NEWS- Cyclone Power Technologies Settles All Judgments and Continues to Significantly Reduce Outstanding Debt
POMPANO BEACH, FL, Feb. 16, 2018 (GLOBE NEWSWIRE) -- Cyclone Power Technologies (OTCPK: CYPW) is pleased announce that we have entered into settlement agreements with all of the holders of judgments against the company, and have greatly reduced the amounts of outstanding debt on the books over the past 6 months.
Cyclone has negotiated settlement agreements with the all of the convertible debt Judgment holders and has been making payments as per the schedules. Cyclone has also seen a major reduction of over 40% on the convertible debts that have been plaguing the company for many years. “Getting out from under these huge burdens has been an extremely hard ordeal, but now that we are making significant headway, we can continue to focus our efforts on the future and not the past!” states Frankie Fruge, President.
Cyclone has also begun to work on the yearly audit and is in the process of de-recognition of a substantial amount of aged payables that have been on the books for over 5 years from a prior acquisition.
Cyclone has been working very closely with the new investor group through the due diligence period and are continuing to receive payments per the schedule. The Investors are diligently working on the Microgrid solutions with Cyclone and all the components that it entails. Cyclone has brought on new engineers with major industry experience to assist with this endeavor. “The due diligence period is going very well and we are all excited to finally have the proper funding to bring on the help needed to get the engines finished and out the door,” stated Harry Schoell, CTO & Chairman. Once the system is complete, it will be sold worldwide through our new operating subsidiary to a long list of distributors that our investor group currently has working relationships with.
The heart of the Microgrid system is the new Mark 10 engine producing 1500 plus horsepower at 7’ X 7’ footprint. We are currently in discussions with a few OEM’s to manufacture and supply customers with the new systems. Our Microgrid system will allow customers to generate their own power from the sun. They can then store the heat for a longer period of time than is currently available in the marketplace through our new thermal storage unit. The stored heat is used in the Mark 10 engine to produce power to the generator which can then be used or sell it back to the grid using the latest technology available.
Cyclone is introducing a Pioneer program for the first Microgrid systems and generators. Please watch for the details and updates.
Distributors and Original Equipment Manufacturers who are interested please email Scott@Cyclonepower.com
