FORM 6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 or 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR April 30, 2008
DYNAMOTIVE ENERGY SYSTEMS CORPORATION
(Exact name of Registrant as specified in its charter)
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Suite 230-1700 West 75th Avenue
Vancouver, BC
Canada V6P 6G2
(604) 267-6000
(Address of principal executive offices)
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[Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F:]
FORM 20-F X FORM 40-F
--- ---
[Indicate by check mark whether the registrant by furnishing the
information contained in this form is also thereby furnishing the
information to the Commission pursuant to rule 12g3-2(b) under the
Securities Exchange Act of 1934.]
YES NO X
--- ---
[If Yes is marked, indicate below the file number assigned to
the registrant in connection with Rule 12g3-2(b):] Not applicable
FORM 51-102F3
MATERIAL CHANGE REPORT
Item 1 Name and Address of Company
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DynaMotive Energy Systems Corporation (the "Issuer")
230-1700 West 75th Avenue
Vancouver, BC V6P 6G2
Tel. (604) 267-6013
Item 2 Date of Material Change
-----------------------
April 29, 2008
Item 3 News Release
------------
Issued April 29, 2008 and disseminated via Business Wire.
Item 4 Summary of Material Change
--------------------------
VANCOUVER, BC, April 29, 2008 - Dynamotive Energy Systems Corporation
(OTCBB: DYMTF), a leader in ligno-cellulosic biomass based fuels
technology, today reported its fourth quarter and full year 2007 results.
The Company's Comprehensive Loss (including foreign currency adjustment of
$6.2 million), was $8.0 million for the Year 2007. Excluding the foreign
currency adjustment, the company's 2007 Net Loss was $14.2 million, or
$0.08 per share, compared with a net loss of $14.3 million, or $0.09 per
share, for 2006. Excluding Stock based compensation, the Company's Net
Loss for 2007 was $10.6 million (2006 $9.9 million). (All figures are in US
dollars)
For the three months ended December 31, 2007, the company reported a loss
of $4.3 million or $0.02 per share, compared with a loss of $4.1 million or
$0.02 a share for the same period a year earlier. Net of Non-cash
compensation, the Company had a Net Loss of $3.3 million during the forth
quarter compared to $3.1 million during the fourth quarter of 2006.
As at December 31, 2007, the Company had cash and cash equivalents of $1.8
million. This reflects the Company's cash balance at the beginning of 2007
of $9.3 million plus equity issuance of $23.1 million less capital
expenditures of $21.0 million and operating expenditures of $9.6 million
(which includes changes in working capital balances and miscellaneous non-
cash charges).
Item 5 Full Description of Material Change
-----------------------------------
Full Description of Material Change
VANCOUVER, BC, April 29, 2008 - Dynamotive Energy Systems Corporation
(OTCBB: DYMTF), a leader in ligno-cellulosic biomass based fuels
technology, today reported its fourth quarter and full year 2007 results.
The Company's Comprehensive Loss (including foreign currency adjustment of
$6.2 million), was $8.0 million for the Year 2007. Excluding the foreign
currency adjustment, the company's 2007 Net Loss was $14.2 million, or
$0.08 per share, compared with a net loss of $14.3 million, or $0.09 per
share, for 2006. Excluding Stock based compensation, the Company's Net
Loss for 2007 was $10.6 million (2006 $9.9 million). (All figures are in US
dollars)
For the three months ended December 31, 2007, the company reported a loss
of $4.3 million or $0.02 per share, compared with a loss of $4.1 million or
$0.02 a share for the same period a year earlier. Net of Non-cash
compensation, the Company had a Net Loss of $3.3 million during the forth
quarter compared to $3.1 million during the fourth quarter of 2006.
As at December 31, 2007, the Company had cash and cash equivalents of $1.8
million. This reflects the Company's cash balance at the beginning of 2007
of $9.3 million plus equity issuance of $23.1 million less capital
expenditures of $21.0 million and operating expenditures of $9.6 million
(which includes changes in working capital balances and miscellaneous non-
cash charges).
CEO Commentary
Andrew Kingston, president and chief executive officer, said, "During the
year Dynamotive completed construction of a state-of-the-art, modular 200-
ton-per-day BioOil plant in Guelph, Ontario and also expanded and upgraded
the West Lorne, Ontario plant, which is currently re-starting operations.
Additionally, we strengthened Dynamotive's management team and positioned
ourselves to capitalize on world-wide market opportunities, most
specifically in Canada, U.S., and Latin America. The Company faced many
challenges during 2007, as we worked to bring our biofuel facilities to
operating status, as well as expand business operations in North and South
America. We fully expect 2008 to be a year of achieving significant
milestones."
2007 Highlights
Financial
- Significant cash infusions from $23.1 million in equity financings
and warrant exercises used to fund operations and to complete the
Guelph and West Lorne plants.
- Minimal debt
- Invested $2.0 million in R&D ($4.2 million in 2006).
- Incurred $3.6 million in non-cash compensation expenses ($4.3
million in 2006).
Operational
- Launch of higher energy content biofuel - BioOil Plus
- Signed Contract with Ontario Power Authority to Supply Power to
Grid
- Established First Resources Corporation to develop partnerships
with First Nations
- Signed agreements with provincial government in Argentina to
develop up to six biofuel plants
- BioOil production start-up at Guelph 200 tpd plant
- Signed comprehensive Letter of Agreement with Mitsubishi
Corporation
- Announced key agreements for our first commercial plant in the
USA, in Willow Springs, Missouri.
Summary Financial results are presented as follows:
Consolidated Statements of Loss
(expressed in 000's of U.S. Dollars)
Years Ended Three Months Ended
December 31, December 31,
2007 2006 2007 2006
$ $ $ $
- ---------------------------------------------------------------------------
EXPENSES
Marketing and business development 1,602 1,768 546 374
Research and development 2,040 4,248 297 1,197
General and administrative 11,026 7,763 3,805 2,481
Depreciation and Amortization 144 124 45 40
Interest expense 22 505 9 58
Exchange gain (419) (89) (90) (337)
- ---------------------------------------------------------------------------
Total expenses 14,415 14,319 4,612 3,813
- ---------------------------------------------------------------------------
Other income and (expenses) 207 494 83 128
Loss on settlement of AP (111) (98) (3) (98)
Gain (loss) on purchase/sale of - (420) 230 (420)
subsidiary
- ---------------------------------------------------------------------------
Loss before minority interest 14,319 14,343 4,302 4,203
Non-controlling interest 99 91 3 91
- ---------------------------------------------------------------------------
Loss for the Period 14,220 14,252 4,299 4,112
===========================================================================
=======
Comprehensive Loss 8,008
=======
Weighted average number of common shares
outstanding (in thousands) 189,573 153,686 205,329 168,463
Loss per Common share
for the period $0.08 $0.09 $0.02 $0.02
- ---------------------------------------------------------------------------
5.2 Disclosure for Restructuring Transactions
N/A
Item 6 Reliance on Subsection 7.1(2) or (3) of National Instrument 51-102
------------------------------------------------------------------
Not applicable
Item 7 Omitted Information
-------------------
Not applicable
Item 8 Executive Officer
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Contact: Andrew Kingston, President & CEO
Telephone: (604) 267-6013
Item 9 Date of Report
--------------
April 29, 2008
DYNAMOTIVE ENERGY SYSTEMS CORPORATION
(signed) "Andrew Kingston"
----------------
Andrew Kingston
President & CEO
DYNAMOTIVE ENERGY SYSTEMS CORPORATION News Release: April 29, 2008
DYNAMOTIVE REPORTS 4th QUARTER & YEAR-END 2007 RESULTS
VANCOUVER, BC, April 29, 2008 - Dynamotive Energy Systems Corporation
(OTCBB: DYMTF), a leader in ligno-cellulosic biomass based fuels technology,
today reported its fourth quarter and full year 2007 results.
The Company's Comprehensive Loss (including foreign currency adjustment of
$6.2 million), was $8.0 million for the Year 2007. Excluding the foreign
currency adjustment, the company's 2007 Net Loss was $14.2 million, or
$0.08 per share, compared with a net loss of $14.3 million, or $0.09 per
share, for 2006. Excluding Stock based compensation, the Company's Net
Loss for 2007 was $10.6 million (2006 $9.9 million). (All figures are in US
dollars)
For the three months ended December 31, 2007, the company reported a loss
of $4.3 million or $0.02 per share, compared with a loss of $4.1 million or
$0.02 a share for the same period a year earlier. Net of Non-cash
compensation, the Company had a Net Loss of $3.3 million during the forth
quarter compared to $3.1 million during the fourth quarter of 2006.
As at December 31, 2007, the Company had cash and cash equivalents of $1.8
million. This reflects the Company's cash balance at the beginning of 2007
of $9.3 million plus equity issuance of $23.1 million less capital
expenditures of $21.0 million and operating expenditures of $9.6 million
(which includes changes in working capital balances and miscellaneous non-
cash charges).
CEO Commentary
Andrew Kingston, president and chief executive officer, said, "During the
year Dynamotive completed construction of a state-of-the-art, modular 200-
ton-per-day BioOil plant in Guelph, Ontario and also expanded and upgraded
the West Lorne, Ontario plant, which is currently re-starting operations.
Additionally, we strengthened Dynamotive's management team and positioned
ourselves to capitalize on world-wide market opportunities, most
specifically in Canada, U.S., and Latin America. The Company faced many
challenges during 2007, as we worked to bring our biofuel facilities to
operating status, as well as expand business operations in North and South
America. We fully expect 2008 to be a year of achieving significant
milestones."
2007 Highlights
Financial
- Significant cash infusions from $23.1 million in equity financings
and warrant exercises used to fund operations and to complete the
Guelph and West Lorne plants.
- Minimal debt
- Invested $2.0 million in R&D ($4.2 million in 2006).
- Incurred $3.6 million in non-cash compensation expenses ($4.3
million in 2006).
Operational
- Launch of higher energy content biofuel - BioOil Plus
- Signed Contract with Ontario Power Authority to Supply Power to
Grid
- Established First Resources Corporation to develop partnerships
with First Nations
- Signed agreements with provincial government in Argentina to
develop up to six biofuel plants
- BioOil production start-up at Guelph 200 tpd plant
- Signed comprehensive Letter of Agreement with Mitsubishi
Corporation
- Announced key agreements for our first commercial plant in the
USA, in Willow Springs, Missouri.
Summary Financial results are presented as follows:
Consolidated Statements of Loss
(expressed in 000's of U.S. Dollars)
Years Ended Three Months Ended
December 31, December 31,
2007 2006 2007 2006
$ $ $ $
- ---------------------------------------------------------------------------
EXPENSES
Marketing and business development 1,602 1,768 546 374
Research and development 2,040 4,248 297 1,197
General and administrative 11,026 7,763 3,805 2,481
Depreciation and Amortization 144 124 45 40
Interest expense 22 505 9 58
Exchange gain (419) (89) (90) (337)
- ---------------------------------------------------------------------------
Total expenses 14,415 14,319 4,612 3,813
- ---------------------------------------------------------------------------
Other income and (expenses) 207 494 83 128
Loss on settlement of AP (111) (98) (3) (98)
Gain (loss) on purchase/sale of - (420) 230 (420)
subsidiary
- ---------------------------------------------------------------------------
Loss before minority interest 14,319 14,343 4,302 4,203
Non-controlling interest 99 91 3 91
- ---------------------------------------------------------------------------
Loss for the Period 14,220 14,252 4,299 4,112
===========================================================================
=======
Comprehensive Loss 8,008
=======
Weighted average number of common shares
outstanding (in thousands) 189,573 153,686 205,329 168,463
Loss per Common share
for the period $0.08 $0.09 $0.02 $0.02
- ---------------------------------------------------------------------------
About Dynamotive
Dynamotive Energy Systems Corporation is an energy solutions provider
headquartered in Vancouver, Canada, with offices in the USA, UK and
Argentina. Its carbon/greenhouse gas neutral fast pyrolysis technology uses
medium temperatures and oxygen-less conditions to turn dry, waste
cellulosic biomass into BioOil for power and heat generation. BioOil can be
further converted into vehicle fuels and chemicals. Photographs of the
Guelph and West Lorne plants may be seen on the company's website.
www.dynamotive.com
About BioOil(R) Biofuel
BioOil(R) is an industrial fuel produced from cellulose waste material.
When combusted it produces substantially less smog-precursor nitrogen
oxides ('NOx') emissions than conventional oil as well as little or no
sulfur oxide gases ('SOx'), which are a prime cause of acid rain. BioOil(R)
and BioOil Plus(TM) are price-competitive replacements for heating oils #2
and #6 that are widely used in industrial boilers and furnaces. They have
been EcoLogo certified, having met stringent environmental criteria for
industrial fuels as measured by Environment Canada's Environmental Choice
Program. BioOil(R) can be produced from a variety of residue cellulosic
biomass resources and is not dependent on food-crop production.
Contacts:
Brian Richardson, Chief Financial Officer, 604-267-6004
Nathan Neumer, Director of Communications, 604-267-6042
Switchboard (604) 267-6000
Toll Free (North America) 1-877-863-2268
Fax (604) 267-6005
Email: info@dynamotive.com
Website: www.dynamotive.com
Forward Looking Statement
Statements in this news release concerning the company's business outlook
or future economic performance; including the anticipation of future plant
start-ups, partnerships, consortiums, teaming agreements, government
assistance, other anticipated cash receipts, revenues, expenses, or other
financial items; and statements concerning assumptions made or expectations
as to any future events, conditions, performance or other matters, are
"forward-looking statements". Forward-looking statements are by their
nature subject to risks, uncertainties and other factors which could cause
actual results to differ materially from those stored in such statements.
Such risks, uncertainties and factors include, but are not limited to,
changes in energy prices, availability of capital, and the company's
ability to access capital on acceptable terms or any terms at all, changes
and delays in project development plans and schedules, customer and partner
acceptance of new projects, changes in input pricing, competing alternative
energy technologies, government policies and general economic conditions.
These risks are generally outlined in the company's disclosure filings with
the Securities and Exchange Commission.