June 30, 2008
Vancouver, BC, Canada
Dynamotive Energy Systems 2008 Annual General Meeting
Vancouver, B.C. Dynamotive Energy Systems Corporation (OTCBB:DYMTF) held its Annual General Meeting on June 23, 2008 in Vancouver, BC. The 117 shareholders voted by proxy and in person representing 108,132,005 shares or 51.59% of the 209,582,503 shares issued and outstanding. This being a record turnout, more than tripling the previous turnout of 31,183,974 million shares voted in 2007.
The shareholders of the company approved all of the motions proposed. The slate of Directors proposed was approved without any changes as was the reappointment of BDO Dunwoody as the firm’s auditors for the 2008 fiscal year. The slate of directors received in excess of 98.6 percent (98.6 to 99.7 pct) favorable votes by the shareholders with no votes against.
Highlights from the address to shareholders by President and CEO, Andrew Kingston:
- Following the fire at West Lorne, which caused about $500,000 in equipment damage, the Company’s engineering team has worked diligently in establishing the root cause and the needed remedial action to be taken . Having established the root cause, minor modifications were made at Guelph. These modifications were tested at the plant during a production run held last week. The reactor and equipment was then inspected to assess the validity of the modifications. The analysis is ongoing, but management is confident that the solutions developed are sound. Based on final assessment, both plants are expected to be ready for operations in July. The Company has commitments for delivery of BioOil to clients in July and beyond and is confident that it will meet its obligations.
- The Company’s efforts in the past months have also focused on the development of sales of BioOil and BioChar to clients locally and internationally. The output of West Lorne is substantially committed (BioOil, BioChar and electricity) and detailed negotiations are taking place in the US and Canada for placing the output of Guelph. Strong fuel prices and environmental mandates are being introduced and will make our proposition attractive to users.
- The Company continues its project development work and is confident that once the plants are back in operation, it will be in a position to advance with its project plans in the US, Europe and Asia. Further, the Company is in final stages of negotiation for the fabrication of plants in Europe with a well established firm. Once completed, the Company will be in a strong position to service its project pipeline in the region. Similar arrangements are being discussed in the US and in Asia.
- The Company continues its research into BioOil upgrading and will be publishing further results in the third quarter. Initial testing has been very promising and we believe we can create a wider market for upgraded BioOil as an input to refineries. Our Waterloo lab is working on a number of paths that could prove commercially viable.
- We continue our development and commercialization work with BioChar. We have shipped BioChar to various agricultural users and nurseries as well as supporting studies in the US and Canada. BioChar as a soil enhancer can potentially reduce the amount of fertilizer and water use as well as enhance crop yields and be a very efficient carbon sequestration method.
- Dynamotive remains well positioned to become a leader in the non-foodstuff biofuel and by-product industry. We have two plants that are built and ready to restart operations, a market that is looking for alternatives and is pricing the alternatives favorably. Most importantly, a market that is looking for alternatives that do not compete with food sources and for land use.
The company looks forward to the coming year and would like to thank the shareholders for their strong show of support.
About Dynamotive
Dynamotive Energy Systems Corporation is an energy solutions provider headquartered in Vancouver, Canada, with offices in the USA and Argentina. Its carbon/greenhouse gas neutral fast pyrolysis technology uses medium temperatures and oxygen-less conditions to turn dry, waste cellulosic biomass into BioOil for power and heat generation. BioOil can be further converted into vehicle fuels and chemicals. Photographs of the Guelph and West Lorne plants may be seen on the company's website.
www.dynamotive.com
About BioOil® Biofuel
BioOil® is an industrial fuel produced from cellulose waste material. When combusted it produces substantially less smog-precursor nitrogen oxides (‘NOx’) emissions than conventional oil as well as little or no sulfur oxide gases (‘SOx’), which are a prime cause of acid rain. BioOil® and BioOil Plus™ are price-competitive replacements for heating oils #2 and #6 that are widely used in industrial boilers and furnaces. They have been EcoLogo certified, having met stringent environmental criteria for industrial fuels as measured by Environment Canada’s Environmental Choice Program. BioOil® can be produced from a variety of residue cellulosic biomass resources and is not dependent on food-crop production.
Contacts:
Nathan Neumer, Director of Communications, 604-267-6042
Switchboard: (604) 267-6000
Toll Free (North America): 1-877-863-2268
Fax: (604) 267-6005
Email:
info@dynamotive.com
Website:
www.dynamotive.com
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