WINNIPEG, Manitoba, May 26, 2023 (GLOBE NEWSWIRE) — Dynamic Technologies Group Inc. (NEX: DTG.H, OTC:ERILF) (“Dynamic” or “Company”) announces that, further to the previously announced sales and investment solicitation process (the “SISP”) under the Companies’ Creditors Arrangement Act (the “CCAA”), on May 9, 2023, FTI Consulting Canada Inc., the court-appointed monitor (the “Monitor”) terminated the SISP to enable Dynamic and its subsidiaries, Dynamic Attractions Ltd., Dynamic Entertainment Group Ltd., Dynamic Structures Ltd. and Dynamic Attractions Inc. (collectively, the “Subsidiaries”) to finalize the definitive agreements for the sale transaction (the “Sale Transaction”) contemplated by the high value letter of intent provided by Promising Expert Limited.
The closing of the proposed Sale Transaction is subject to certain standard conditions, including the negotiation of definitive agreements and the approval of the Court of King’s Bench of Alberta (the “Court”). There can be no assurance that the proposed Sale Transaction will be successfully concluded in a timely manner or at all.
In addition, pursuant to the order granted by the Court May 26, 2023 (the “Order”), the Court approved the extension of the previously announced stay of proceedings to July 28, 2023 to permit the Company sufficient time to negotiate the definitive agreements for, and to complete, the Sale Transaction.
MLT Aikins LLP is acting as legal counsel to the Company and its Subsidiaries in connection with the CCAA proceedings and the proposed Sale Transaction.
Update on U.S. Proceedings
The Company and its subsidiaries have also engaged legal counsel in the United States and have completed documents to initiate a filing (the “Chapter 15 Application”) under Chapter 15 of the US Bankruptcy Code to seek recognition of the CCAA proceedings in Dallas, Texas. The Chapter 15 Application was filed on May 17, 2023 and will proceed on June 13, 2023 upon expiry of the 21 day notice period. The Company is not aware of any parties that might oppose the Chapter 15 Application.
About Dynamic Technologies Group Inc.
Dynamic is a world leader in the design engineering, production, and commissioning of iconic, media-based attractions and ride systems for the global theme park industry and popular tourist destinations. Dynamic leverages its world class, media-based attraction products and attraction development capability on a co-venture ownership basis. The Company also applies its engineering integration and problem-solving skills on special projects in diversified industries such as alternative energy and large optical telescopes and enclosures. Dynamic’s common shares are listed on the NEX Board of the TSX Venture Exchange under the symbol DTG. For more information about the Company, visit www.dynamictechgroup.com or contact:
|Guy Nelson||Allan Francis|
|Executive Chair & CEO||Vice President – Corporate Affairs and Administration|
|Phone: 416-949-7227||Phone: 204-589-9301|
|Email: [email protected]||Email: [email protected]|
This news release contains forward-looking statements, within the meaning of applicable securities legislation, concerning Dynamic’s business and affairs. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “budget”, “booked”, “scheduled”, “positions”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes” or variations of such words and phrases or state that certain actions, events or results “may”, “may be”, “could”, “should”, “would”, “might” or “will”, “occur” or “be achieved”. Such statements include statements with respect to: (i) the anticipated closing of the Sale Transaction; (ii) the anticipated negotiation of a definitive agreement for the Sale Transaction, (iii) the anticipated approval of the Sale Transaction by the Court, (iv) the expectation that the Chapter 15 Application will proceed on June 13, 2023 upon expiry of the 21 day notice period, and (v) the expectation that no person will oppose the Capital 15 Application. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Dynamic believes these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. Actual results could differ materially from those anticipated in these forward-looking statements as a result of prevailing economic conditions, and other factors, many of which are beyond the control of the Company. The forward-looking statements contained in this news release represent Dynamic’s expectations as of the date hereof, and are subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable securities regulations.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.