CALGARY, Alberta, June 28, 2006 (PRIMEZONE) -- Clean Power Technologies Inc. (OTCBB:CPWE) announces the completion of a forward split of the company's shares on the basis of four new shares for every one share issued and the change of name from Sphere of Language to Clean Power Technologies Inc.
Any shareholders holding shares of Sphere of Language may tender their shares to the transfer agent for exchange and will receive back four shares of Clean Power Technologies Inc. for each one share held of Sphere of Language.
This action was taken to fulfill the terms of an agreement and plan of merger between Sphere of Language, Clean Energy and Power Solutions Inc. ("CEPS") and Clean Power Technologies Inc. ("CPTI") whereby CPTI and CEPS will merge with the surviving corporation comprised of Clean Energy and Power Solutions Inc. Under the terms of the agreement, Sphere of Language will change its name to Clean Power Technologies Inc. and CEPS will become a wholly owned subsidiary of Clean Power Technologies Inc. The agreement calls for the forward split of the shares taking the total issued and outstanding shares of CPWE (formerly Sphere of Language) to 14,680,000.
The shareholders of CEPS will be required to tender their shares to CPWE to finalize closure of the acquisition and the merger. At such time, CPWE will issue a total of 30,765.377 shares to the shareholders of CEPS. This transaction is expected to close prior to June 30, 2006.
"The current automotive rule of thumb is that one-third of the energy from fuel produces useful work, one-third is transferred to the cooling system and lost, and one-third is lost through the exhaust pipe. Our technology utilizes the waste heat and this translates into realistic fuel savings of up to 30%-40% of current levels combined with cleaner emissions, said Mr. Abdul Mitha, President and CEO of Clean Power Technologies, Inc. Mr. Mitha continued, "This is an exciting opportunity for Clean Power Technologies and one which will greatly advance our efforts towards the commercialization of our technology and at the same time will maximize shareholder value."
About Clean Power Technologies Inc.
Clean Power Technologies Inc. (CPTI) is developing a unique and futuristic alternative hybrid fuel technology. CPTI is developing power trains for a range of hybrid vehicles from locomotives, through heavy trucks to light cars. The hybrid principle minimizes local, urban pollution by restricting combustion engine usage to open areas and adopting auxiliary closed cycle operation in controlled areas.
The key to success is the CESAR principle of Clean Energy Storage and Recovery. In this, otherwise wasted heat from a combustion engine exhaust and cooling system is stored in saturated water, up to a specified pressure. This is allowed to fall in a separate auxiliary operation with a vapour engine.
Development of a sophisticated control system to permit joint combustion and vapour operation in open areas will reduce global pollution by offering halved fuel consumption for internal combustion engines.