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 June 3, 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
---------------------------
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
-----------------------
June 2, 2008
Item 3 News Release
------------
Issued June 2, 2008 and disseminated via Business Wire.
Item 4 Summary of Material Change
--------------------------
VANCOUVER, BC, June 2, 2008 - Dynamotive Energy Systems Corporation
(OTCBB: DYMTF), a leader in biomass-to-biofuel technology, today
reported its first quarter 2008 results.
For the three months ended March 31, 2008, the company reported a loss
of $1.4 million or $0.01 per share, compared with a loss of $3.2 million
or $0.02 a share for the same period a year earlier. When stock-based
compensation is excluded, Dynamotive's Q1 2008 net loss was $0.8
million, compared with $2.4 million during 2007. (All figures are in US
dollars.)
The lower loss for the quarter is due mainly to the recognition of
$500,000 of license revenue from a contract in place since 2006, lower
research and development expense and stock based compensation, partially
offset by increased activity levels in the Company's US and Argentine
offices. Also included is a reversal in the quarter of certain
compensation costs of $1.1 million previously accrued and expensed in
fiscal 2007 and which reversal resulted from a voluntary surrender of
certain compensation entitlements by senior management.
During the quarter, Dynamotive continued commissioning of a state-of-
the-art, modular 200-tonnes-per-day intermediate grade BioOil(R) plant in
Guelph Ontario and completed the upgrade in West Lorne, Ontario. This
upgrade expands the West Lorne plants capacity to 130 tonnes per day.
Item 5 Full Description of Material Change
-----------------------------------
5.1 Full Description of Material Change
VANCOUVER, BC, June 2, 2008 - Dynamotive Energy Systems Corporation
(OTCBB: DYMTF), a leader in biomass-to-biofuel technology, today
reported its first quarter 2008 results.
For the three months ended March 31, 2008, the company reported a loss
of $1.4 million or $0.01 per share, compared with a loss of $3.2 million
or $0.02 a share for the same period a year earlier. When stock-based
compensation is excluded, Dynamotive's Q1 2008 net loss was $0.8
million, compared with $2.4 million during 2007. (All figures are in US
dollars.)
The lower loss for the quarter is due mainly to the recognition of $500,000
of license revenue from a contract in place since 2006, lower research and
development expense and stock based compensation, partially offset by
increased activity levels in the Company's US and Argentine offices. Also
included is a reversal in the quarter of certain compensation costs of $1.1
million previously accrued and expensed in fiscal 2007 and which reversal
resulted from a voluntary surrender of certain compensation entitlements by
senior management.
During the quarter, Dynamotive continued commissioning of a state-of-the-
art, modular 200-tonnes-per-day intermediate grade BioOil(R) plant in Guelph
Ontario and completed the upgrade in West Lorne, Ontario. This upgrade
expands the West Lorne plants capacity to 130 tonnes per day.
President and CEO, Andrew Kingston, said: "During the first quarter of 2008,
we made significant advances at our Guelph and West Lorne plants though we
continue to deal with various start up issues as we push to higher capacity
levels and longer production runs. We suffered a set back at West Lorne in
early April with a small fire, but that damage is being repaired and the
plant will be back on line shortly. We have also continued to develop our
US and South American projects and will continue to report substantive
developments as they occur."
Dynamotive highlights in the First Quarter of 2008.
- -Completion and advanced commissioning at Guelph.
- -Initial production from the upgraded West Lorne plant.
- -Dynamotive completes feedstock supply and other contracts in US
(Missouri) and Argentina (Corrientes) in support of project
developments.
- -Signed a cooperation agreement in Taiwan to potentially develop BioOil
plants in the Greater China area
- -Advancing additional project opportunities in Europe, Australia,
Southeast Asia and elsewhere.
Summary financial results are presented as follows:
- ---------------------------------------------------
Consolidated Statements of Loss
(expressed in 000's of U.S. Dollars)
Three Months Ended
March 31,
2008 2007
$ $
- ---------------------------------------------------------------------------
REVENUE
License Revenue 500 -
EXPENSES
Marketing and business development 319 346
Research and development 231 894
General and administrative 2,453 2,094
Depreciation and Amortization 37 30
Interest expense 18 -
Exchange (gain) loss 14 (17)
- ---------------------------------------------------------------------------
Total expenses 3,072 3,347
- ---------------------------------------------------------------------------
Gain on reduction of bonus
and vacation accruals 1,138 -
Other (income) and expenses 1 79
- ---------------------------------------------------------------------------
Loss before non-controlling interest 1,433 3,268
Non-controlling interest - (29)
- ---------------------------------------------------------------------------
Net Loss for the Period 1,433 3,239
===========================================================================
Weighted average number of common shares
outstanding (in thousands) 208,009 177,602
Loss per Common share
for the period $0.01 $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
-----------------
Contact: Andrew Kingston, President & CEO
Telephone: (604) 267-6013
Item 9 Date of Report
--------------
June 2, 2008
DYNAMOTIVE ENERGY SYSTEMS CORPORATION
(signed) "Andrew Kingston"
----------------
Andrew Kingston
President & CEO
DYNAMOTIVE ENERGY SYSTEMS CORPORATION News Release: June 2, 2008
DYNAMOTIVE REPORTS 1st QUARTER 2008 RESULTS
VANCOUVER, BC, June 2, 2008 - Dynamotive Energy Systems Corporation (OTCBB:
DYMTF), a leader in biomass-to-biofuel technology, today reported its first
quarter 2008 results.
For the three months ended March 31, 2008, the company reported a loss of
$1.4 million or $0.01 per share, compared with a loss of $3.2 million or
$0.02 a share for the same period a year earlier. When stock-based
compensation is excluded, Dynamotive's Q1 2008 net loss was $0.8 million,
compared with $2.4 million during 2007. (All figures are in US dollars.)
The lower loss for the quarter is due mainly to the recognition of $500,000
of license revenue from a contract in place since 2006, lower research and
development expense and stock based compensation, partially offset by
increased activity levels in the Company's US and Argentine offices. Also
included is a reversal in the quarter of certain compensation costs of $1.1
million previously accrued and expensed in fiscal 2007 and which reversal
resulted from a voluntary surrender of certain compensation entitlements by
senior management.
During the quarter, Dynamotive continued commissioning of a state-of-the-
art, modular 200-tonnes-per-day intermediate grade BioOil(R) plant in Guelph
Ontario and completed the upgrade in West Lorne, Ontario. This upgrade
expands the West Lorne plants capacity to 130 tonnes per day.
President and CEO, Andrew Kingston, said: "During the first quarter of 2008,
we made significant advances at our Guelph and West Lorne plants though we
continue to deal with various start up issues as we push to higher capacity
levels and longer production runs. We suffered a set back at West Lorne in
early April with a small fire, but that damage is being repaired and the
plant will be back on line shortly. We have also continued to develop our
US and South American projects and will continue to report substantive
developments as they occur."
Dynamotive highlights in the First Quarter of 2008.
- -Completion and advanced commissioning at Guelph.
- -Initial production from the upgraded West Lorne plant.
- -Dynamotive completes feedstock supply and other contracts in US (Missouri)
and Argentina (Corrientes) in support of project developments.
- -Signed a cooperation agreement in Taiwan to potentially develop BioOil
plants in the Greater China area
- -Advancing additional project opportunities in Europe, Australia, Southeast
Asia and elsewhere.
Summary financial results are presented as follows:
- ---------------------------------------------------
Consolidated Statements of Loss
(expressed in 000's of U.S. Dollars)
Three Months Ended
March 31,
2008 2007
$ $
- ---------------------------------------------------------------------------
REVENUE
License Revenue 500 -
EXPENSES
Marketing and business development 319 346
Research and development 231 894
General and administrative 2,453 2,094
Depreciation and Amortization 37 30
Interest expense 18 -
Exchange (gain) loss 14 (17)
- ---------------------------------------------------------------------------
Total expenses 3,072 3,347
- ---------------------------------------------------------------------------
Gain on reduction of bonus
and vacation accruals 1,138 -
Other (income) and expenses 1 79
- ---------------------------------------------------------------------------
Loss before non-controlling interest 1,433 3,268
Non-controlling interest - (29)
- ---------------------------------------------------------------------------
Net Loss for the Period 1,433 3,239
===========================================================================
Weighted average number of common shares
outstanding (in thousands) 208,009 177,602
Loss per Common share
for the period $0.01 $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
PlusTM 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.