A valve assembly for an internal combustion engine includes a stationary permanent magnet assembly having at least one permanent magnet for generating a permanent magnetic field with a radial component and a movable coil assembly having at least one coil of electrically conductive material for generating a magnetic field with an axial component that intersects the radial component when an electrical current is applied to the at least one coil to thereby move the coil assembly with respect to the permanent magnet assembly. A valve is connected to the coil assembly for movement therewith. Electronic control of the valve assembly together with engine modifications permits the engine to dynamically switch between two-cycle and four-cycle modes of operation.