POMPANO BEACH, Fla., Aug. 27, 2007 (PRIME NEWSWIRE) -- Cyclone Power Technologies Inc. (Pink Sheets:CYPW) announced today that it has released year-end and interim financial statements for the company, which investors can access on www.PinkSheets.com or www.OTCiq.com.
The financial statements include the company's Balance Sheet and Profit & Loss as of the 12-month period ended June 30, 2007; and the company's Balance Sheet as of July 2, 2007, which accounts for the acquisition of all the assets and liabilities of Cyclone Technologies LLLP, as well as the spin-off of the assets and liabilities of the company's former medical software business. Since July 2, 2007, the company has changed its accounting year to December 31, and is under new direction and management.
"These statements represent the first in what we plan to be regular financial reports released by the company," stated COO, Frankie Fruge. "We understand the importance of financial transparency when it comes to investors' confidence in our management and future prospects."
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 by Cyclone's President and CEO, Harry Schoell, the Green Revolution Engine 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 de-ionized water instead of motor oil. By eliminating many subsystems like oil pumps, radiators, catalytic converters and fuel injectors, Cyclone's Green Revolution Engine is expected to cost 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.
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.