TORONTO, Jan. 04, 2022 (GLOBE NEWSWIRE) — Dynamic Technologies Group Inc. (TSXV: DTG, OTC: ERILF) (“Dynamic” or the “Company”) with reference to its prior News Release dated July 2, 2019, is pleased to announce that its wholly-owned co-venture subsidiary, Dynamic Entertainment Group Ltd. (“DEGL”), provided formal notice effective December 31, 2021 that it is exercising its option to acquire a 50% ownership interest the flying theatre attraction named SkyFly™: Soar America (https://skyfly.com/) located in Pigeon Forge, Tennessee (the “Flying Theatre Acquisition”) for a purchase price of USD$3,995,822 (the “Purchase Price”).
Dynamic was also informed December 31st by USA Today Readers’ Choice Award that Sky Fly™: Soar America, won the ‘Best New Attraction in the Country’ for 2021. The highly coveted honor is the result of nominations from travel experts and the top 10 being selected by readers through an annual online poll.
“I am absolutely ecstatic to announce that Dynamic gave its formal notice to exercise its option to buy and own 50% of SkyFly™: Soar America on the very same day that we were informed by USA Today Readers’ Choice Award that this attraction won the very prestigious honor of being selected as the ‘Best New Attraction’ in America,” said Guy Nelson, CEO of Dynamic. “It is serendipitous that both have happened on the same day. The acquisition and the development of the attraction are the culmination of months of hard work by the Company, its partner and its suppliers. The Company made a strategic decision to pivot towards leveraging its attraction intellectual property through ownership. Together this acquisition and award establish as fact that the strategy is not only alive, but being extremely well received.”
As background, on June 19, 2019, DEGL entered into an Option to Purchase Agreement with High Express Holdings Ltd. (the “Vendor”) providing DEGL with an option to acquire all of the issued and outstanding shares of High Express Holdings (US) Inc. (“High Express”). High Express owns a 50% interest in Smoky Mountain Flyers, LLC (“Smoky Mountain”), which owns and operates the SkyFly™: Soar America flying theatre attraction. Although the Vendor currently owns 31,116,267 common shares of Dynamic representing 19.0% of the issued and outstanding common shares of Dynamic, the Flying Theatre Acquisition is not a “related party transaction” within the meaning of TSXV Policy 5.9 or Multilateral Instrument 61-101 – Protection of Minority Security Holders In Special Transactions (“MI 61-101”). The Flying Theatre Acquisition is not a “related party transaction” due to the fact that when the Option to Purchase Agreement was entered into on June 19, 2019, the Vendor: (i) had beneficial ownership, or control or direction, directly or indirectly securities of Dynamic carrying less than 10% of the voting rights attached to all of Dynamic’s outstanding securities; and (ii) is not otherwise a “related party” as defined in MI 61-101. DEGL intends to pay the Purchase Price by issuance of a promissory note to the Vendor (“Note”). The Note will be secured by a pledge of the common shares of High Express, carry an interest rate of USD$30,000 per month (9.0% per annum), and be repayable on or before December 31,2022. The Flying Theatre Acquisition is scheduled to close on January 31, 2022, subject to the approval of the TSX Venture Exchange (“TSXV”) and the consent of Dynamic’s senior lender. No finder’s fee is payable in connection with the Flying Theatre Acquisition.
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:
|Guy Nelson||Allan Francis|
|Executive Chair & CEO||Vice President – Corporate Affairs and Administration|
|Phone: (416) 366-7977||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 closing of the Flying Theatre Acquisition, and that the conditions for completion of the Flying Theatre Acquisition, including regulatory approval and lender consent, will be met; and (ii) the intention pay the Purchase Price with a promissory note; and (iii) the intention to repay the Note on or before December 31, 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.