20.03.03

20.3.2003: Meldung: Dynetek Inc: Results 2002

Dynetek Industries Ltd. (TSE:DNK - News) today released its report to shareholders on its financial and operating results for the year ended December 31, 2002. All amounts are reported in Canadian dollars.

2002 Financial Highlights
(tabular amounts in thousands of Canadian dollars,
except share capital and per share data)
Year ended December 31
2002 2001
Revenue
Cylinder and system sales 10,871 8,013
Research and development income 1,965 1,476
Investment and other income 769 1,502
----------------------------------------------------------------------
13,605 10,991

Net loss (4,933) (1,156)
Net loss per common share (0.24) (0.06)
Capital expenditures 4,986 8,810
Cash and cash equivalents 20,453 32,072
Long-term debt 1,512 1,096
Common shares outstanding 20,120,395 20,120,395
Weighted average common shares outstanding 20,120,395 19,549,622
----------------------------------------------------------------------
----------------------------------------------------------------------

Operations Update

Cylinder and system sales were $10.9 million for the year ended 2002, up
36% from $8.0 million for the year ended December 31, 2001. The net loss for
the year was $(4.9) million or $(0.24) per share, compared to a net loss of
$(1.2) million or $(0.06) per share for 2001. The net loss for 2002 can be
attributed to two key strategic decisions. Firstly, the investment in the
German operations to service the European compressed natural gas (CNG) market
incurred set-up and infrastructure costs in the first year of operations
greater than realized sales. Secondly, the research and development group
increased its original equipment manufacturer (OEM) activity and the Company
commissioned a valve division to develop the peripherals to compliment the
development of higher pressure cylinders. 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 increased its gross margin to $2.6 million, or 24% of sales
compared to $1.7 million or 21% of sales in 2001. The change in gross margin
percentage can be attributed to an increase in the number of cylinders sold in
2002 (economies of scale) as well as a shift in the product mix. The product
mix in 2002 included an increase in the number of larger cylinders sold
compared to the cylinders sold in 2001.
"Dynetek had an extremely successful fourth quarter capping off another
year of increased sales," said Robb Thompson, President and Chief Executive
Officer. "In 2002, our sales revenue increased 36% from 2001 levels, which
included CNG sales attributed to our European operations. We expect our
revenues to continue to grow in 2003, along with a reduction in our cash
consumption related to operating and capital expenditures," Mr. Thompson said.

Highlights of 2002
During 2002, Dynetek made significant evolutionary strides:

- In February, Dynetek announced that a Volkswagen prototype utilizing a
DyneCell(R) cylinder successfully climbed the Swiss Alps through the
Simpion Pass - the first long-range test drive of the hydrogen-powered
Fuel Cell Vehicle (FCV) in cold temperatures.

- In the first quarter of 2002, the TUV approved on-board storage of CNG
to ISO 11439:2000 and for compressed hydrogen storage to ISO/CD 15869-
4:2001 for Dynetek Europe GmbH for two types of cylinders for bus,
truck and car applications in the European market.

- In April, the Company supplied Ford Motor Company with the first of
five of Dynetek"s 5000psi (350 bar) compressed hydrogen Advanced
Lightweight Fuel Storage System(TM) for the new Ford Focus FCV.

- In July, Dynetek announced the successful testing of the world"s first
12500psi (825 bar) lightweight hydrogen storage cylinder. The cylinder
was developed for hydrogen storage at refueling stations. These
refueling stations will be capable of fast filling the next generation
of FCV"s or hydrogen internal combustion engine vehicles, which will
have on-board storage of hydrogen compressed at 10000psi (700 bar).

- In September, Dynetek announced an order from Ballard Power Systems for
the final 16 on-board hydrogen fuel storage systems required for the 30
fuel cell buses bound for European cities previously announced by
DaimlerChrysler. Dynetek delivered 14 systems by the end of 2002 and
early 2003, with the remaining 16 systems to be delivered in 2003.

- In September, Heinz Portmann, Chairman of Dynetek Industries Ltd.
announced the appointment of Robb Thompson to President and Chief
Executive Officer.

- During the third quarter, Dynetek formed a valve division as a result
of customers and partners requiring a regulator and valve solution
operating at higher pressures. Dynetek acquired certain valve
technology (including tangible assets, patents and patents pending) for
approximately $1.5 million (U.S.).

- In October, Dynetek announced the delivery of 96 CNG cylinders for
eight complete systems to Chance Coach, Inc. for their CNG American
Heritage Streetcar.

- During 2002, we had several repeat customers with significant cylinder
orders. In particular we supplied approximately 800 cylinders to Thomas
Built buses for their CNG school bus program and approximately 1,000
cylinders to Marubeni Metals for the Japanese CNG and hydrogen markets.

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 year
ended December 31, 2002 and the audited consolidated financial statements and
MD&A for the year ended December 31, 2001.

Revenue
(thousands of Canadian dollars)
Three months ended Year ended
December 31 December 31
2002 2001 2002 2001
------------------------------------------------------------------------
------------------------------------------------------------------------
Cylinder and system sales 3,740 2,538 10,871 8,013
Research and development income 529 459 1,965 1,476
Investment and other income 355 310 769 1,502
------------------------------------------------------------------------
4,624 3,307 13,605 10,991
------------------------------------------------------------------------
------------------------------------------------------------------------

Cylinder and system sales for the year ended December 31, 2002 were
$10.9 million or 36% higher than the same period in 2001. The 2002 fourth
quarter sales of $3.7 million were 47% higher than the same quarter in 2001.
During 2002, a selection of customers who purchased the DyneCell(R) fuel
storage systems for CNG were: Thomas Built Buses (United States), Nova Bus
(United States), Neoplan USA Corporation (United States), Neoplan (Germany),
MAN Technologie AG (Germany), Marubeni Metals Corp. (Japan) and Chance Coach
(United States). A selection of customers who purchased hydrogen fuel storage
systems were: General Hydrogen (Canada), Stuart Energy (Canada), Marubeni
Metals Corp. (Japan) and Ballard Power (Canada).
Research and development income for the year ended December 31, 2002 was
$2.0 million or 33% higher than the same period in 2001. The 2002 fourth
quarter research and development income of $0.5 million was 15% higher than
the same period in 2001. During 2002, Dynetek was involved with Natural
Resources Canada (NRCan) as well as nine OEMs on 16 confidential development
programs. 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. Funding received from NRCan is
recorded as a loan, repayable as a royalty percentage from future sales of
products developed.
Investment and other income for the year ended December 31, 2002 was
$0.8 million compared to $1.5 million for 2001. This decrease is due to the
decrease in cash invested in short-term securities. At December 31, 2002,
Dynetek had $20.5 million in cash invested in AAA rated securities for less
than 90-day terms, compared to $32.1 million at December 31, 2001.
Cost of goods sold was $8.2 million for the year ended December 31, 2002
compared to $6.3 million for the same period in 2001. Correspondingly, gross
margins were $2.6 million, or 24% of sales compared to $1.7 million or 21% of
sales in 2001. Cost of goods sold for the fourth quarter was $2.7 million
compared to $2.0 million for the same quarter in 2001. Correspondingly, gross
margins were $1.1 million, or 29% of sales compared to $0.6 million or 23% of
sales in 2001. The change in gross margin percentage can be attributed to an
increase in the number of cylinders sold in 2002 (economies of scale) as well
as a shift in the product mix. The product mix in 2002 included an increase in
the number of larger cylinders sold compared to the cylinders sold in 2001.
General and administrative expense was $3.2 million in 2002 compared to
$2.2 million for 2001. The fourth quarter expenses for 2002 were $1.1 million
compared to $0.6 million for the same quarter of 2001. The increase in general
and administrative expense was the result of 2002 being the first full year of
operations for Dynetek Europe GmbH, the number of employees increasing to 80
from 68, and the Company evaluating acquisition opportunities.
Research and product development expense was $4.2 million in 2002
compared to $2.2 million in 2001. For the fourth quarter of 2002, research and
product development expense was $1.8 million compared to $0.7 million in 2001.
During 2002, Dynetek increased the number of research and development
personnel by 38%, increased the number of research projects including
cylinder, regulator and valve development for higher pressure solutions and
expanded the number of OEM projects.
The majority of Dynetek"s research and development programs are co-funded
with major OEMs and government grants (NRCan). 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. The funding from the OEM"s is recorded as
research and development revenue and the government funding is recorded as a
loan.
Marketing expense was $1.6 million in 2002 compared to $0.6 million in
2001. The marketing expense for the fourth quarter of 2002 was $0.7 million
compared to $0.2 million for the same period in 2001. The increase is directly
related to expansion of the Company"s sales force to service the existing and
expanding customer base as well as the enhancement of Dynetek"s profile in the
global marketplace. The trade shows Dynetek attended during 2002 included:
Clean Heavy Duty Vehicles Conference Tempe, AZ, CaFCP Technology Forum
Sacramento, CA, Waste Expo Las Vegas, NV, ENGVA Nice, France, World Hydrogen
Energy Conference Montreal, PQ, APTA Expo 2002 Las Vegas, NV, NGV 2002
Washington, DC, CNG-GNC Conference Brazil, Ford Focus Drive Across Canada.
Amortization for the year ended December 31, 2002 was $0.4 million
compared to $0.7 million in 2001. The fourth quarter amortization in 2002 was
$0.1 million compared to $0.2 million in 2001. Items included in amortization
expense include process and development costs, patents and deferred start-up
costs.
Depreciation was $0.8 million in 2002 compared to $0.5 million in 2001.
The fourth quarter depreciation for 2002 was $0.3 million in 2002 compared to
$0.2 million in 2001. This increase is due to the addition of capital assets
employed by Dynetek, related to the production of the DyneCell fuel storage
systems. The majority of the capital expenditures took place in 2001 with
these assets being deployed into the commercial production process during
2002. Until assets are available for use in the production process they are
considered assets under construction and are not depreciated.
Net loss for 2002 was ($4.9) million or ($0.24) per common share compared
to ($1.2) million or ($0.06) per common share for 2001. The net loss for the
fourth quarter of 2002 was ($2.0) million or ($0.10) per share compared to
($0.4) million or $(0.02) for 2001. The net loss for 2002 can be attributed to
two key strategic decisions. Firstly, the investment in the German operations
to service the European CNG market incurred set-up and infrastructure costs
greater than realized sales in the current year. Secondly, the research and
development group increased its activity and the Company commissioned a valve
division to develop the peripherals to compliment the development of higher-
pressure cylinders. Even though many of the research and development group"s
projects are funded by the OEM"s and other governmental agencies the expense
are often incurred in advance of when the funding is received.


Intangible Assets and Deferred Costs
(thousands of Canadian dollars)
Three months ended Year ended
December 31 December 31
2002 2001 2002 2001
------------------------------------------------------------------------
------------------------------------------------------------------------

Patents - 369 1,931 696
Deferred Costs - 489 655 901
------------------------------------------------------------------------
- 858 2,586 1,597
------------------------------------------------------------------------
------------------------------------------------------------------------

In the third quarter of 2002 Dynetek announced the purchase of patents
(intellectual property) to enable production of high-pressure solutions for
additional cylinder components including valves and regulators. The Company
will invest additional resources into patents in future years to ensure
protection from competitors of our developed products and production
processes. Deferred costs substantially relate to capitalized start-up costs
for the European operations. With commercial operations underway in 2002,
these amounts will be amortized over a five year period.

Capital Expenditures
(thousands of Canadian dollars)
Three months ended Year ended
December 31 December 31
2002 2001 2002 2001
------------------------------------------------------------------------
------------------------------------------------------------------------

Building and leaseholds 6 273 40 883
Manufacturing equipment 2,342 376 4,227 1,143
Office furniture and other equipment 7 29 7 259
Computer hardware and software 34 136 212 208
Manufacturing equipment
under construction (2,153) 874 (2,086) 4,720
------------------------------------------------------------------------
236 1,688 2,400 7,213
------------------------------------------------------------------------
------------------------------------------------------------------------

Capital expenditures for the year ended 2002 were $2.4 million compared
to $7.2 million for 2001. During 2002 the Company invested $2.1 million in
assets associated with the manufacturing process. Dynetek also deployed assets
of $2.1 million previously considered assets under construction into the
commercial production process. The efficiencies and higher production
capabilities of the new manufacturing process will attribute directly to cost
reductions and higher production output. With the additional infrastructure
necessary to manage the Company, additions were made to the building, office
furniture and computer hardware and software.

Financial Resources and Liquidity

As at December 31, 2002 Dynetek had cash and cash equivalents of
$20.5 million compared to $32.1 million at December 31, 2001. This decrease in
cash and cash equivalents is attributable to purchasing manufacturing
equipment, financing working capital levels, and funding research and
development activities. The Company"s actual funding requirements will vary
depending on a number of factors, including the increase of 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 its technological leadership position and
continuing to be a market leader in the industrial gas fuel storage industry,
including CNG and hydrogen.
The Company"s accounts receivable position at December 31, 2002 was
$3.8 million compared to $3.3 million at December 31, 2001. This difference
relates to the increase in sales orders from 2001 to 2002. Accounts payable at
December 31, 2002 was $2.8 million compared to $2.5 million as at December 31,
2001. This difference is due to the commitments at December 31, 2002 made to
outside suppliers for manufacturing equipment and raw materials purchased for
inventory.
The loans relate to research and development funding supplied by NRCan.
These agreements allow Dynetek to retain the intellectual property and to
receive long-term funding. The debt is repayable in the form of royalties
based on specific related commercial product sales. The Company to date has
repaid $0.6 million of this debt and $0.1 million is due in the current year.
The Company believes that additional subsidies are expected to be available
for future research and development projects from governments and OEMs.

Outlook

Our company is unlike others in the alternative energy market. We have a
product, we design and manufacture and we sell commercially into the CNG
market. Our strategy is to continue to increase our CNG sales to keep our net
outflow of cash related to operation and general and administrative expense at
negligible levels compared to peers in our industry while we continue to
invest in the hydrogen economy.
The Company"s storage solution is one of the key"s to the success of the
hydrogen economy. The U.S. announcement of "The Presidents Hydrogen Fuel
Initiative" is significant to our market and growth strategy over the long
term. One need only look at others participating whose products depend on
hydrogen storage and transportation solutions. Dynetek is positioned to be the
future infrastructure solution provider as our current relationships position
us for the approaching commercial opportunities.
As recognized market leaders in gas storage, we are also expanding our
market focus in compressed gas sales and solutions. The market for industrial
gases is substantial. Already, there are billions of dollars in a market
beyond CNG and hydrogen. We recognize the tremendous opportunities to
complement our CNG and hydrogen markets by expanding to other gases, including
helium, nitrogen and oxygen. These gases are being stored and transported
today. Dynetek can be a part of this sizable market.

Events to date in 2003:

- In January 2003, Dynetek supplied the stationary compressed hydrogen
storage system to Stuart Energy which was part of the patented Stuart
Energy intelligent hydrogen fueling station sold to Toyota Motor Sales
U.S.A.

- Also in January 2003, Dynetek announced its participation in a new $8
million hybrid fuel cell bus project. NRCan is committing $3 million of
the total project over a three-year period. The project - led by
Hydrogenics Corporation along with other industrial partners - focuses
on the development of new hybrid fuel-cell bus technology. Dynetek is
developing the complete fuel storage solution using its certified
hydrogen fuel storage system.

- In February 2003, Dynetek announced its selection by Deere & Company
(John Deere) to supply its 5000psi (350bar) hydrogen storage system for
a technology demonstrator fuel cell-powered commercial work vehicle
(CWV). The demonstrator will be a modified John Deere Pro-Gator(TM)
utility vehicle.

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 engine 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
December 31

(thousands of Canadian dollars)
2002 2001
------------------------------------------------------------------------
------------------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents 20,453 32,072
Accounts receivable 3,843 3,332
Inventory 4,381 1,677
Prepaid expenses 691 213
------------------------------------------------------------------------
29,368 37,294

Intangible assets and deferred costs 4,081 1,721

Capital assets 13,417 11,819

Process and product development costs - 184

Future income tax asset 2,505 2,505
------------------------------------------------------------------------
49,371 53,523
------------------------------------------------------------------------
------------------------------------------------------------------------
Liabilities
Current liabilities
Accounts payable and accrued liabilities 2,833 2,468
Current portion of long-term debt 55 143
------------------------------------------------------------------------
2,888 2,611

Long-term debt 1,457 953

Shareholders" Equity
Share capital 52,249 52,249
Deficit (7,223) (2,290)
------------------------------------------------------------------------
45,026 49,959

49,371 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)

Three months ended Year ended
December 31 December 31
2002 2001 2002 2001
-------------------------------------------------------------------------

Revenue
Cylinder and system sales 3,740 2,538 10,871 8,013
Research and
development income 529 459 1,965 1,476
Investment and other income 355 310 769 1,502
-------------------------------------------------------------------------
4,624 3,307 13,605 10,991
Expenses
Cost of goods sold 2,656 1,955 8,238 6,294
General and administrative 1,132 583 3,232 2,182
Research and product
development 1,772 692 4,202 2,243
Marketing 688 191 1,579 618
Depreciation 257 220 802 527
Amortization of
intangible assets and
deferred costs 76 187 410 741
-------------------------------------------------------------------------
6,581 3,828 18,463 12,605
-------------------------------------------------------------------------
Loss before income taxes (1,957) (521) (4,858) (1,614)
-------------------------------------------------------------------------
Provision for taxes
Future income taxes (benefit) - (139) - (556)
Large corporations tax 20 22 75 98
-------------------------------------------------------------------------
20 (117) 75 (458)
-------------------------------------------------------------------------

Net loss (1,977) (404) (4,933) (1,156)
-------------------------------------------------------------------------

Deficit, beginning of period (5,246) (1,886) (2,290) (1,134)
-------------------------------------------------------------------------
Deficit, end of period (7,223) (2,290) (7,223) (2,290)
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Per Share Information
Net loss per share
(basic and diluted) (0.10) (0.02) (0.24) (0.06)
Weighted average number
of common shares
outstanding 20,120,395 19,549,622 20,120,395 19,549,622
-------------------------------------------------------------------------
-------------------------------------------------------------------------
See accompanying notes to the consolidated financial statements


Consolidated Statements of Cash Flows
(thousands of Canadian dollars)

Three months ended Year ended
December 31 December 31
2002 2001 2002 2001
-------------------------------------------------------------------------

Cash flows provided by (used
for) operating activities
Net loss (1,977) (404) (4,933) (1,156)
Items not involving cash
Depreciation 257 220 802 527
Amortization 76 187 410 741
Future income taxes (benefit) - (139) - (556)
-------------------------------------------------------------------------
(1,644) (136) (3,721) (444)
Changes in non-cash working
capital
Accounts receivable 835 (643) (511) (330)
Inventory (165) 2 (2,704) (130)
Prepaid expenses (592) (147) (478) (103)
Accounts payable and
accrued liabilities (126) (24) 365 704
-------------------------------------------------------------------------
Cash flow from
operations (deficiency) (1,692) (948) (7,049) (303)

Investing activities
Additions to intangible
assets and deferred costs - (858) (2,586) (1,597)
Additions to capital assets (236) (1,688) (2,400) (7,213)
-------------------------------------------------------------------------
(236) (2,546) (4,986) (8,810)
Financing activities
Common shares issued
on private placement - 2,154 - 2,154
Warrants exercised - - - 14
Share issue costs - (44) - (44)
Advances, long-term debt 57 - 504 248
Repayments, long-term debt - - (88) (384)
-------------------------------------------------------------------------
57 2,110 416 1,988

Decrease in cash and
cash equivalents (1,871) (1,384) (11,619) (7,125)

Cash and cash
equivalents, beginning
of period 22,324 33,456 32,072 39,197
-------------------------------------------------------------------------

Cash and cash
equivalents, end of
period 20,453 32,072 20,453 32,072
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Cash and cash equivalents includes a reduction for outstanding cheques.
Interest income received in, 2002 was $0.6 million and $1.5 million for same
period in 2001. Interest income received during the three months ended
December 31, 2002 was $0.1 million and $0.2 million for the same period in
2001.
See accompanying notes to the consolidated financial statements

Selected Notes to Consolidated Financial Statements
For the year ended December 31, 2002 and 2001
(tabular amounts in thousands of Canadian dollars, except share capital
amounts)

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 accounting principles generally accepted in Canada. 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, 2001. 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, 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:

December 31, 2002 December 31, 2001
-------------------------------------------------------------------------
Issued and outstanding:
Common shares 20,120,395 20,120,395

Securities convertible into common shares:
Employee stock options 1,942,000 1,798,500
Warrants 2,374,294 2,704,424
-------------------------------------------------------------------------

Effective January 1, 2002, Dynetek adopted, on a prospective basis, the
Canadian Standards for accounting for stock-based compensation. The standard
requires the Company 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 the employee"s stock option plans had been
determined using the fair value method of accounting for stock-based
compensation, the Company would increased the 2002 loss by ($0.5) million or
($0.02) per share and ($0.2) million or ($0.01) per share for the three months
ended December 31, 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 December 31, 2002. Revenues attributed to foreign
countries are based on the location of the customer.

Three months ended Year ended
December 31 December 31
2002 2001 2002 2001
-------------------------------------------------------------------------
Revenue
Canada 278 411 1,090 1,323
United States 1,585 1,129 5,782 2,689
Japan 844 610 1,422 2,768
Germany 803 517 1,697 1,111
Other foreign countries 180 129 810 122
-----------------------------------------------------------------------
3,690 2,796 10,801 8,013
-------------------------------------------------------------------------
-------------------------------------------------------------------------


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(x) (xx)
Director
Starlaw Holdings Ltd.
Montreal, Quebec

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

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

Robb D. Thompson
President and Chief Executive Officer
Dynetek Industries Ltd.
Calgary, Alberta

(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 or 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
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