POMPANO BEACH, FL, Feb. 16, 2018 (GLOBE NEWSWIRE) -- Cyclone Power Technologies (OTCPK: CYPW) is pleased announce that we have entered into settlement agreements with all of the holders of judgments against the company, and have greatly reduced the amounts of outstanding debt on the books over the past 6 months.
Cyclone has negotiated settlement agreements with the all of the convertible debt Judgment holders and has been making payments as per the schedules. Cyclone has also seen a major reduction of over 40% on the convertible debts that have been plaguing the company for many years. “Getting out from under these huge burdens has been an extremely hard ordeal, but now that we are making significant headway, we can continue to focus our efforts on the future and not the past!” states Frankie Fruge, President.
Cyclone has also begun to work on the yearly audit and is in the process of de-recognition of a substantial amount of aged payables that have been on the books for over 5 years from a prior acquisition.
Cyclone has been working very closely with the new investor group through the due diligence period and are continuing to receive payments per the schedule. The Investors are diligently working on the Microgrid solutions with Cyclone and all the components that it entails. Cyclone has brought on new engineers with major industry experience to assist with this endeavor. “The due diligence period is going very well and we are all excited to finally have the proper funding to bring on the help needed to get the engines finished and out the door,” stated Harry Schoell, CTO & Chairman. Once the system is complete, it will be sold worldwide through our new operating subsidiary to a long list of distributors that our investor group currently has working relationships with.
The heart of the Microgrid system is the new Mark 10 engine producing 1500 plus horsepower at 7’ X 7’ footprint. We are currently in discussions with a few OEM’s to manufacture and supply customers with the new systems. Our Microgrid system will allow customers to generate their own power from the sun. They can then store the heat for a longer period of time than is currently available in the marketplace through our new thermal storage unit. The stored heat is used in the Mark 10 engine to produce power to the generator which can then be used or sell it back to the grid using the latest technology available.
Cyclone is introducing a Pioneer program for the first Microgrid systems and generators. Please watch for the details and updates.
Distributors and Original Equipment Manufacturers who are interested please email Scott@Cyclonepower.com
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.
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 a eco-friendlyexternal 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 Yearfor 2008, was included in a 2011 report by Popular Mechanics as an important waste energy technology for the future, and was twice presented with the Society of Automotive Engineers' AEI Tech Award. Additionally, Cyclone was named Environmental Business of the Year by the Broward County Environmental Protection Department. For more information, visitwww.cyclonepower.com