LANCASTER, OH / March 18, 2014. Cyclone Power Technologies Inc. (OTCQB: CYPW), developer of the all-fuel clean-tech Cyclone Engine, announced that its waste-to-power subsidiary, Cyclone-WHE LLC, has signed a System Use Agreement with Phoenix Power Group LLC to support and advance the production of the next two generations of Cyclone’s Waste Heat Engines (the WHE-DR).
Under this agreement, Phoenix has agreed to provide a minimum of two steam generating systems (PSG) designed to utilize waste motor oil, to be used for long-term operational testing of the production version WHE-DR engines. The first of these systems has already been placed at Cyclone-WHE’s manufacturing facility in Lancaster, Ohio. Phoenix has also agreed to supply pumps, radiators, electrical generators and other critical equipment for the testing of the WHE-DR and the complete waste motor oil to power system.
Phoenix is Cyclone’s exclusive, worldwide licensee to utilize Cyclone engines to produce power from the clean combustion of waste motor oil, as well as other waste fuels and engine lubricants. Phoenix has an experienced distribution network already in place in North American. In addition, Phoenix has previously agreed to purchase at least 6,500 engines during the initial five-year period after delivery of the first Generation 1 engines, in order to maintain its full rights under its license.
Christopher Nelson, President of Cyclone and Managing Director of Cyclone-WHE, stated: “Phoenix has come through again, providing support and assistance during this critical stage of our development. Their cooperation will surely help speed along our production schedule, leading to engine sales not only to Phoenix, but also dozens of other early adaptor customers requesting our products.”
Thomas Thillen, President of Phoenix, stated: “We welcome the collaboration with Cyclone-WHE and their Ohio-based team of engineers and manufacturing partners. We are excited about the progress and want to make sure we are doing everything we can to be a productive member of this program. We’re confident in our market potential and current worldwide product demand, and want to get down to the business of selling waste oil power generators as soon as possible.”
About Cyclone Power Technologies
Cyclone Power Technologies is the developer of the award-winning Cyclone Engine – an all-fuel, clean-tech engine with the power and versatility to run everything from waste energy electric generators and solar thermal systems to cars, trucks and locomotives. Invented by company founder and Chairman Harry Schoell, the patented Cyclone Engine is an eco-friendly external combustion 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. The Cyclone Engine was recognized by Popular Science Magazine as the Invention of the Year for 2008, and was presented with two Society of Automotive Engineers’ AEI Tech Awards. Additionally, Cyclone was named Environmental Business of the Year by the Broward County (Florida) Environmental Protection Department. For more information, visit www.cyclonepower.com.
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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.
Doug Petty, Vice President
Release ID: 36614