Initial Order and CCAA Process
The Initial Order includes, in addition to the Initial Stay and other items: (i) the appointment of
Following consultation with its legal and financial advisors, the Board of Directors determined that it was in the best interest of the Company and its Subsidiaries to obtain CCAA protection. The decision to commence CCAA proceedings was made after careful consideration of: (i) Dynamic’s cash position, forecasted revenue and expenses; (ii) the deferred revenue and contingent liabilities disclosed in Dynamic’s financial statements related to specific ride supply projects; (iii) the continuing non-payment default under its
A comeback hearing in respect of the relief granted pursuant to the Initial Order has been scheduled for
Management of the Company and its Subsidiaries will remain responsible for the day‐to‐day operations of the Company and its Subsidiaries, under the general oversight of the Monitor. Ongoing operations shall be supported by cash from operations with additional cash from the DIP Loan, as required. The Company’s Board of Directors remains unchanged.
Further announcements regarding the CCAA Process will be made, as appropriate.
Transfer to NEX and Suspension of Trading
As a result of the CCAA Process, Dynamic’s listing will be transferred to the NEX Board of the
About
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
Executive Chair & CEO | Vice President – Corporate Affairs and Administration |
Phone: (416) 949-7227 | Phone: (204) 589-9301 |
Email: gnelson@dynamictechgroup.com | Email: afrancis@dynamictechgroup.com |
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) the anticipated approval to conduct and implement the Strategic Process; (ii) the anticipated approval of the DIP Loan; (iii ) the ability to achieve the highest value available or otherwise best offer for the Company, its Subsidiaries, and its stakeholders through the Strategic Process; (iv) the expectation that Dynamic’s listing will be transferred to the NEX Board of the TSXV in accordance with the TSXV’s policies and procedures; (v) the expectation that the Company’s transfer agent will suspend services for non-payment; and (vi) the expectation that the trading of the Company’s securities will be suspended. 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
Source:
2023 GlobeNewswire, Inc., source