27.1.2005: Meldung: Dynetek Industries Ltd.: Significant CNG System Orders for European Bus Market
Tuesday January 25, 9:00 am ET
CALGARY, Jan. 25 / - Dynetek Industries Ltd. ("Dynetek"), a leader in developing, producing and marketing lightweight compressed natural gas (CNG) cylinders and compressed hydrogen cylinders, announced today that its 100% owned European subsidiary, Dynetek Europe GmbH has received significant CNG complete system orders from a major bus manufacturer in Europe. These systems, which are to be delivered during the first six months of 2005, represent revenue of approximately $1.3 million (CDN).
"Our European operations continue to grow and further break through the bus market for CNG opportunities," said Robb Thompson, President and Chief Executive Officer of Dynetek. "Our Managing Director, Dr. Christian Rasche, has done a tremendous job in providing our customers a complete system solution which offers less weight and more gas on board than our competitors at a reasonable price."
"Dr. Rasche and his European team have been extremely successful in the penetration and growth of the CNG market place over the last three years," said Mr. Thompson. "It is clear we are a global company in a global industrial gas market selling solutions into Europe, Asia, South and North America. With the resignation recently of our Vice President Sales and Marketing in Canada who left to pursue other opportunities, I am pleased to announce Dr. Rasche and myself will work together with our international sales group and agents to set strategy and direction for the company"s marketing and sales on an interim basis."
Dr. Rasche came to Dynetek in 2001 from Mannesmann, a leading German cylinder manufacturer and one of Dynetek"s competitors. There he led the development, sales and marketing of cylinders for compressed hydrogen and compressed natural gas. He also worked on other industrial gas applications for various industries including aviation and medical supplies. He holds a doctoral in composite materials and is a recognized expert in hydrogen storage and other compressed gases.
Dynetek has also established a $5 million line of credit with a major international bank. This line will be available for working capital purposes to support the current revenue growth and working capital needs where it is required on short term basis. The Company has not drawn on the line of credit at this point in time.
Dynetek Industries Ltd. designs, produces and markets one of the lightest and most advanced fuel storage and refueling systems for compressed natural gas, low emission vehicles and compressed hydrogen, zero-emission fuel cell vehicles. Dynetek is recognized around the world for its solutions-of-choice to the alternate fuel vehicle sector, evidenced by strategic relationships with major manufacturers around the globe. Dynetek is listed on the Toronto Stock Exchange, symbol: DNK.
For further information
Robb Thompson, Dynetek Industries Ltd., President & CEO, (403) 720-0262 or 1-888-396-3835 (toll free in North America), www.dynetek.com
Source: Dynetek Industries Ltd.