Cyclone Power Technologies and Advent Power Systems Form Alliance With UK Defense Industry Contractor
Thursday May 29, 7:00 AM EDT
Cyclone Power Technologies Inc. (CYPW) announced today that MEO Products Ltd, a defense industry supplier based in London, has entered into an exclusive marketing agreement with Advent Power Systems (APS), a Cyclone licensee in the field of military applications for the Cyclone Engine technology.
In connection with this alliance, Cyclone has received a purchase order from APS for an undisclosed quantity of a man-portable 80W power units with a design target weight of less than 3 lbs. Initial test units are expected to be delivered later this year, and will be capable of running on a variety of fuels or fuel combinations with anticipated NOX emissions levels under 1%.
"The Cyclone Engine offers a number of breakthroughs as a clean burning engine using multi-fuels," stated David Verden, President of MEO. "Applications for this engine cover across-the-board defense industry requirements, however, we see early demand in the fields of man-portable power supplies."
"We believe that Cyclone's compact, lightweight and multi-fuel engine technology can be of great use for troops in the field, especially in this day and age when the war on terrorism requires our allied soldiers to be quick, agile and resourceful," noted Dr. Phil Myers, President of APS.
Added Harry Schoell, CEO of Cyclone, "We are pleased to be working with MEO and APS in connection with military applications in the UK. Our technology fits perfectly with the requirements of defense and homeland security. We see many other applications developing in the foreseeable future."
CORPORATE PROFILE
Cyclone holds the U.S. patent, international patent applications, and exclusive commercial rights to the Cyclone Engine, an environmentally friendly and highly efficient external combustion, heat-regenerative engine. Developed by the company's President and CEO, Harry Schoell, the Cyclone Engine regenerates (or recycles) its heat, which allows it to run cleaner, cooler and more efficiently than traditional internal combustion engines. The Cyclone Engine is capable of running on any liquid or gaseous fuel, including ethanol, bio-diesel and propane, and is lubricated with de-ionized water instead of motor oil. By eliminating many subsystems like oil pumps, radiators, catalytic converters and fuel injectors, Cyclone Engines are expected to cost less to manufacture, operate and maintain; however Cyclone Engines are highly scalable and sufficiently powerful for applications ranging from lawn equipment and small home generators to cars, trucks, buses ships and locomotives. The Broward County Environmental Protection Department recently named Cyclone Power Technologies as the "Environmental Business of the Year," and Popular Science magazine recently named the Cyclone Engine "2008 Invention of the Year."
About Advent Power Systems
Advent Power Systems, Inc. (APS) is a licensee of Cyclone, formed for the purpose of developing, manufacturing, and selling power systems employing the Cyclone engine technology. APS is a partially owned subsidiary of Advent International Management Company of Florida, Inc., whose corporate predecessors date back to 1982. APS was founded and is led by President and CEO -- Dr. Phillip F. Myers, a highly experienced corporate executive and entrepreneur with a five-year Industrial and Systems Engineering Degree and M.B.A. from Ohio State, and a doctorate from the Harvard Business School, specializing in the management of advanced technology companies.
About MEO Products Ltd:
MEO Products Ltd is a defense industry company supplying special equipment and systems across the UK armed forces as well as to related businesses. For more company information, please visit http://www.meo.co.uk
Safe Harbor Statement
This release contains certain "forward-looking" statements, as well as historical information, involving risks and uncertainties, which are covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we can give no assurance that the expectations reflected in these forward-looking statements will prove to be correct. Forward-looking statements include those that use forward-looking terminology, such as the words "anticipate," "believe," "estimate," "expect," "intend," "may," "project," "plan," "will," "shall," "should," and similar expressions, including when used in the negative. Although we believe that the expectations reflected in these forward-looking statements are reasonable and achievable, these statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. Additionally, the company's actual or future results may differ materially from those anticipated depending on a variety of factors, including continued acquisition and maintenance of favorable license arrangements, success of market research identifying new product opportunities, successful introduction of new products and continued product innovation, sales and earnings growth, and general economic conditions. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements attributable to us are expressly qualified in their entirety by these and other factors. Cyclone Power Technologies does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results, reflect events or circumstances or to changes in its expectations, except as may be required by law.
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