Picemaker, I am sure you remember Cyclone does not get the Million until they deliver the prototype.
Cyclone Power Technologies Announces New License Option; Application Could Present 'Clean and Green' Alternative for U.S. Postal Vehicles
POMPANO BEACH, Fla., July 25, 2007 (GLOBE NEWSWIRE) -- Cyclone Power Technologies Inc. (Pink Sheets:CYPW) announced today that it has signed an option for a second license agreement with Advent Power Systems, Inc.
Under the terms of the license option, Advent will have the exclusive right to pursue commercial applications for Cyclone's high-performance, heat-regenerative Green Revolution Engine(tm) with the U.S. Postal Department. Currently, Advent holds the exclusive licensing rights for generator applications for the Cyclone engine with the U.S. Military.
Advent paid Cyclone a non-refundable deposit upon the signing of the option. Upon the exercise of the option, Advent has agreed to pay an initial $1,000,000 royalty and a continuing per-unit royalty.
According to Harry Schoell, President and CEO of Cyclone, "Our Green Revolution Engine(tm) is ideal for Post Office vehicles, as the fuel actually shuts off when the vehicle is stopped and does not need to idle, making this engine a highly-efficient, earth-friendly technology for the 1000s of postal delivery trucks on America's streets."
Cyclone's Green Revolution Engine(tm) regenerates (or recycles) its heat, which allows it to run cleaner, cooler and more efficiently than traditional internal combustion engines. Moreover, it is a high-performance engine capable of running on any liquid or gaseous fuel, including ethanol and propane, and is lubricated with water instead of motor oil.
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