CALGARY, Alberta, Feb. 14, 2007 (PRIME NEWSWIRE) -- Clean Power Technologies Inc. (OTCBB:CPWE) (Frankfurt, XETRA:C1L) (http://www.cleanpowertech.co.uk), a developer of a unique and environmentally friendly alternative hybrid fuel technology, is pleased to inform its shareholders and the investment community that Board of Directors held a meeting in Calgary, Alberta on Saturday, February 10th
The purpose of the meeting was to update the Board of the progress which has been made to date and to apprise them of the developmental timeline for the next 9 months. The Directors were informed that the Steam Accumulator is scheduled to be delivered to Clean Power by end of March 2007. In addition, the Board was informed that Control System is under development and will be ready in the coming months. In addition to the Clean Power Team, Doosan Babcock has added additional personnel to work on this project and this will help resolve issues as they develop. The Company is now embarking on the most exciting phase of the development of the Hybrid Fuel Technology.
Abdul Mitha, President and CEO of Clean Power, stated, "Initial tests and analysis of the Steam Accumulator should be complete by August 2007. Clean Power's hybrid technology will be installed and tested in our donor vehicle, a Mazda RX8, within the next 12 months." Mr. Mitha continued to say, "The steam accumulator is a vital component of our hybrid technology and is the key to implementing our steam hybrid conversion on commercial vehicles. Tests will begin shortly on running the Wenkle engine on Steam only; this is in preparation for implementation of the Steam Accumulator."
Doosan Babcock Energy Limited (www.Doosanbabcock.com), previously known as Mitsui Babcock Energy Limited, is the developer of the Steam Accumulator. Mitsui entered into a Collaboration Agreement with Clean Power November 1, 2006. This agreement calls for the development of a Steam Accumulator and other related hybrid fuel technologies. Under the Collaboration Program all technologies and Intellectual Properties that are developed by Mitsui Babcock in connection with the Steam Accumulator / Hybrid Fuel Technology Project, which are patentable and or patented, or otherwise are or may be protected, will at all times belong and be owed solely to Clean Power. The Collaboration Agreement has been assumed by Doosan Babcock Energy Limited.
"Clean Power's exceptional intellectual property, combined with the technical expertise supplied by Mitsui Babcock, has made the rapid development of the steam accumulator possible. I am very excited by the incredible progress which Clean Power has been able to achieve to date and look forward to the prompt implementation of our hybrid technology to our test vehicles and the swift commercialization of this unique technology.
This Steam/Hybrid technology will increase fuel mileage and efficiency for a realistic fuel savings of up to 30-40% of current levels combined with cleaner emissions. The Steam Accumulator Hybrid Fuel technology is a unique power train for hybrid vehicles. Heat energy which is normally dissipated in conventional combustion engines from the exhaust system and the radiator is captured, which in turn charges the alternative auxiliary power unit. This heat energy is an equivalent to two-thirds of the energy in the combusted fuel. This energy is recovered in part in a combined steam accumulator and energy reservoir using a saturated liquid, like water, as the energy storage medium, offering a potential fuel saving of up to 30%-40% percent compared with the conventional heat engine cycle.
About Dosan (Mitsui) Babcock Energy Ltd.
Mitsui Babcock provides technologies and services to power, nuclear, petrochemical, pharmaceutical, oil and gas industries worldwide. With over 100 years of experience in thermal process and energy engineering Mitsui Babcock is one of the worlds leading companies in its field. Mitsui Babcock's range of products includes utility and industrial boilers, emission control systems, asset maintenance and improvement services, nuclear clean up and decommissioning services and related technologies.
Globally headquartered in the UK, with its Americas head office in Atlanta, GA, Mitsui Babcock employs around 4,000 personnel (turnover in fiscal 2005/06 of over $800 million). The company is a wholly owned subsidiary of one of Japan's largest engineering companies, Mitsui Engineering & Shipbuilding Co Ltd, a company listed on the Tokyo stock exchange.
About Clean Power Technologies Inc.
Clean Power Technologies Inc. (OTCBB:CPWE) (Frankfurt, XETRA:C1L) a developer of a unique and environmentally friendly alternative hybrid fuel technology. Clean Power has put together an impressive engineering team of 7 Professional Engineers which consist of, a Mechanical Vehicle Integration Specialist, a Thermodynamic Specialist, an Engine Management Electronics Specialist, a Vehicle Systems Specialist, a Graphics Designer & Vehicle Builder, a Robotic Engineer and a Control System Specialist. These specialists make up the Clean Power development team and provide significant expertise to enhance the development and implementation for this unique hybrid fuel technology.
Clean Power Technologies Inc. operates out of its own development facility. The state-of-the-art facility is located in England and is completely outfitted with full computational support with Computer Aided Design 3d Modeling software, a fully automated Engine Test Dynamometer. Clean Power anticipates that by the fall of 2007 the planned hybridized Mazda RX8 vehicle will be ready for road use.
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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. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in current and periodic reports and other documents filed by Clean Power Technologies with the U.S. Securities and Exchange Commission. Clean Power Technologies undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.