Empire Industries Ltd. has changed its name to Dynamic Technologies Group Inc. and its stock trading symbol to TSXV:DTG. The Company has also launched its new website, www.dynamictechgroup.com.
Guy Nelson, Executive Chairman and CEO said, “The Name Change is reflective of many things, not the least of which is the strategic pivot the Company has been making towards creating and leveraging its proprietary technology. One of the Company’s core values is its commitment to innovation which has become a pre-requisite for success in the future. Over the past five years, the Company has invested over 500 person years of engineering to develop its amusement ride technology, knowhow and intellectual property. This technology will be applicable in the global amusement park industry and has application in the location-based entertainment business sector, especially post-Covid as demand increases for world class entertainment experiences. The Name Change is part of a natural evolution for the Company.”
Because the Company did not complete a share consolidation in connection with the Name Change, shareholders are not required to exchange existing share certificates for new share certificates bearing the Company’s new name. The Name Change does not affect the rights of the Company’s shareholders and no further action is required by existing shareholders.
The Name Change symbolizes many important strategic considerations and the timing coincides with the advancement and completion of many tactical initiatives.
• The flying theatre co-venture in the Smoky Mountains of Tennessee is scheduled to open in the summer of 2021. The Company has an option to purchase a 50% interest in this co-venture;
• Leveraging the Company’s proprietary IP and creative knowhow by pursuing co-ventures globally, a market niche that the Company believes will grow dramatically in a post-pandemic world;
• Created and funded a long-term commitment to R&D, focusing our world class, multi-disciplinary engineering skills on diversified markets;
• Successfully completed the handover of our first special effects coaster in Abu Dhabi;
• Finalizing the successful completion and handover of amazing ride systems in Osaka, Beijing, Kuala Lumpur, Los Angeles, and Doha, all waiting for the pandemic to subside to open them to the public;
• Strengthened the Board by adding an American with 35 years of experience in the US capital markets; and
• Amended its US$32.7 million of debt to reduce the interest and defer approximately half the principal repayments to between mid 2022 and mid 2023 and match the other half to receivable collections related to holdback releases on all the rides being commissioned throughout 2021.
“It has been a very challenging time for virtually every company in the world as we manage our way through the pandemic, especially companies that produce products and deliver services that entertain guests out of the home like Dynamic;” stated Guy Nelson, founder of the Company. “This time was used to get closer to our customers, critically assess the Company’s incredibly valuable intangible assets and reorganize our employees in such a way as to capitalize on the tremendous opportunities that we have identified in a post-pandemic world.”
The pandemic is not over yet and it will continue to have its effects on our 2021 results but vaccines, cleaning technologies and the effectiveness of operational protocols are combining to make everyone more optimistic about the future. Dynamic Technologies’ journey is not a short term one, it will take time to execute, but our strategy is clear and the long-term prospects are very exciting using its Technology to Drive the Dynamic Difference.
The Company has launched its new website, www.dynamictechgroup.com. and has commenced a program to refresh its social media presence on LinkedIn, Twitter, YouTube and Vimeo. All social media links are easily found by going to the new website.