Dynamic Energy Alliance Corporation Executes Further Debt Reduction
MEMPHIS, Tenn., Aug. 6, 2012 (GLOBE NEWSWIRE) -- Dynamic Energy Alliance
Corporation (OTCQB:DEAC) today announced that, as part of an ongoing process
of converting pre-fiscal year 2012 creditors to equity participants, it had
negotiated an amendment to an agreement with Key Services, Inc. under which
the Company will issue to Key a total of 609,315 restricted (Rule 144) Common
shares to compensate for aggregate fees totaling $121,863.01 which had accrued
since July 1, 2011. This will remove the accrued Key liability from the
Company's Balance Sheet. Key also agreed to a lock-up agreement which would
extend by 12 months the normal six month lock-up period for these shares.
The Company also noted that the original Key Services contract had a five-year
term at a rate of $20,000 per month. Key's acceptance of the amended terms
terminates this continuing obligation effective July 1, 2012, saving the
Company more than $1,000,0000 in future fees which would have been payable
over the remaining four years of the contract.
"We appreciate Key Services' past assistance in identifying potential sites
for our Green Energy Campuses, and we are pleased they will continue to
participate as shareholders in the continuing evolution of our Company,"
stated Charles R. Cronin, Jr., Chairman. "We believe that the opportunity
presented by our planned integration of Pyrolytic technologies is an
attractive element that has helped encourage creditors to convert into equity
stakes in the Company's future."
As previously announced, the Company had negotiated and transacted the
conversion of more than $1,146,565 of debt into equity by the issuance of an
aggregate 7,732,824 shares of Series A Convertible Preferred stock to certain
directors and officers, and had converted additional debt of $271,800
associated with Dynamic Energy Development Corp., subsidiary, into 1,494,909
restricted DEAC Common shares.
Dynamic Energy Alliance recently announced a definitive agreement to acquire
catalyst and reactor technologies related to the recovery of high value
organics from the Pyrolytic processing of scrap tires, and also announced that
a site in Ennis, Texas had been secured for its use and probable purchase.
The Company filed a Current Report on Form 8-K with the Securities and
Exchange Commission on July 31, 2012 to disclose, among other things, the
Company's entrance into the agreement with Key described herein. The Company
filed a Form 10-K on April 16, 2012 (and as amended on July 26, 2012) and a
Form 8-K on January 6, 2012, all of which disclose, among other things, the
Company's entrance into the past debt conversion transactions referenced
About Dynamic Energy Alliance Corporation
Dynamic Energy Alliance Corporation (DEAC), www.dynamicenergyalliance.com, is
a development stageenergy and recycling focused on identifying, combining and
enhancing e existing technologies with proprietary recoverable production and
finishing processes to produce synthetic oil, carbon black, gas, and carbon
steel from waste feedstock. This process is expected to be accomplished with
limited residual waste product and significant reductions in greenhouse gases
compared to traditional processing. To maximize this opportunity, the Company
has developed a scalable, commercial developmentstrategy to build "Energy
Campuses" with low operational costs and long-term, recurring revenues.
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Forward-Looking Safe Harbor Statement:
This press release contains forward-looking statements that are made pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. By their nature, forward-looking statements and forecasts involve
risks and uncertainties because they relate to events and depend on
circumstances that will occur in the near future. Forward-looking statements
speak only as of the date they are made, are based on various underlying
assumptions and current expectations about the future. We caution readers that
any forward-looking statements are not guarantees of future performance and
that actual results could differ materially from those contained or implied in
the forward-looking statements. Such forward-looking statements include, but
are not limited to, statements about the transactions described herein, future
financial and operating results, the combined company's plans, objectives,
expectations and intentions and other statements that are not historical
facts. In some cases, you may identify forward-looking statements by words
such as "may," "should," "plan," "intend," "potential," "continue," "believe,"
"expect," "predict," "anticipate" and "estimate," the negative of these words
or other comparable words. These statements are only predictions. One should
not place undue reliance on these forward-looking statements. The
forward-looking statements are qualified by their terms and/or important
factors, many of which are outside the Company's control, involve a number of
risks, uncertainties and other factors that could cause actual results and
events to differ materially from the statements made. The forward-looking
statements are based on the Management's beliefs, assumptions and expectations
about the Company's future performance and the future performance of its
subsidiaries, taking into account information currently available to the
Company. These beliefs, assumptions and expectations can change as a result of
many possible events or factors not all of which are known to the Company. The
Company will update this forward-looking information only to the extent
required under applicable securities laws. Neither the Company nor any other
person assumes responsibility for the accuracy or completeness of these
For a discussion of these risks and uncertainties, please see our filings with
the Securities and Exchange Commission. Our public filings with the Commission
are available from commercial document retrieval services and at the website
maintained by the Commission atwww.sec.gov.
CONTACT: Robert Bleckman
Dynamic Energy Alliance Corporation
(901) 414-0003, extension 2006
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