dynaCERT Announces Auditor Resignation

Rhea-AI Summary

dynaCERT Inc. (OTCQX: DYFSF) has announced the resignation of its auditors, BDO Canada LLP. This decision was made by BDO without any reportable events or disagreements. The resignation has been reviewed by dynaCERT's audit committee, and the company is now in the process of engaging a new auditor for the 2022 fiscal year. dynaCERT specializes in Carbon Emission Reduction Technology, contributing to the global hydrogen economy.

Positive

• dynaCERT is initiating the process to find a replacement auditor, indicating proactive management of financial oversight.

Negative

• The resignation of BDO may raise concerns among investors regarding the continuity and stability of financial reporting.

TORONTO--(BUSINESS WIRE)-- dynaCERT Inc. (TSX: DYA) (OTCQX: DYFSF) (FRA: DMJ) ("dynaCERT" or the "Company") announces the resignation of its auditors, BDO Canada LLP ("BDO"). BDO resigned on their own initiative, which resignation has been reviewed by dynaCERT’s audit committee. BDO has advised that its resignation is a business decision of such firm and has confirmed that there are no reportable events, "disagreements" or "unresolved issues" (as those terms are defined in National Instrument 51-102 – Continuous Disclosure Obligations) in connection with the change of auditor. dynaCERT is commencing the process to engage a replacement auditor for the 2022 fiscal year.

About dynaCERT Inc.
dynaCERT Inc. manufactures and distributes Carbon Emission Reduction Technology for use with internal combustion engines. As part of the growing global hydrogen economy, our patented technology creates hydrogen and oxygen on-demand through a unique electrolysis system and supplies these gases through the air intake to enhance combustion, resulting in lower carbon emissions and greater fuel efficiency. Our technology is designed for use with many types and sizes of diesel engines used in on-road vehicles, refrigerated trailers, off-road construction, power generation, mining and forestry equipment, marine vessels and railroad locomotives. Website: www.dynaCERT.com.

READER ADVISORY
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to the review by the Company's audit committee of the resignation of BDO Canada LLP as the Company's auditor and the commencement of a process to seek a replacement auditor. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance of achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether our strategies and business plans will yield the expected benefits; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; the uncertainty of the emerging hydrogen economy; including the hydrogen economy moving at a pace not anticipated; our ability to secure and maintain strategic relationships and distribution agreements; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Neither The Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of The Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of the release.

On Behalf of the Board
Murray James Payne, CEO

View source version on businesswire.com: https://www.businesswire.com/news/home/20220805005494/en/

Jim Payne, CEO & President

dynaCERT Inc.

#101 – 501 Alliance Avenue

Toronto, Ontario M6N 2J1

+1 (416) 766-9691 x 2

jpayne@dynaCERT.com

Investor Relations

dynaCERT Inc.

Nancy Massicotte

+1 (416) 766-9691 x 1

nmassicotte@dynaCERT.com

Source: dynaCERT Inc.

FAQ

Why did dynaCERT Inc. change its auditor?

dynaCERT Inc. announced the resignation of BDO Canada LLP as auditors, stating it was a business decision by BDO without any reportable issues.

What is the impact of BDO's resignation on dynaCERT Inc.?

While BDO's resignation is without issues, it may lead to concerns about the continuity of financial oversight at dynaCERT.

Who will replace BDO Canada LLP as dynaCERT's auditor?

dynaCERT is currently in the process of selecting a replacement auditor for the 2022 fiscal year.