Dynamic Technologies Group announces Acquisition of 50% of Best New Attraction in the USA

TORONTO, Jan. 31, 2022 (GLOBE NEWSWIRE) — Dynamic Technologies Group Inc. (TSXV: DTG, OTC:ERILF) ( “Dynamic” or the “Company”) is pleased to announce that the Company’s wholly-owned co-venture subsidiary, Dynamic Entertainment Group Ltd. (“DEGL”) has acquired a 50% ownership interest in the flying theatre attraction named Sky Fly™: Soar America located in Pigeon Forge, Tennessee (the “Flying Theatre Acquisition”).

“I am thrilled to announce that the Company now owns 50% of the Smoky Mountain Flyers attraction at the Island in Pigeon Forge. We have seen excellent attendance since opening last summer. We expect this trend to continue, even more so, now that visitors to the Smoky Mountains of Tennessee will be even more curious to visit The Best New Attraction in the Country,” stated Guy Nelson, Executive Chair and CEO.

As background, the Company’s prior News Releases dated July 2, 2019 and January 4, 2022 disclosed that on June 19, 2019, DEGL entered into an Option to Purchase Agreement with High Express Holdings Ltd. (the “Vendor”) providing DEGL with an option to acquire all of the issued and outstanding shares of High Express Holdings (US) Inc. (“High Express”). High Express owns a 50% equity interest in Smoky Mountain Flyers, LLC (“Smoky Mountain”) and Smoky Mountain owns and operates the SkyFly™: Soar America flying theatre attraction that won the USA Today Readers’ Choice Award for ‘Best New Attraction in the Country’ for 2021.

The Flying Theatre Acquisition closed successfully today. DEGL paid the purchase price of USD$3,995,822 (the “Purchase Price”) by issuance of a promissory note (the “Note”) to the Vendor. The Note is secured by a pledge of the common shares of High Express and carries an interest rate of USD$30,000 per month (9.0% per annum) and is repayable on or before December 31, 2022.

Although the Vendor currently owns 31,116,267 common shares of Dynamic representing 19.0% of the issued and outstanding common shares of Dynamic, the Flying Theatre Acquisition was not a “related party transaction” within the meaning of TSXV Policy 5.9 or Multilateral Instrument 61-101 – Protection of Minority Security Holders In Special Transactions (“MI 61-101”). This is because the Option to Purchase Agreement was entered into on June 19, 2019, a time when the Vendor had control or direction, directly or indirectly, of securities of Dynamic carrying less than 10% of the voting rights attached to all of Dynamic’s outstanding securities and is therefore not a “related party” as defined in MI 61-101.

About Dynamic Technologies Group Inc.

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 TSX Venture Exchange under the symbol DTG. For more information about the Company, visit www.dynamictechgroup.com or contact:

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: the expected attendance numbers at the Island in Pigeon Forge; and repayment of the Note on or before December 31, 2022. 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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.