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Advanced Engine Technologies, Inc., incorporated in September 1996, develops and commercializes the OX2 internal combustion engine. The Company acquired the worldwide rights for the OX2 engine pursuant to a four-party agreement among the Company, OX2 LTD, OX2 Intellectual Property Inc. and Advanced Engine Technology PTY Ltd., which became effective in May 1999. The Company also assumed responsibility for worldwide maintenance and for future research and development on the OX2 engine. As of June 30, 2004, the Company's operations consisted of engineering, testing, marketing and development of the OX2 combustion engine for commercial applications and raising any necessary capital investments. Management does not expect to generate significant sales revenue during the fiscal year ending June 30, 2005. Accordingly, planned principal operations have not commenced.
On August 13, 2004 the Company entered into an agreement to co-develop a generator unit to be used in conjunction with the OX2 engine. The development of this generator is expected to be completed by June 2005. The Company has an agreement with the University of California, Riverside (UCR), which provides that it will continue to provide engine testing and related services to the Company, with particular emphasis on testing related to emissions. The Company is also conducting research, development and testing activities in Gardena, California. Assuming the successful completion of the necessary research and development work and assuming the tests of its OX2 prototypes (existing and future) are successful, the Company would attempt to introduce the OX2 engine into the market. Such marketing activities may include demonstrations to manufacturers of products using internal combustion engines and the addition of joint venture and/or strategic partners to assist in marketing, development and commercial application of the OX2 engine.
Advanced Engine Technologies plans to develop the OX2 engine for commercial stationary generator applications. The Company's long-term plan is to develop an engine for commercial, marine, automobile and/or aircraft applications.
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