RENO, Nev., May 20, 2010 (GLOBE NEWSWIRE) -- Encompass Holdings, Inc. (Pink Sheets:ECMH), www.encompassholdings.com, announced today that it is in the final stages of securing new funding to be used to expedite its subsidiaries' growth initiatives.
Encompass will allocate funds for capital expenditures to expand Quadrant Data Systems, Inc.'s Virtual Computing Resources (www.qds-i.com). Joseph Berardi, Quadrant CEO, added, "Now that we are in the final stages of commissioning our core network infrastructure, this additional funding will give us the ability to rapidly expand our services for future growth."
Rotary Engine Technologies, Inc. (RETI) will receive funds to complete its EPA and CARB emissions standard certifications of its 407cc rotary engine. It will also continue work on getting its functioning 512 hp natural gas fueled rotary engine into production-ready status, along with work on other alternative fuel initiatives. Larry Cooper, RETI CTO, stated, "Our 407cc rotary engine will be shipped to Olson Ecologic Labs for final testing as soon as our compliance consultant gets the EPA confirmation to begin formal testing. I'm looking forward to going to California to work with Olson to put our engine through its paces. In the meantime, we will be able to begin assembling engines for the Aqua Xtremes XBoards."
Aqua Xtremes, Inc. (www.aquaxtremes.com) will be able to finance the completion of a pilot production run of XBoards for demonstration models and market testing by various distributors. "We have had numerous inquiries from distributors, dealers, and individuals. Many of these inquiries have shown great interest in the potential XBoard rental market. While we already have enough hulls and engine parts to build 18 XBoards, we will need to purchase a number of components to complete the engine and XBoard assemblies. We expect to complete this pilot production run and XBoard distribution over the next few months. The EPA and CARB testing process will probably take at least that long," commented Scott Webber, CEO of Encompass.
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Forward-looking statements in this news release are made under the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Certain important factors could cause results to differ materially from those anticipated by the forward-looking statements, including the impact of changed economic or business conditions, competition, the success of existing and new product releases and other risk factors inherent in product development and other factors discussed from time to time in reports filed by the company with the Securities and Exchange Commission.