Phoenix Power Group Purchases License Expansion for Waste Oil Engines from Cyclone Power Technologies 10/19 06:45 AM
POMPANO BEACH, Fla.--(BUSINESS WIRE)-- Cyclone Power Technologies (CYPW:$0.0970,$0.0000,0.00%) has agreed to expand the territorial rights of Phoenix Power Group (PPG) under its license agreement for Cyclone’s external combustion engines that drive PPG’s waste oil power generators.
Subject to the establishment of additional sales quotas and license fees, PPG shall now have worldwide rights to manufacture, market and sell Cyclone Engines for use with its low emission, waste oil power generators. The “Phoenix 10,” a 10kW waste oil genset driven by Cyclone’s WHE-25 engine and using a specially-designed, clean emissions combustion chamber, is expected to be in limited commercial production in early 2011. This renewable power solution will allow thousands of oil change and drop-off locations in the U.S., and now internationally, to recycle their waste motor oil in an environmentally-friendly and profitable manner by producing grid-tied electricity.
“We see such great worldwide market potential for the Phoenix 10 and larger waste oil power systems, that we figure now would be the best time to declare ourselves ‘all in’,” stated Thomas V. Thillen, President of PPG. “Harry and his Cyclone team are doing a fantastic job in bringing to fruition our patented concept of using waste oil to generate electricity and on-going revenue for businesses.”
“With patents throughout the world, we are happy to see Phoenix expanding the scope of their planned product distribution,” stated Christopher Nelson, Executive Vice President of Cyclone. “We know they have a solid team with a proven track record of success in waste oil products and business generally.”
PPG’s U.S. distributor Clean Burn is the world leader in waste oil furnaces and boilers, with extensive channels in Europe and South America.
CORPORATE PROFILE
Cyclone Power Technologies (CYPW:$0.0970,$0.0000,0.00%) 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 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.
Source: Cyclone Power Technologies (CYPW:$0.0970,$0.0000,0.00%)
AI
