TORONTO, Jan. 31, 2022 (GLOBE NEWSWIRE) -- Dynamic Technologies Group Inc. (TSXV: DTG, OTC:ERILF) ( “Dynamic” or the “Company”), with reference to its prior news releases dated April 29, 2019, July 15, 2020 and October 7, 2020, is pleased to announce that the Company has amended its USD$28.7 million senior credit agreement (“Senior Credit Agreement”). As of today, the Senior Credit Agreement has an aggregated outstanding balance of USD $14.3 million.

“The Company is pleased to have paid back 50% of the original loan and it has been working hard on a new financing that would pay off the remaining amount owing under the Senior Credit Agreement, strengthen its working capital and position the Company to finance more co-ventures, just like the Company’s 50% ownership of SkyFly™: Soar America that was announced in a separate news release today. The loan extension reflects management’s expectation that a little more time is needed to address this objective,” stated Guy Nelson, Executive Chair and CEO.

The amendment to the Senior Credit Agreement extends the maturity for one of the credit facilities (the “Extended Facility”) from January 31, 2022 to February 28, 2022. The amount outstanding on the Extended Facility is USD $10.4 million. One of the other credit facilities governed by the Senior Credit Agreement has been repaid in full, and the other credit facility governed by the Senior Credit Agreement has an outstanding balance of USD $3.9 million and is repayable on or before June 30, 2022.

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 TSX Venture Exchange under the symbol DTG. For more information about the Company, visit www.dynamictechgroup.com or contact:

Reader Advisory
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) management’s expectation that a little more time is needed to complete a new financing that would pay off the amount owing under the Senior Credit Agreement, strengthen the Company’s working capital and position the Company to finance more co-ventures like SkyFly^TM: Soar America; (ii) USD$10.4 million (including additional interest) being repaid on or before February 28, 2022; and (iii) USD $3.9 million being repaid on or before June 30, 2022. 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.