the third quarter of 2002 was $2.1 million, an increase of $0.3 million over 2001, which also reflects the increase in sales but maintaining the 21% gross margin.

General and administrative expense for the nine months ended September 30, 2002 was $2.1 million, which is 31% higher than the same period in 2001. For the third quarter of 2002, general and administrative expense was $0.7 million compared to $0.4 million in 2001. These increases are due to the addition of the German operations and the investment in the necessary operations, business systems and processes in order to capitalize on the opportunities identified in the Company"s business plan. To manage the Company"s growth, Dynetek"s employee count has increased from 58 employees at September 30, 2001 to 81 employees at September 30, 2002.

Research and product development expense for the nine months ended September 30, 2002 increased to $2.4 million from $1.6 million for the same period in 2001. For the third quarter of 2002, research and product development expense was $0.9 million compared to $0.4 million in 2001. The increase between 2002 and 2001 is due to the additional number of projects currently in progress in 2002 as well as the necessary infrastructure to support these projects. This increase is consistent with the Company"s strategic plan to expand research and product development programs. Currently, Dynetek is involved in 11 confidential development programs with six major OEMs. In the third quarter, the Company commissioned a valve division to develop the peripherals to compliment the development of a 10000psi (700bar) hydrogen cylinder.

Marketing expense for the nine months ended September 30, 2002 increased to $0.9 million from $0.4 million for the same period in 2001. The marketing expense for the third quarter of 2002 was $0.5 million compared to $0.2 million for the same period in 2001. The increase between 2002 and 2001 is the result of the addition of sales personnel to support and promote Dynetek"s product lines and additional travel necessary to support our new and existing customer base.

Amortization of process and product development costs for the nine months ended September 30, 2002 was $0.2 million compared to $0.6 million in 2001. The third quarter amortization of the process and product development costs in 2002 was nil compared to $0.2 million in 2001. Process and product development costs were fully amortized at March 31, 2002.

Depreciation expense for the nine months ended September 30, 2002 increased to $0.7 million from $0.3 million for the same period in 2001. For the third quarter of 2002, depreciation expense was $0.4 million compared to $0.1 million in 2001. The increase in depreciation expense is due to the increase in the capital assets available for production.

Net loss for the nine months ended September 30, 2002 was $(3.0) million or $(0.15) per common share compared to $(0.8) million or $(0.04) per common share for the same period in 2001. The net loss for the third quarter was $(1.2) million or $(0.06) per common share compared to $(0.2) million or $(0.01) per common share for the same period in 2001. The net loss for the nine months ended September 30, 2002 can be attributed to two key strategic decisions. The investment in the German operations to service the European CNG market incurred set-up and infrastructure costs greater than expected sales in the current period. The research and development group increased its activity and the Company commissioned a valve division, in the third quarter, to develop the peripherals to compliment the development of 10000psi (700bar) hydrogen cylinder. Even though many of the research and development group"s projects are funded by the OEM"s and other governmental agencies the expenses are often incurred in advance of when the funding is received.

Capital Expenditures

(thousands of Canadian dollars)
(unaudited) Three months ended Nine months ended
September 30 September 30
2002 2001 2002 2001

Building and leaseholds 18 254 34 610
Manufacturing equipment 202 78 775 222
Office furniture and
other equipment - 91 - 230
Computer hardware and software 97 10 178 71
Patents 1,668 10 2,039 162
Manufacturing equipment
under construction 88 1,771 1,724 4,969
------------------------------------------------------------------------
2,073 2,214 4,750 6,264
------------------------------------------------------------------------
------------------------------------------------------------------------



Capital expenditures for the nine months ended September 30, 2002 were $4.8 million compared to $6.3 million for the same period in 2001. The third quarter capital expenditures for 2002 were $2.1 million compared to $2.2 million in 2001. During the third quarter Dynetek acquired $1.7 million in patents and patents pending, necessary to develop peripherals to compliment the development of a 10000psi (700bar) hydrogen cylinder. The Company will invest additional resources into patents in future years to ensure protection from competitors of our developed products and production processes. Manufacturing equipment under construction represents costs incurred to September 30, 2002 on asset construction and third party costs prior to the assets commencing commercial production. The majority of the expenditures relate to increasing productivity and efficiencies in production.

Financial Resources and Liquidity

As at September 30, 2002, Dynetek had cash and cash equivalents of $22.3 million compared to $32.1 million at December 31, 2001. The Company"s actual funding requirements will vary depending on a number of factors, including the increase 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 remains committed to enhancing our technological leadership position and continuing to be a market leader in the CNG and compressed hydrogen fuel storage industry.

The Company"s accounts receivable position at September 30, 2002, was $4.7 million compared to $3.3 million at December 31, 2001. Inventory at September 30, 2002 was $4.2 million compared to $1.7 million at December 31, 2001. Dynetek has built-up inventory of approximately $2.8 million to take advantage of economies of scale on known future sales deliveries for repeat customers. Accounts payable at September 30, 2002 was $3.0 million compared to $2.5 million at December 31, 2001. The long-term debt at September 30, 2002 relates to the research and development funding supplied by NRCan. These agreements allow Dynetek to retain the intellectual property and to receive long-term funding.

Outlook

Dynetek remains committed to its strategic plan. The fundamental building blocks of increased penetration of the CNG market, enhanced operational and production capabilities, reduced raw material costs and support of the research and development group in the hydrogen market will result in Dynetek maintaining a strong financial and operational position in the market place.

During the third quarter the Company identified an opportunity to provide new technological solutions for its customers and partners related to high-pressure hydrogen gas storage. The Company commissioned a new valve division to develop the peripherals to support the development of a 10000psi (700bar) cylinder. These products are expected to be available on a prototype basis in the later part 2003 to meet the requirements of our OEM partners.

The Company continues to work closely with Transport Canada (TC) and the Department of Transportation (DOT) in the United States for approval of our bulk hauling transportation solution. Dynetek anticipates TC certification in the first quarter of 2003 and DOT certification in the second quarter of 2003. In either case, commercial sales for our trailer will likely not occur until the second quarter of 2003. The Company anticipates marketing these trailers initially in the CNG and industrial gas markets.

Dynetek believes that our cash will provide us with sufficient capital to fund our current operations and strategic plan over the foreseeable future. Our cash usage is dependent on positive cash flow from operations and the amount of capital additions to be incurred.

The Company continues to review acquisition opportunities that are strategic and complementary to our business. Depending on the size of the acquisition, we may be required to raise additional capital through equity or debt. If we are unable to agree on a reasonable valuation or raise capital on acceptable terms, we will not pursue these opportunities. Since Dynetek completed its IPO in September 2000, the Company has concentrated its efforts on improving production capabilities and efficiencies through capital expenditures. As Dynetek anticipates this capital spending to be complete in 2002 or early 2003 a significant reduction in spending in this area is expected in future years.

Dynetek"s revenues will vary from quarter to quarter depending on the timing required to receive certification of new products, order intake and shipment of finished goods. Currently the Company experiences an average selling cycle of three to eighteen months, depending on type of order, from date of enquiry to delivery.

The Company is committed to expanding its strategic and equity partner relationships. Our alliances with Ford, Mitsubishi and Kokan Drum are proving to be invaluable to the success of the Company. The Company continues to explore other such valuable relationships which not only provide increased operational and financial benefit to both parties, but in the end will add significant shareholder value.

Dynetek develops, produces and markets Advanced Lightweight Fuel Storage Systems for storing CNG for low emission CNG vehicles and compressed hydrogen for zero emission hydrogen fuel cell and internal combustion vehicles. The Dynetek advanced fuel storage system is designed with a seamless thin-wall aluminum liner with a full carbon fibre overwrap, and is marketed under the DyneCell brand name. Dynetek"s shares trade under the symbol DNK on the TSX.

Forward-Looking Statements

In addition to historical information, this review of financial results contains forward-looking statements. 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. Investors are encouraged to review the section in the Management"s Discussion and Analysis titled "Business Risks" contained in the 2001 Annual Report for a discussion of factors that could effect Dynetek"s future operations and financial results. Forward-looking statements are based upon management"s assumptions, expectations and estimates at the time that the statements are made. Dynetek does not update forward-looking statements should circumstances or management"s assumptions, expectations or estimates change.

Consolidated Balance Sheets
(thousands of Canadian dollars)

September 30, December 31,
2002 2001
(unaudited) (audited)
Assets
Current assets
Cash and cash equivalents 22,324 32,072
Accounts receivable 4,678 3,332
Inventory 4,216 1,677
Prepaid expenses 99 213
------------------------------------------------------------------------
31,317 37,294

Capital assets 17,595 13,540

Process and product development costs - 184

Future income tax asset 2,505 2,505
------------------------------------------------------------------------

51,417 53,523
------------------------------------------------------------------------
------------------------------------------------------------------------

Liabilities
Current liabilities
Accounts payable and accrued liabilities 2,959 2,468
Current portion of long-term debt 20 143
------------------------------------------------------------------------
2,979 2,611

Long-term debt 1,435 953

Shareholders" Equity
Share capital 52,249 52,249
Deficit (5,246) (2,290)
------------------------------------------------------------------------
47,003 49,959

51,417 53,523
------------------------------------------------------------------------
------------------------------------------------------------------------

See accompanying notes to the consolidated financial statements


Consolidated Statements of Operations and Deficit
(thousands of Canadian dollars except share capital and per share
amounts)
(unaudited)

Three months ended Nine months ended
September 30 September 30
2002 2001 2002 2001

Revenue
Cylinder and system sales 2,617 2,315 7,131 5,475
Research and development
income 453 250 1,436 1,017
Investment and other income 155 289 414 1,192
------------------------------------------------------------------------
3,225 2,854 8,981 7,684

Expenses
Cost of goods sold 2,062 1,818 5,582 4,339
General and administrative 651 427 2,100 1,599
Research and product
development 883 404 2,430 1,551
Marketing 466 197 891 427
Amortization of process and
product development costs - 185 184 553
Depreciation 354 102 695 308
------------------------------------------------------------------------
4,416 3,133 11,882 8,777
------------------------------------------------------------------------
Loss before income taxes (1,191) (279) (2,901) (1,093)
------------------------------------------------------------------------
Provision for taxes
Future income taxes (benefit) - (111) - (417)
Large corporations tax 15 36 55 76
------------------------------------------------------------------------
15 (75) 55 (341)

------------------------------------------------------------------------
Net loss (1,206) (204) (2,956) (752)
Deficit, beginning of period (4,040) (1,187) (2,290) (693)
------------------------------------------------------------------------
Deficit, end of period (5,246) (1,391) (5,246) (1,445)
------------------------------------------------------------------------
------------------------------------------------------------------------

Per Share Information
Net loss per share (basic
and diluted) (0.06) (0.01) (0.15) (0.04)
Weighted average number of common
shares outstanding 20,120,395 19,532,002 20,120,395 19,532,002
------------------------------------------------------------------------
------------------------------------------------------------------------

See accompanying notes to the consolidated financial statements


Consolidated Statements of Cash Flows
(thousands of Canadian dollars)
(unaudited)

Three months ended Nine months ended
September 30 September 30
2002 2001 2002 2001

Cash flows provided by (used
for) operating activities
Net loss (1,206) (204) (2,956) (752)
Items not involving cash
Depreciation 354 102 695 308
Amortization of process and
product development costs - 185 184 553
Future income taxes (benefit) - (111) - (417)
------------------------------------------------------------------------
(852) (28) (2,077) (308)
Changes in non-cash
working capital
Accounts receivable (1,258) (109) (1,346) 313
Inventory (841) 252 (2,539) (132)
Prepaid expenses 125 31 114 44
Accounts payable and
accrued liabilities (242) 759 491 728
------------------------------------------------------------------------
Cash flow from operations
(deficiency) (3,068) 905 (5,357) 645

Investing activities
Additions to capital
assets (2,073) (2,214) (4,750) (6,264)
------------------------------------------------------------------------
(2,073) (2,214) (4,750) (6,264)
Financing activities
Advances, long-term debt 23 - 520 248
Repayments, long-term debt (23) - (161) (384)
Exercise of warrants - 14 - 14
------------------------------------------------------------------------
- 14 359 (122)

Decrease in cash and
cash equivalents (5,141) (1,295) (9,748) (5,741)

Cash and cash equivalents,
beginning of period 27,465 34,751 32,072 39,197
------------------------------------------------------------------------

Cash and cash equivalents,
end of period 22,324 33,456 22,324 33,456
------------------------------------------------------------------------
------------------------------------------------------------------------

Cash and cash equivalents includes a reduction for outstanding cheques.
Interest income received during the nine months ended September 30, 2002
was $0.5 million and $1.3 million for same period in 2001. Interest
income received during the three months ended September 30, 2002 was
$0.2 million and $0.4 million for the same period in 2001.

See accompanying notes to the consolidated financial statements


Selected Notes to Consolidated Financial Statements
For the nine months ended September 30, 2002 and 2001
(tabular amounts in thousands of Canadian dollars, except share capital
amounts)



1. Basis of Presentation

The interim unaudited consolidated financial statements of Dynetek Industries Ltd. ("Dynetek" or "the Company") have been prepared by management in accordance with accounting principles generally accepted in Canada. The interim unaudited 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, 2001. The interim unaudited 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, 2001 except as noted below.

2. Share Capital

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

September 30, December 31,
2002 2001
(unaudited) (audited)

Issued and outstanding:
Common shares 20,120,395 20,120,395

Securities convertible into common shares:
Employee stock options 1,901,500 1,798,500
Warrants 2,374,294 2,704,424
------------------------------------------------------------------------
------------------------------------------------------------------------



Effective January 1, 2002, Dynetek adopted, on a prospective basis, the Canadian Institute of Chartered Accountants ("CICA") recommendations for accounting for stock-based compensation. The new standard requires Dynetek to account for direct share awards and grants of options to non-employees using the fair value method of accounting for stock-based compensation. Options granted to employees and directors will be accounted for using the settlement date method of accounting for stock-based compensation. Accordingly, no compensation cost has been recognized for such grants as the exercise price is equal to or greater than the market price of the stock on the date of grant.

If compensation cost for Dynetek"s employee stock option plans had been determined using the fair value method of accounting for stock-based compensation, Dynetek would have incurred a $0.2 million increase to the loss for the nine months ended September 30, 2002 or $(0.01) per share and $0.1 million increase to the loss or nil per share for the nine months ended September 30, 2002.

The value was determined using the Black-Scholes valuation model assuming an average option life of five years, no dividends, expected volatility of 85% and a risk-free interest rate of 2.93%.

3. Segmented information

The Company currently operates 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, 2002. Revenues attributed to foreign countries are based on the location of the customer.

(unaudited) Three months ended Nine months ended
September 30 September 30
2002 2001 2002 2001
Revenue
Canada 15 365 812 912
United States 1,527 522 4,217 1,560
Japan 321 1,167 578 2,158
Germany 189 66 894 594
Other foreign countries 565 195 630 251
------------------------------------------------------------------------
2,617 2,315 7,131 5,475
------------------------------------------------------------------------
------------------------------------------------------------------------


Corporate Information

Board of Directors

Heinz O. Portmann(x)
Chairman of the Board
Dynetek Industries Ltd.
Calgary, Alberta

Andrew T.B. Stuart(xxx)
Vice Chairman
Stuart Energy Systems Corporation
Mississauga, Ontario

Peter A. Leus(xx)
Director
Starlaw Holdings Ltd.
Montreal, Quebec

Michael J. Lang(xx)
Chairman
Stonebridge Merchant Capital Corp.
Calgary, Alberta

Larry A. Wright (xxx)
Executive Vice President
Multimatic Inc.
Markham, Ontario

(x) Audit Committee member
(xx) Compensation Committee member
(xxx) Corporate Governance Committee member


Officers and Management

Heinz O. Portmann
Chairman of the Board

Robb D. Thompson
President and Chief Executive Officer

Michael D. Portmann
Vice President and General Manager

Ulrich Imhof
Vice President, Engineering

Dr. Christian Rasche
Managing Director
Dynetek Europe GmbH

Karen Y. Minton
Vice President, Finance and Administration

Tim A. Richard
Vice President, Sales and Marketing

Norman E. Hall
Corporate Secretary


Corporate Head Office
4410 - 46th Avenue SE
Calgary, Alberta, Canada
T2B 3N7
Tel (403) 720 0262
Fax (403) 720 0263
Web site: http://www.dynetek.com

Subsidiary
Dynetek Europe GmbH
Breitscheider Weg 117a
D-40885 Ratingen
Germany


Bankers
Bank of Nova Scotia
Calgary, Alberta

Auditors
KPMG LLP
Calgary, Canada

Legal Counsel
Gowling Lafleur Henderson LLP
Calgary, Alberta

Transfer Agent and Registrar
CIBC Mellon Trust Company
with offices in Toronto, Montreal and Calgary

Stock Listing
Toronto Stock Exchange
Trading Symbol: DNK

Investor Relations
To obtain additional information about Dynetek or to be placed on our
supplemental mailing list for quarterly reports please contact:

Robb D. Thompson
Dynetek Industries Ltd.
Investor Relations
4410 - 46th Avenue SE
Calgary, Alberta, Canada
T2B 3N7
Tel (403) 720 0262
Fax (403) 720 0263
Email: investor(at)dynetek.com


For further information

Heinz Portmann, Chairman of the Board, Robb Thompson, President and Chief Executive Officer, Dynetek Industries Ltd., Tel: (403) 720-0262, Toll-free: 1-888-396-3835, Fax: (403) 720-0263, Web: www.dynetek.com

Source: Dynetek Industries Ltd.
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