Acquisition of Advent Power Completed 02/17 02:51 AM
Cyclone Power Technologies expects to assume a prime contractor award with the U.S. Army Tank Command following its acquisition of Advent Power Systems.
The contract held by Advent Power Systems, worth $1.4 million, involved developing auxiliary power unit for armored vehicles using Cyclone's engine technology.
"We are pleased to have this acquisition closed," said Phillip F. Myers, Advent president and chief executive officer. "Advent's existing government relationships coupled with Cyclone's engine technology provides us many advantages now and going forward.
"I have great faith in Cyclone's ability to complete the U.S. Army contract, and ultimately, to commercialize its engine technology for both military and civilian customers."
Cyclone Power Technologies purchased Advent for 1.5 million shares of Cyclone stock.
"The closing of the Advent acquisition marks an important milestone for our company and shareholders," Cyclone President Christopher Nelson said. "With the TACOM contract, we expect to achieve solid revenue over the next year and, hopefully, gain a long-term customer.
"We believe that while military budgets are being trimmed, eco-friendly technologies that make our military forces more efficient and save the government money -- like the Cyclone engine -- will continue to receive funding and support. Cyclone will aggressively pursue these rewarding opportunities."
Cyclone Power is the developer of the all-fuel, clean-technology Cyclone Engine.
