CALGARY, Dec. 27, 2006 (PRIME NEWSWIRE) -- Clean Power Technologies Inc. (OTCBB:CPWE) (Frankfurt, XETRA:C1L) (www.cleanpowertech.co.uk), a developer of a unique and environmentally friendly alternative hybrid fuel technology, is pleased to give an overview on the past year by Abdul A. Mitha, President/CEO:
As 2006 draws to a close, I think it is time to reflect on the level of progress Clean Power Technologies Inc. has achieved during this year. When we launched our exciting and unique Hybrid Fuel Technology project in early April of 2006, we realized it was going to take tremendous effort and strong partners to succeed in developing this revolutionary technology. When I look back and assess the progress we have made thus far, words like 'fantastic' and 'amazing' come to my mind. And this is no exaggeration.
In early April of 2006, we had purchased our first proto test Mazda RX-8 car. As we progressed, additional test equipment and an extra engine were also purchased. The second engine was utilized to test engine performance on hot air.
In mid-July, Clean Power moved into our own facility. The new state-of-the-art facility is located in England and is completely outfitted with full computational support with Computer Aided Design 3D Modelling software, and a fully automated Engine Test Dynamometer. The new facility has enabled the development and implementation of our hybrid technology and hastened our development of this exciting and ground breaking hybrid technology.
In August, we purchased a steam engine, another Mazda RX-8 vehicle to add to our development program. In September, we added a control specialists and an engine management expert to our list of employees.
We ordered and subsequently received on December 18th the delivery of an all important special steam valve from a German manufacturer. Recently, we built a test cell for our steam accumulator. Work will commence to test steam injected engine in the New Year. In short, the facility is well equipped and very impressive indeed. The level of the progress that has been accomplished in past 8 months has exceeded my expectations.
While the technical team were working to build a world class development and test facility, I was negotiating a collaboration with an international partner, Mitsui Babcock.
Although we had originally anticipated to sign a collaboration agreement with Mitsui Babcock in June, this, in fact did not happen until late October. Pursuant to their commitment, Mitsui Babcock has proceeded to order a highly sophisticated steam accumulator which is being built by a company in Southern England. The steam accumulator is the primary component of our technology. We hope to receive the delivery of the steam accumulator by mid-March.
It is often forgotten that a development project such as ours depends on performances and time compliance from various groups and participating entities. Unfortunately, some people and shareholders -- mercifully they are in minority -- often become negative and start to display skepticism about the delays and our inability to control our timeline schedule but they often overlook the fact that sometimes delays are caused by situations which are beyond our control. I urge these shareholders to be patient and show more understanding in their assessment. This is a development project. No one wants to delay or miss our target dates but at times such delays are just inevitable. However, I wish to assure every shareholder of Clean Power that conscious efforts are being made to meet our target dates.
I think, I should briefly address questions about our share prices. Yes, we had experienced our highs and now we are experiencing a downward trend. This is neither a reflection of the merit of our technology nor of our project in general. Investors often grow impatient, but developing a new technology takes time and it would be to no one's benefit to rush a product to market before it can be completely developed and tested.
I believe, we will see a truer reflection of our market and share value in the coming months, as we anticipate the announcements of some major milestones in 2007. Other companies have experienced and do experience the roller coaster nature of the market trend. And we are not alone in this area.
In mid-October, Clean Power Technologies Inc. was listed on Xetra on the Frankfurt Stock Exchange. This was a strategic decision and hopefully Clean Power will benefit from this listing as we make progress.
As for the coming year, 2007 will be an exciting year for all of us. In April we hope to start tests on the steam accumulator and towards the later part of the year, we hope to start road tests for our hybrid fuel technology car. What we are developing is just breathtaking technology. I think it is appropriate to describe it as a 'breakthrough' technology which is unique in its design and concept and yet also simple in its elegance. Unlike other alternative fuel technologies, which are politics-driven or carry logistic or additional infrastructure issues and/or other negative baggage, our hybrid fuel technology has no such negativism. Our technology offers potential in fuel savings which will be an envy of our competitors and we will reduce emissions which will be on the 'wish list' of many 'alternative energy' promoters.
You are participating in the development of this exciting technology and you should all feel proud to be associated with Clean Power. We are indeed proud to see you all as our shareholders, our colleagues and our partners in this, what I would call, 'one of a kind exciting project'.
I wish you all Happy Holidays and Merry Christmas, and I hope the coming year will be a prosperous year for each and every one of you.
Sincerely,
Abdul Mitha, President/CEO -- Clean Power Technologies Inc
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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.