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How do you know they are still issuing shares? Especially in light of this:
"As you can see, our revenue in 2012 was approximately equal to our cash expenditures for the year. This is an extremely encouraging sign for future growth. With expenses already being reduced and revenue expected to increase materially in the current year, we forecast that we could be at a cash "break-even" point by the end of 2013 and in an even stronger position in 2014."
Letter to Shareholders via Email:
Dear Shareholders:
Greetings from South Florida. Our year ended December 31, 2012 was marked by increased revenue and decreased expenses, as well as key technological growth and solid business development. Our Annual Report on Form 10-K was timely filed with the Securities & Exchange Commission today, which we urge our shareholders to review. Some notable achievements throughout the past year and forecasts for the current year are highlighted below:
Revenue & Profitability
We exceeded our forecasts by generating $1.13 million in revenue in 2012, which represented a 350% increase over 2011, and achieved a gross profit of approximately $483,000. We believe these results clearly demonstrate that we are on the right path to profitable expansion. For 2013, we are forecasting a doubling of our revenue followed by even greater growth in 2014 resulting from the anticipated shift of our engines from prototype to production by the end of the current year.
In addition to exceeding our revenue forecasts for the year, we succeeded in reducing our operating expenses by 8%, as compared to the previous year. Most recently in 2013, we scaled back costs even further by shifting a substantial amount of our parts machining to our new in-house fabrication shop and reducing employee hours and efforts on non-revenue producing projects. Overall, our operating loss in 2012 was $2.9 million, which represented a 24% improvement over the previous year. It is important to note that only approximately $1.1 million of this loss represented actual cash used in operations or capital expenses. The net loss per weighted average share for the year 2012 was ($0.01) compared to ($0.15) in 2011, which was skewed by a non-cash derivative liability charge of almost $20 million. In 2012 we eliminated all derivative liabilities on our books.
As you can see, our revenue in 2012 was approximately equal to our cash expenditures for the year. This is an extremely encouraging sign for future growth. With expenses already being reduced and revenue expected to increase materially in the current year, we forecast that we could be at a cash "break-even" point by the end of 2013 and in an even stronger position in 2014.
We remain focused on augmenting revenue via development contracts and licensing agreements, as well as the sale of products and prototypes. We expect to receive about $650,000 from our contract with the U.S. Army in the first half of 2013, and another $300,000 from our license with the Irish equipment manufacturer Combilift within the following six months. Additionally, we have contracts in various stages of negotiation that could generate another $2 million in revenue over the following 12 to 24 months. We cannot guarantee that we will be successful in closing these new contracts, but we are cautiously optimistic that these or other opportunities will materialize in the coming quarters.
Funding & Future Growth
The successful implementation of our operational goals and revenue-generating initiatives will require us to seek additional financing, which we are committed to accomplishing in the least dilutive manner for our shareholders. In 2012 we established working relationships with three strong investment funds that collectively provided us with over $750,000 in debt and equity financing; and in 2013, we added another fund with commitments to provide up to an additional $500,000. Much of the debt we issued is convertible into common shares, typically at floor prices slightly above market. We believe that these considerations are important to limiting dilution and putting Cyclone in a stronger cash position over the long term.
We have also submitted approximately $1.5 million in grant applications and proposals with the Department of Defense, USAID and other government offices, which could provide non-dilutive funding and positive cash flow for our development. Additionally, we are in discussions with the State of Ohio to provide low interest loans and grants for machinery purchases, facility expansion and technology research.
With respect to our Land Speed Record vehicle, we believe that this asset can also generate funding for Cyclone, especially as we start testing and running the car in the coming months. We have had interest from corporations and private investors in sponsoring or outright purchasing the vehicle, either of which could provide us with substantial non-dilutive funding. The possibility of breaking the land speed record for steam power vehicles this year could also attract new strategic partners to provide development support and private investors to provide project-based capital.
As for our Cyclone-WHE division, it was initially established to provide a corporate entity for the operation of our waste-to-power business, as well as another funding option for investors who prefer to invest in non-public companies. We are actively seeking partnership arrangements for this company, and believe that this strategy could be successful over the coming year in raising additional capital for both Cyclone and the subsidiary entity.
Engine Development & Delivery
The core of our business, engine development and delivery, continued on-course throughout 2012, and during the year we met several important milestones that will be instrumental in propelling us to the next stage of growth. Below is a recap of some of these achievements:
U.S. Army: On time and within budget, we met the first two milestones under our $1.4 million contract with the U.S. Army / TACOM, and believe we have developed a very good working relationship with our contracting officers there. We are presently working on securing Phase 2 funding to continue development through the next several years. We believe that this ultra-compact, multi-fuel capable 10kWe power generator for combat vehicles and mobile military or emergency operations is an extremely important technology for myriad government and commercial customers.
Phoenix Power / WHE: We commenced integration of our Waste Heat Engine (WHE-25) with Phoenix Power's waste oil combustion system, which marked an important technological milestone for Cyclone. We estimate completion for this integrated system can be achieved and in-field demonstrations conducted in 2013.
Raytheon: We delivered two engines to Raytheon on time and within budget. This was another significant milestone for Cyclone. With current military requirements and funding in this sector remaining uncertain, it is difficult to predict how this particular project will proceed. We maintain a good relationship with our engineering leads at Raytheon, and expect to continue to develop solutions for the undersea power and propulsion sector in the future.
Shift to Manufacturing: We signed a Letter of Intent to form a Joint Venture with Ohio-based manufacturer Precision CNC, and a multi-faceted development agreement with the prestigious Ohio State University's Center for Automotive Research (CAR). These agreements mark two major steps forward in our plan to move our engines into commercial production this year.
Waste-to-Power: We secured several alliances needed to place our engines into fully operating systems, specifically in the small-scale waste-to-power market. These included teaming and development agreements for electric generators with Aura Systems, for biomass gasifiers with Enginuity Energy, and for methane combustors with B&W Construction. In 2013, we expect to complete integrated demonstration units with each of these partners.
Land Speed Record: Our efforts to claim the land speed record for steam powered vehicles advanced considerably in 2012 with the recruitment of two-time NHRA champion Nelson Hoyos, the construction of a brand new ultra-aerodynamic streamliner, and the successful (albeit not yet completed) dynamometer testing of our Mark 5 engine. As we have mentioned before, given our current manpower, paying customers and revenue generating contracts have priority over our LSR attempt. However, we are unified in the importance of this project and are confident that we will make it happen in the near future.
Combilift: We began work on the two Mark 5 engines for Combilift in 2012 as scheduled, and estimate delivery to our customer this year. To assist us in moving this project towards completion, we have recruited contractors with expertise in certain areas such as engine controls and condensing systems.
Overall, we are pleased with our operational and technological growth and milestones achieved in 2012, and determined to show even stronger results moving forward. Although there is more work to do to complete the development of our engines, move products into production and commence consistent revenue, we believe that the steps taken in 2012 have put us into a strong and favorable position to accomplish this plan.
On behalf of the entire Cyclone team, thank you for your support today and for your continued support of our revolutionary technology. We look forward to a very successful 2013 and beyond.
Sincerely,
Harry Schoell
Chairman and Chief Technical Officer
Follow Cyclone on Facebook: http://www.facebook.com/CyclonePowerTechnologies
About Cyclone Power Technologies
Cyclone Power Technologies is the developer of the award-winning Cyclone Engine - an all-fuel, clean-tech engine with the power and versatility to run everything from waste energy electric generators and solar thermal systems to cars, trucks and locomotives. Invented by company founder and Chairman Harry Schoell, the patented Cyclone Engine is an eco-friendly external combustion engine, ingeniously designed to achieve high thermal efficiencies through a compact heat-regenerative process, and to run on virtually any fuel - including bio-diesels, syngas or solar - while emitting fewer greenhouse gases and irritating pollutants into the air. The Cyclone Engine was recognized by Popular Science Magazine as the Invention of the Year for 2008, and was presented with two Society of Automotive Engineers' AEI Tech Awards. Additionally, Cyclone was named Environmental Business of the Year by the Broward County Environmental Protection Department. For more information, visit www.cyclonepower.com.
Safe Harbor Statement
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The company cautions that these forward-looking statements are further qualified by other factors. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.
Cyclone Investor Relations
American Capital Ventures
Howard Gostfrand, President
Tel: 305-918-7000
www.amcapventures.com
Company Contact
Christopher Nelson
Tel: 954-943-8721
info@cyclonepower.com
Thank you, JMJ. I have spoken with your Atty. and am glad to await the outcome of the suit.
We seem to have a pretty strong case. My question is how enforceable is a favorable judgment?
One step at a time....
Good to know. Could you elaborate a little, please? Catch us all up, if you would?
Perhaps a link to some court house filings?
Very intriguing news here!
Asia Properties Signs Memorandum of Understanding for Peruvian Mines 04/05 06:05 AM
HONG KONG and BELLINGHAM, Wash., April 5, 2013 (GLOBE NEWSWIRE) -- Asia Properties, Inc. (ASPZ:$0.0398,$0.0128,47.41%) OTCQB: "ASPZ" today announced the execution of a Memorandum of Understanding "MOU" to acquire a company with mining interests in Peru.
The target company, Wonderland Limited owns a 100% share of Oriental Expansion Limited (OE), which has a management contract to provide coordination services for exploration, mining, transportation and exportation for the Siu Ku Mine in Peru, owned by SK Mining Peru S.A.C. For providing such services, OE will derive US$15 per ton of iron ore exported. OE also has an agreement to provide services for a gold mining operation, in which the service fee is 30% of the net profit of the sales of the gold concentrate from the gold mine. SK Mining Peru S.A.C. has a Sales Agreement with China Railway Material Group Co. Ltd to supply Iron Ore and other metal ores.
In conducting pre-Memorandum of Understanding due diligence, OE has determined that API's assets and mining claims is $1.00 per share. Therefore, the terms for the acquisition of 100% of the shares of the company are for 161,180,000 restricted shares of ASPZ at a deemed price of USD $1.00 per share or US$ 161,180,000. The MOU will have a term of 90 days whereby both sides will conduct due diligence and usual corporate processes before entering into a Sales and Purchase Contract
Daniel McKinney, CEO of API, commented, "The board decided to pursue this deal pursuant to our business plan of strategic mining acquisitions in friendly jurisdictions. API was also gratified by the $1.00 per share valuation of our assets by OE as we believe our market capitalization is undervalued. Our management team and consultants have extensive experience and success in this sector and we plan an aggressive roll up of mining properties."
About Asia Properties, Inc. (ASPZ:$0.0398,$0.0128,47.41%) : is a Nevada corporation and trades on the OTCQB under the symbol "ASPZ." There are currently 38,421,362 fully diluted shares. The transfer agent is Transfer Online, Inc. of Portland, Oregon. Please visit our website: www.asiaprop.com.
The Asia Properties, Inc. (ASPZ:$0.0398,$0.0128,47.41%) logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=1733
This press release contains forward-looking statements based on management's expectations and beliefs, and may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Readers are cautioned not to place undue reliance on the forward-looking statements made in this press release.
CONTACT: Investor Relations:
Dennis Burns
Tel: 567-237-4132
nvestrain@gmail.com
Cyclone Power Technologies Invited to Present
At Exclusive National Defense Industry Association Conference
POMPANO BEACH, FL, March 26, 2013. Cyclone Power Technologies Inc. (OTCQB: CYPW) announced that it has been invited to present its all-fuel, clean-tech Cyclone Engine at the National Defense Industry Association's (NDIA) 14th Annual Science & Engineering Technology Conference. Only 20 technology companies were accepted, based on white paper submission, to this exclusive event attended by defense and homeland security industry leaders and officials. The conference will be held at the Gaylord National Hotel, outside of Washington, D.C., Wednesday, April 24th - Friday, April 26th, 2013.
Christopher Nelson, President of Cyclone Power, stated: "We are honored to be recognized for our achievements to date and be chosen to present our technology to key players in the defense industry at NDIA's upcoming science and engineering conference. There seems to be a general consensus that R&D funding will remain strong for clean power technologies which work to improve national security and reduce government costs. Our unique external heat engine technology - capable of running on virtually any fuel - in our opinion fits neatly into that category, and for that we are confident in our future opportunities."
Follow Cyclone on Facebook: http://www.facebook.com/CyclonePowerTechnologies
About Cyclone Power Technologies
Cyclone Power Technologies is the developer of the award-winning Cyclone Engine - an all-fuel, clean-tech engine with the power and versatility to run everything from waste energy electric generators and solar thermal systems to cars, trucks and locomotives. Invented by company founder and Chairman Harry Schoell, the patented Cyclone Engine is an eco-friendly external combustion engine, ingeniously designed to achieve high thermal efficiencies through a compact heat-regenerative process, and to run on virtually any fuel - including bio-diesels, syngas or solar - while emitting fewer greenhouse gases and irritating pollutants into the air. The Cyclone Engine was recognized by Popular Science Magazine as the Invention of the Year for 2008, and was presented with two Society of Automotive Engineers' AEI Tech Awards. Additionally, Cyclone was named Environmental Business of the Year by the Broward County Environmental Protection Department. For more information, visit www.cyclonepower.com.
Safe Harbor Statement
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The company cautions that these forward-looking statements are further qualified by other factors. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.
Cyclone Investor Relations
American Capital Ventures
Howard Gostfrand, President
Tel: 305-918-7000
www.amcapventures.com
Company Contact
Christopher Nelson
Tel: 954-943-8721
info@cyclonepower.com
Huge improvements from what I can see. Much, much less shimmy. Steady output.
The video and voice-over were much better quality, too.
V.2 of the WHE running on used motor oil:
an excellent analogy, thanks. And, yes, those techniques are well known to western business people who work in China.
Yes. Easily found by newest newbie attempting some due diligence.
Clear as day.
It stands to reason that many suitors were turned away during the due diligence period that has just ended.
We didn't renew the DD period exactly because of a better offer. Not necessarily a better financial offer, but an offerer that seems more capable of following through and not playing games shipping rocks all over hell's acre.
Simply put: "It's time to perform, or we find someone who can."
The door is open now and with more stuff (data) inside.
There you have it: Common sense, logic and Occam's Razor.
Well stated.
Excellent observation, I agree completely.
We extended the agreement once already, and they have not performed on their end. It seems only prudent to change one's goals based on their actions (not words).
An astute observation. Excellent DD. Thanks!
Let's put it this way: It is as low as it can go! The lower the better to improve it's drag coefficient. The closer it can hug the ground, the better it can cut through the air, the faster it will go.
And, as an important safety feature, we wan't that car low so a cushion of air can't get under it and cause it to literally lift off the ground. Unless you have wings, you do not want that. :)
Cyclone Steamliner featured in Boys Toys Promo (:30)
Hot diggity! Great DD, Cee-it! Thanks for posting!
My advice: Get 'em while you can, folks! The people who know where this company are going are investing in themselves!!
Do have a link to that? If what you say is true, then that should be taken as a very bullish sign! That, to me, indicates supreme confidence in what they are doing.
Well said. I concur 100%
That was impressive! I'll pass that on, just in case they haven't seen it.
Thanks for posting.
Great opportunity here IMO. With everything this Company has going for it, it's just a matter of time until its stock reflects the true value of its technology.
Cyclone Power Technologies Recruits
The Ohio State University's Center for Automotive Research
POMPANO BEACH, FL, Feb. 6, 2013. Cyclone Power Technologies Inc. (OTCQB: CYPW), developer of the all-fuel, clean-tech Cyclone Engine,announced today that it has signed an agreement with The Ohio State University's prestigious Center for Automotive Research (OSU CAR) to perform design analysis and testing services for the company.
Cyclone has teamed with OSU CAR to assist in the commercialization of its external combustion engine technology, specifically the company's Waste Heat Engine (WHE) model. OSU CAR will initially perform finite element and dynamic stress analysis of the engine, followed by independent long term durability testing. Cyclone will utilize Phoenix Power's waste motor oil combustion chamber / heat exchanger (CCHX) to supply steam to the system during these tests, which will also allow the team to document exhaust emissions from the integrated system.
Giorgio Rizzoni, director of OSU CAR and a Ford Motor Company Chair, stated: "We're pleased to be working with Cyclone on this very promising new technology. We see the great potential for utilizing Cyclone engines in the waste-to-energy sector, and are excited to be part of their development. I believe that our team of talented engineers and students will be able to add considerable value to this program."
OSU CAR is a Columbus-based interdisciplinary research center within The Ohio State University's College of Engineering, which is located only 30 miles from the site of Cyclone's proposed joint venture with Precision CNC to manufacture Cyclone engines. Among other expertise, OSU CAR focuses on advanced engine development; alternative fuels for reduced fuel consumption and emissions; electric and hybrid drivetrains; and advanced battery technology. CAR performs research and analysis for some of the largest automotive OEMs and government agencies in the world. Student teams housed at OSU CAR have also developed vehicles that have set land speed records for battery and fuel cell powered electric vehicles at the Bonneville Salt Flats, in three different categories. Each of these records has surpassed 300 mph.
Jim Landon, Cyclone's CEO, stated: "We're thrilled to be working with Dr. Rizzoni and his team at Ohio State Center for Automotive Research. There is much we believe they can add to the commercialization and market placement of our engine technology, including a fresh set of engineering eyes and respected third-party validation. Their close proximity to our manufacturing partner, as well as the tremendous value their expertise provides us, makes this a major step forward for Cyclone and our shareholders."
Follow Cyclone on Facebook: http://www.facebook.com/CyclonePowerTechnologies
About Cyclone Power Technologies
Cyclone Power Technologies is the developer of the award-winning Cyclone Engine - an all-fuel, clean-tech engine with the power and versatility to run everything from waste energy electric generators and solar thermal systems to cars, trucks and locomotives. Invented by company founder and Chairman Harry Schoell, the patented Cyclone Engine is an eco-friendly external combustion engine, ingeniously designed to achieve high thermal efficiencies through a compact heat-regenerative process, and to run on virtually any fuel - including bio-diesels, syngas or solar - while emitting fewer greenhouse gases and irritating pollutants into the air. The Cyclone Engine was recognized by Popular Science Magazine as the Invention of the Year for 2008, and was presented with two Society of Automotive Engineers' AEI Tech Awards. Additionally, Cyclone was named Environmental Business of the Year by the Broward County Environmental Protection Department. For more information, visit www.cyclonepower.com.
Safe Harbor Statement
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The company cautions that these forward-looking statements are further qualified by other factors. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.
Cyclone Investor Relations
American Capital Ventures
Howard Gostfrand, President
Tel: 305-918-7000
www.amcapventures.com
Company Contact
Christopher Nelson
Tel: 954-943-8721
info@cyclonepower.com
I expect to see buying pressure as the LSR date nears. Mostly insiders and people close to the ground, I would think.
Once the the LSR is broken and properly celebrated, newcomers will be grateful to get anything under 50¢
"As a large shareholder, I wish them luck,"
Oh really? This statement defies reality....and logic IMHO.
Yes, it's a simple concept, JJ, but difficult to grasp evidently.
You are correct, of course.
Year End Report to Shareholders
For Immediate Release
Dear Shareholders:
Happy New Year from South Florida!
As we transition into 2013, we want to provide you with a recap of Cyclone Power Technologies' many achievements over the past year. We have made great progress developing our business, building our technology and refining our corporate structure. Some areas still require work in order to achieve our goals. In this effort we have identified areas that need strengthening and have made or are making changes to correct them. We are optimistic about our future prospects and believe that when provided with the facts about our accomplishments and advances in 2012 you will be too.
Revenue & Profitability
Forecasted $350,000 in revenue in Q2 2012: Achieved
Forecasted $500,000 in revenue in Q3 2012: Achieved
Forecasting over $1.1 million in revenue in 2012: Will achieve
Goal to achieve operational break-even: In progress
We are pleased to have met our revenue forecasts for Q2, Q3 and expect to meet our FY 2012 forecast of $1.1 million. Our revenue growth is a solid sign that we are on the right path. Achieving operational break-even by Q4 2012 was admittedly a lofty goal, but a good one to aim for. This target required us to analyze our true costs of operations and how we generate revenue from our contracts. We also greatly refined our business model, corporate structure, and internal operational procedures. We believe that we now have a strong plan in place which will get us to that break-even level over the following year.
Engine Delivery & Development
Delivery of engines to Raytheon in Q2 2012: Achieved
The Raytheon engines delivery was an important milestone for Cyclone, and we are pleased to have achieved it on time and within budget. With the current military requirements and funding in this sector uncertain, it is hard to tell right now how this particular project will proceed. We maintain a good relationship with our engineering leads at Raytheon, and expect to continue to develop solutions for the undersea power and propulsion sector in the future.
Commence integration of our Waste Heat Engine (WHE-25) with Phoenix Power's waste oil combustion system: Achieved
This was another important technological milestone for Cyclone. Integrating any two new technologies takes time. In doing so with the WHE-25 and the novel steam generation system developed for the Phoenix waste oil furnace, we experienced pumping, water flow, cooling, controls and other hurdles to overcome. We are now achieving consistent, even system runs that look very encouraging. We initially anticipated a Q3 2012 completion of this project. Now armed with a better understanding of the many intricacies involved, and with recently added support and expertise, we estimate that completion for this integrated system can be achieved early in 2013. We then plan to work with our partners to harden and refine the system for in-field demonstrations, estimated to commence in the summer of 2013.
Ramp-up production capabilities for additional prototype engines: In progress
Our recently announced Letter of Intent to form a Joint Venture with Ohio-based Precision CNC (PCNC) is a major step forward in this plan. PCNC has the capabilities, including precision machinery and talented personnel, to help us finalize prototype designs and start small-scale manufacturing of engines in 2013. Furthermore, a base of operations in America's mid-west allows us to recruit production engineers that strongly complement the inventive skill sets of our Florida team, as well as align ourselves with other engine / automotive engineering firms and major research universities. We also believe that Ohio, a state strongly supportive of manufacturing, can provide additional funding for job creation and training in the near term.
Secure the alliances that will add value to our engine technology: Achieved
We have secured teaming and development agreements for electric generators with Aura Systems (which recently received a $100 million contract from the Government of Korea to provide small gen-sets), for biomass gasifiers with Enginuity Energy, and for methane combustors with B&W Construction. In 2013 we expect to complete integrated demonstration units with each of these partners and commence pilot sales to customers.
Form partnerships in Australia and Europe to sell engines worldwide: Achieved in Australia
In Q3 2012 we signed a teaming agreement with Clean Carbon, a company dedicated to transitioning new technologies for the agricultural sector into Australia. We are now working closely with this group on several potential opportunities to advance development and ultimately lead to the manufacturing of our engines or systems in that region. We are in discussions with several European groups, and believe that we can firm up a strong partner for that region in 2013. With respect to our Chinese licensee, we understand that limited capital has delayed their overall operations, and as a result, we will need to reevaluate and possibly restructure that alliance in 2013.
Meet key development milestones under our U.S. Army contract: Achieved
We have completed on time and within budget the first two milestones under our $1.4 million contract with the U.S. Army / TACOM, and are on track to hit our third milestone in January 2013 ahead of schedule. We believe we have developed a very good working relationship with our contracting officers at TACOM. We are presently working on securing Phase 2 funding to continue development in 2013-'14 of this ultra-compact, multi-fuel 10kWe power generator for combat vehicles and mobile military or emergency operations.
Claim the land speed record for steam powered vehicles in 2012: In progress
We have made great progress on our land speed record (LSR) vehicle this year. Starting in June, we built from scratch a new chassis and state-of-the-art streamliner body. We unveiled these achievements at the Performance Racing Industry Show in Orlando to a great reception from industry players and media. We have seen over 100hp from our Mark 5 engine on the dynamometer, and are now hardening this engine for racing conditions. Actual running of the LSR car, however, has been delayed due to several factors - money, manpower and materials. We are trying to complete this project through sponsorship funding and not corporate funds, and that takes longer. With our manpower, paying customers and revenue generating contracts will always have priority. Finally, our receipt of some specialty materials was delayed outside of our control, requiring us to find alternative suppliers and develop novel build methods, both of which we have done. At this time we are not providing a new deadline on completion of the LSR project, other than to say that we will get it done.
We remain committed to the LSR project and the greater corporate purpose behind it. Commercialization of our high-efficiency, high-temperature, super-critical pressure engine (i.e., the Mark series of engines), especially for complex systems like automobiles, will require more money and resources than we currently have access to. Therefore, we must attract strategic partners to provide non-dilutive funding and skill-specific expertise to the project. These partners understand the value that racing programs provide, not only in terms of market visibility, but also in-field development and testing for new technologies. We are confident that our push to demonstrate and validate our engine with a land speed record will be successful in achieving this broader goal for our shareholders.
Commence work on the Mark 5 engines for Combilift: Achieved
We began work on the Combilift engines in Q2 2012 as scheduled. We estimated delivery of these engines by the end of 2012, which has not been achieved. The development path for the Combilift engines follows the LSR engine; however, the complexities and operational requirements for Combilift engines are greater. To assist us in moving this project towards completion, we have recruited contractors with expertise in certain areas such as condensing systems. We are confident that we can start delivery of engines to our customer in the first half of 2013.
Corporate Development
Expand team and facility: Achieved
We have brought on some very strong people in 2012 to support our technological growth, including our VP of Engineering Karl Peterson. To keep costs down we made the decision to remain in our current facility in 2012, as opposed to moving to a larger one. We have expanded the working and inventory space in our shop, and added a closed-in machining area with new equipment to expedite one-off parts production and reduce third-party costs. We have also hired a talented machine operator to oversee these operations.
Complete financing required to fast-track development: In progress
Securing sufficient financing in a manner that limits dilution and maximizes shareholder value is a challenge for any small company, especially in this economy. We made the decision in Q4 to delay a registered offering for the primary reason that we felt it would not be best for our shareholders at that time. With the progress we have made over the last year, including important refinements to our business model, we believe that we can secure the right financing for our needs in 2013.
Continue up-listing of our stock to a national exchange: To be revisited in late 2013
We will move our stock off the OTCQB when the time is right. Listing our stock on a national exchange is an important goal of ours. We will pursue this aggressively when we know we can support initial and continuing listing requirements in a manner that fully increases shareholder value.
Our company is focused moving into 2013. We know that the waste-to-energy sector presents an enormous opportunity for our engine technology, and we have set in place the production plan, alliances and market studies to support this path. We are confident that our strategy to attract major partners for our Mark series of engines in automotive and other sectors through the LSR program will prove successful. We feel certain that we will complete our project with the military on time and within budget, which will open new opportunities for us with this major customer. We believe that the milestones we are hitting and the business plan we have formed will result in long-term funding to move Cyclone and its technology to the next level. Finally, we are committed to assuring that these steps will translate into revenue and appreciation of shareholder value.
Thank you for your support over the past year. We look forward to a very successful 2013 and beyond.
Sincerely,
James Landon
Chief Executive Officer
Follow Cyclone on Facebook: http://www.facebook.com/CyclonePowerTechnologies
About Cyclone Power Technologies
Cyclone Power Technologies is the developer of the award-winning Cyclone Engine - an all-fuel, clean-tech engine with the power and versatility to run everything from waste energy electric generators and solar thermal systems to cars, trucks and locomotives. Invented by company founder and Chairman Harry Schoell, the patented Cyclone Engine is an eco-friendly external combustion engine, ingeniously designed to achieve high thermal efficiencies through a compact heat-regenerative process, and to run on virtually any fuel - including bio-diesels, syngas or solar - while emitting fewer greenhouse gases and irritating pollutants into the air. The Cyclone Engine was recognized by Popular Science Magazine as the Invention of the Year for 2008, and was presented with two Society of Automotive Engineers' AEI Tech Awards. Additionally, Cyclone was named Environmental Business of the Year by the Broward County Environmental Protection Department. For more information, visit www.cyclonepower.com.
Safe Harbor Statement
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The company cautions that these forward-looking statements are further qualified by other factors. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.
Cyclone Investor Relations
American Capital Ventures
Howard Gostfrand, President
Tel: 305-918-7000
www.amcapventures.com
Company Contact
Christopher Nelson
Tel: 954-943-8721
info@cyclonepower.com
That is laughable: "Grounds for a lawsuit" sheesh, they are doing everything by the book. Nice try.
Further, you are completely wrong about the shareprice not reacting well to a successful LSR run....but I have a feeling you already know that.
You are right, this is a new revelation:
Hoyos said during his speed runs the car will need about a gallon of combustible fuel, such as gasoline, and a gallon of water. The fuel heats the water and the steam powers the engine.
He said using the miles per gallon formula, this engine could power a street car 200 miles on one gallon of gas. The engine was developed in this age of finding and refining alternative energy and power sources.
These guys use some amazing technology themselves. Check out the video on their website. Pretty cool stuff IMO.
http://www.precision-cnc.com/
I totally agree! I couldn't be happier....these guys (PCNC) are top notch craftsmen. They do great work at reasonable prices. Obviously, after 3 years of working together, they are expanding the relationship.
Congrats to all! This is a good, good thing IMO.
Cyclone Power Technologies to Form Joint Venture
with Manufacturing Partner, Precision CNC
POMPANO BEACH, FL, Dec. 12, 2012. Cyclone Power Technologies Inc. (OTCQB: CYPW), developer of the all-fuel, clean-tech Cyclone Engine,announced today that it has signed a Letter of Understanding with Carroll, Ohio based Precision CNC to establish a production center for Cyclone Engines. The Company and Precision CNC, who have been working together over the past three years manufacturing prototype parts, expect to complete their agreement in the first quarter of 2013 subject to the close of required financing.
Under the terms of the proposed venture, Cyclone will establish a wholly-owned subsidiary, Cyclone Precision LLC (the "JV Company"), which will be co-located at Precision CNC's facility. The JV Company will recruit mechanical and production engineers, presumably from Ohio's deep pool of manufacturing talent, to lead the final phases of engine development and commercialization. Precision CNC will provide additional oversight and administrative functions for the JV Company, and will add their expertise to the production designs of Cyclone Engines.
Precision CNC is an ISO 9001-2008 certified manufacturing facility with the capabilities to handle prototyping to full production for technology, medical, military and other customers requiring precision machine work. The company has invested heavily over the past few years in the most advanced multi-axis turn-mill and Swiss CNC machinery, process flow software, and personnel recruitment and training, resulting in capabilities and efficiencies that provide significant cost competitive advantages.
James C. Landon, Cyclone's CEO, stated: "This partnership represents a huge step forward for Cyclone, as it will provide us with a solid foundation to transition our engines from prototype to production, most notably, a very strong manufacturing partner that will enhance our engineering capacity and machining turn-around time and costs. We have a focused plan to bring our engines to market in 2013 starting with our smaller WHE-25 model. With the support and expertise of Precision CNC and their top-notch management, we're confident that we can achieve these goals."
Nathan Hawkins, President and co-founder of Precision CNC, stated "We're thrilled to be working with Cyclone at this exciting stage in their development. We are very familiar with the Cyclone Engines and the potential game changing possibilities they represent in the energy and transportation sectors. We're confident that the skills and manufacturing technology we bring to the table will expedite Cyclone's path to market."
Follow Cyclone on Facebook: http://www.facebook.com/CyclonePowerTechnologies
About Cyclone Power Technologies
Cyclone Power Technologies is the developer of the award-winning Cyclone Engine - an all-fuel, clean-tech engine with the power and versatility to run everything from waste energy electric generators and solar thermal systems to cars, trucks and locomotives. Invented by company founder and Chairman Harry Schoell, the patented Cyclone Engine is an eco-friendly external combustion engine, ingeniously designed to achieve high thermal efficiencies through a compact heat-regenerative process, and to run on virtually any fuel - including bio-diesels, syngas or solar - while emitting fewer greenhouse gases and irritating pollutants into the air. The Cyclone Engine was recognized by Popular Science Magazine as the Invention of the Year for 2008, and was presented with two Society of Automotive Engineers' AEI Tech Awards. Additionally, Cyclone was named Environmental Business of the Year by the Broward County Environmental Protection Department. For more information, visit www.cyclonepower.com.
Safe Harbor Statement
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The company cautions that these forward-looking statements are further qualified by other factors. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.
Cyclone Investor Relations
American Capital Ventures
Howard Gostfrand, President
Tel: 305-918-7000
www.amcapventures.com
Company Contact
Christopher Nelson
Tel: 954-943-8721
info@cyclonepower.com
Well put, Rock. I agree. There are many longs who look at this stock in the same way (mostly quietly). The value of the LSR is well worth the effort IMO...a potentially priceless "door opener" to the capabilities of this technology.
Yes, get it right and get it done!
Urban Myth IMO. But here is the best explanation I have found for these kind of numbers from a blog I found on google:
Last year I had 20 free trades with TDA and put it to good use on a play I was in LMFAO, people on ILIE were posting DID YOU SEE THAT? whats wit hall the 411 and 911 trades ????
ahh the good ole days
Nice to have you back, Kat, thanks for keeping us posted on the progress!
Excellent report, JJ, thank you!
An Investor friend (who is welcomed at the shop) tells me they still have some wiring work to do on the car. And we know from Harry that the dyno testing on the engine has been more than satisfactory.
I would assume, with the Holidays upon us, it will be scheduled for early next year.
I'm not worried about the when as I am about the ready. I much prefer for everything to be in order to minimize mishaps. I'm content to wait for the high quality publicity this will bring to CYPW and it's many other projects.
Update from PRI with Nelson Hoyos and Team Steam USA via Facebook
by Cyclone Power Technologies on Friday, November 30, 2012 at 12:22pm
·
Nelson Hoyos and the Team Steam USA CycloneEngine Streamliner debuted on Thursday during the opening day of the 25th AnnualPerformance Racing International (PRI) Show at the Orlando Convention Center.
Hundreds of PRI attendees stopped to view the unique steam powered streamliner and chatwith Hoyos and his team. The black and yellow machine modeled after the state-of-the-artstreamliner Speed Demon designed by George Poteet and Ronald Main drew questions frommedia, exhibitors and attendees alike about the story behind the car, engine and goal of theteam.
One of the most popular questions that Hoyos received was about the number on the TeamSteam USA Cyclone – 1777.
“We chose 1777 as the number of the Team Steam USA Cyclone Engine Streamliner becauseit was a significant year in the Revolutionary War,” said Hoyos. “The Battle of Saratoga tookplace in the fall of 1777 when the Americans defeated the British and marked a turning point inthe war.”
Hoyos and Team Steam USA will attempt to defeat the 2009 FIA Land Speed Record for asteam powered automobile set by the British duo of Charles Burnett III and Don Wales (148.308mph) and the 1985 Bonneville Land Speed Record set by Nicholas Barber (145 mph) by postinga top speed of 200 miles per hour.
Hoyos will run the Team Steam USA Cyclone Engine Streamliner at Kennedy Space CenterShuttle Landing Strip in Cape Canaveral, FL, for the FIA World Record and at Bonneville SaltFlats for the US record.
The 25th Annual PRI Show continues through Saturday, December 1, at the Orlando ConventionCenter. The Team Steam USA Cyclone Engine Streamliner is located at the 2000 aisle at theopening to the Pit Stop Café.
Yep, here it is: http://steamautomobile.com/phorum5214/read.php?1,20060,20970,page=2#msg-20970
Some positive news, too, IMO. Like it or not, the LSR will be very good for genuine shareholders.
I agree, well put.
That leap of imagination from the LSR car to the family van is not that great for "car guys".