Dynamic Technologies Group Provides Corporate Update – Dynamic Techs Gr (OTC:ERILF)

TORONTO (GLOBE NEWSWIRE), February 28, 2023 — Dynamic Technologies Group Inc. DTGERILF (“Dynamic”, “Company”, “we” and “our”) refers to our previous new release dated 8/22/2022 stating that the Company’s USD$16m senior secured credit facility with Promising Expert Limited (“PEL”) matured February 28, 2023 (“PEL Credit Facilities”), and is in default of non-payment. Cross-default is defined as the default in the PEL Credit Facility. It’s also a violation of terms for the subordinated secured loan to Export Development Canada (EDC) that the Company has borrowed USD$2 Million.

PEL is supportive of the Company and continues to be in contact with it. The Company has been in discussions with PEL and believes that PEL will not issue any demand for payment or take any steps to access the PEL Credit Facilities at the moment. PEL and EDC have an intercreditor arrangement. EDC has a limited power to enforce EDC priority collateral that consists only of money, inventory (including raw material and work in progress), equipment and intangibles. PEL must receive ninety (90-day) advance notice from EDC before it can accelerate payment or commence an enforcement action. Only then, if PEL does not pursue its own enforcement actions in good faith.

Guy Nelson, Dynamic’s Chief Executive Officer and Executive Chairman, stated that while we were disappointed not to be able to conclude our negotiations to extend the PEL Credit Facilities until February 28, 2018, we are thankful to PEL’s continued support as we continue to discuss.

It is not possible to guarantee the Company’s success in negotiations or settlements with secured creditors regarding the resolution of above-mentioned default events.    There is a significant uncertainty that the Company will be able to remain a viable business.

Dynamic Technologies Group Inc.

Dynamic has a reputation for being a leader in designing, engineering, producing, and commissioning iconic media-based attractions, ride systems, and rides to be built and operated worldwide. Dynamic uses its media-based, world-class attraction products as well as attraction development expertise on a joint venture ownership basis. Dynamic also uses its engineering integration skills and problem solving abilities on projects in diverse industries like alternative energy, large optical telescopes, enclosures, and large-sized optical telescopes.

Dynamic’s common stock is listed on the TSX Venture Exchange, under the symbol DTG. For more information about the Company, visit www.dynamictechgroup.com or contact:

Reader Advisory
This news release may contain forward-looking statements regarding Dynamic’s affairs and business, according to applicable securities legislation. Forward-looking statements may be identified in certain situations by words like “plans”, or “expects”, or “doesn’t expect”, or “budget”, or “scheduled”, or “positions”, or other words that use the words “budget”, or “scheduled”, or “estimates”, or “anticipates”, or any variation of these words or phrases. These forward-looking statements could include words such as: “could”, or “should”, or “might”, or “occur”, or “occur”, or “occur”, or “occur”, or be”, or “occur”, or be”, or “occur”, or be”, or be”, or be”, or be”, or be”, or be”, or Statements regarding forward-looking statements are statements about: (i), the Company’s ability to complete negotiations with PEL in order to extend the maturity dates of its PEL Credit Facilities; and, (ii), the Company’s ability to settle with secured lenders to correct the above-mentioned instances of default. These forward-looking statements can be affected by unknown and unanticipated risks, uncertainties, and other factors. They could result in actual results or events that differ materially from the ones anticipated. These statements are believed to be reasonable by Dynamic, but no guarantee can be made that they will be accurate. Forward-looking statements in this news release shouldn’t be relied on. Due to prevailing economic conditions and other factors that are often beyond the Company’s control, actual results may differ from the forward-looking statements. This news release contains forward-looking statements that reflect Dynamic’s current expectations. They are subject to revision after the date. The Company has no intention or obligation, other than as required under applicable securities regulations to modify or revise forward-looking information.

Neither the TSX Venture Exchange, nor the Regulation Services Provider as defined in the policies by the TSX Venture Exchange accept responsibility for the accuracy or adequacy of this release.