POMPANO BEACH, Fla., July 25, 2007 (PRIME NEWSWIRE) -- Cyclone Power Technologies Inc. (Pink Sheets:CYPW) announced today that it has signed an option for a second license agreement with Advent Power Systems, Inc.
Under the terms of the license option, Advent will have the exclusive right to pursue commercial applications for Cyclone's high-performance, heat-regenerative Green Revolution Engine(tm) with the U.S. Postal Department. Currently, Advent holds the exclusive licensing rights for generator applications for the Cyclone engine with the U.S. Military.
Advent paid Cyclone a non-refundable deposit upon the signing of the option. Upon the exercise of the option, Advent has agreed to pay an initial $1,000,000 royalty and a continuing per-unit royalty.
According to Harry Schoell, President and CEO of Cyclone, "Our Green Revolution Engine(tm) is ideal for Post Office vehicles, as the fuel actually shuts off when the vehicle is stopped and does not need to idle, making this engine a highly-efficient, earth-friendly technology for the 1000s of postal delivery trucks on America's streets."
Cyclone's Green Revolution Engine(tm) regenerates (or recycles) its heat, which allows it to run cleaner, cooler and more efficiently than traditional internal combustion engines. Moreover, it is a high-performance engine capable of running on any liquid or gaseous fuel, including ethanol and propane, and is lubricated with water instead of motor oil.
About Cyclone
Cyclone holds the U.S. patent, international patent applications, and exclusive commercial rights to the Green Revolution Engine(tm), an environmentally-friendly and highly-efficient external combustion, heat-regenerative engine. Developed Cyclone's President and CEO, Harry Schoell, the Green Revolution Engine(tm) regenerates (or recycles) its heat, which allows it to run cleaner, cooler and more efficiently than traditional internal combustion engines. It is capable of running on any liquid or gaseous fuel, including ethanol and propane, and is lubricated with water instead of motor oil. By eliminating many subsystems like oil pumps, radiators, catalytic converters and fuel injectors, Cyclone's Green Revolution Engine(tm) costs less to manufacture, operate and maintain; however, it is highly scalable and sufficiently powerful for applications ranging from lawn equipment and small home generators, large stand-alone generators, to cars, trucks, buses, RVs, boats and ships, as well as earth moving equipment and locomotives.
About Advent
Advent Power Systems, Inc. ("APS"), is a licensee of the Cyclone Technologies, and was formed for the purpose of developing, manufacturing, and selling power systems employing the Cyclone Technologies. 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. Dr. Myers has a five-year Industrial and Systems Engineering Degree, an M.B.A. from Ohio State, and a Doctorate from the Harvard Business School, specializing in the management of advanced technology companies.
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.