NEWS --
POMPANO BEACH, Fla., Jan 13, 2010 (BUSINESS WIRE) -- Cyclone Power Technologies
Inc. (Pink Sheets:CYPW) has received a work order from Phoenix Power Group LLC
(PPG) to develop a prototype ele ctric generator system that will be powered by
Cyclone's heat-regenerative, external combustion engine running on waste oil.
The new agreement expands Cyclone's responsibilities with respect to the
development of PPG's waste energy electric generator systems and provides
additional revenue to Cyclone over the next few months. The initial Phoenix
waste energy recovery systems are expected to deliver approximately 50kW of
electricity back to the power grid from the clean combustion of used oil, a
renewable fuel source. PPG is a current licensee of Cyclone, holding exclusive
rights for generators running on waste oil.
"We believe that as the developer of the engines, Cyclone has unique
capabilities to seamlessly design our total power generator systems," stated
Thomas V. Thillen, President of PPG. "Together with Cyclone, our goal is to
bring these environmentally beneficial products to businesses like oil change
shops and fleet ser vice providers later this year, and to do so in a manner that
will provide our customers with a highly desirable return on their investment."
Waste motor oil is a major source of contamination of waterways and can result
in the toxic pollution of drinking water sources. According to the Environmental
Protection Agency, waste oil from one oil change can contaminate 1 million
gallons of fresh water, equivalent to a year's supply for 50 people.
Additionally, the Department of Energy has estimated that the efficient
recycling of wasted energy such as used oil over the next 20 years can help
reduce our national dependence on petroleum imports, spark billions of dollars
in private investments, and create up to one million jobs in the United States.
PPG is affiliated with Atlantic Systems Group of Harrisonburg, VA, which is in
the business of designing and building automotive oil change and service
facilities throughout the United States, along with the manufacturing of steel
tanks for the lube industry. PPG also has an exclusive license with Mr. Terry
Bassett, who holds two U.S. patents, with international patents pending, for the
total system package of generating electric power from waste oil using an
external combustion engine. PPG's equity partners include Hansom James Capital,
whose principals founded Tennessee-based AIMS Logistics Inc. in 1994, which,
when sold to U.S. Bancorp in 2007, employed over 300 people internationally and
processed approximately $5 billion annually in freight payables for clients that
included Honeywell International, General Electric, and Nortel Networks.
CORPORATE PROFILE
Cyclone Power Technologies is the developer of the award-winning Cyclone Engine
-- an eco-friendly external combustion engine with the power and versatility to
run everything from portable electric generators and garden equipment to cars,
trucks and locomotives . Invented by company founder and CEO Harry Schoell, the
patented Cyclone Engine is a modern day steam 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.
Currently in its late stages of development, the Cyclone Engine was recognized
by Popular Science Magazine as the Invention of the Year for 2008, and was
presented with the Society of Automotive Engineers' AEI Tech Award in 2006 and
2008. Additionally, Cyclone was recently 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 Securit ies 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.
SOURCE: Cyclone Power Technologies, Inc.
CONTACT:
Cyclone Power Technologies, Inc.
Media Contact
Will Wellons, 407-462-2718
will@wellonscommunications.com
or
Company Contact:
Frankie Fruge, 954-943-8721
Frankie@cyclonepower.com
or
Phoenix Power Contact
Thomas Thillen, 901-288-9488
tom@phoenixpowergroup.com
www.phoenixpowergroup.com
Copyright Business Wire 2010
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