The company is continuing on its four-pronged plan: fostering collaborations to generate recurring revenue, growing our parts and services business, scaling the ride to meet demand, and focusing our technology development on product innovation and revenue diversification.

TORONTO, Aug. 29, 2022 (GLOBE NEWSWIRE) — Dynamic Technologies Group Inc. (TSXV: DTG, OTC:ERILF) (the “company” and “our”) today released its unaudited consolidated financial results for the quarter ended June 30, 2022. The Consolidated Financial Statements and MD&A have been filed on SEDAR and are available at www.sedar.com or at www.dynamictechgroup.com.

“The refinancing of our senior debt on August 5, 2022 was a critical first step in our planned shift to a Design, Build, Own and Operate business model to place our world-class attractions in tourist locations,” said Guy Nelson, Executive Chairman of Dynamic and Chief Executive Officer. “We have a new senior lender who is also a strategic shareholder and is committed to supporting this transition. The second funding step is progressing, albeit more slowly than planned. It is unfortunate that our overall funding plan was not completed in time to positively impact second quarter results, but we remain bullish on our long-term strategy as we have several high-quality co-venture opportunities in our pipeline that are significant are recurring revenue potential for Dynamic. During the transition, diversified revenue streams and reduced operating expenses are the company’s near-term tactical focus, as is completing the second step of our overall financing plan.”

Summary of second quarter consolidated results

• Revenue decreased to $5.3 million in the second quarter of 2022, down 40% from the second quarter of 2021.
• EBITDA loss of $2.3 million in the second quarter of 2022 compared to an EBITDA loss of $2.0 million in the second quarter of 2021. The change was primarily due to lower revenue.
• Net loss in the second…