POMPANO BEACH, FL, Aug. 02, 2018 (GLOBE NEWSWIRE) -- Cyclone Power Technologies Inc. (CYPW), developer of the all-fuel clean-tech Cyclone Engine, today announces that they have received funds and contracts, and finalized the sale of 81% of its subsidiary Cyclone Performance LLC (retaining a 19% equity) to AGPL Acquisition, Inc. a subsidiary of Go Green Energy, a California company specializing in the manufacture, sale, leasing and renting of light towers and generators.
Go Green Energy will be the name of the new entity and be responsible for all of its own operating and reporting expenses and Go Green Energy will be operating as a private company. Cyclone will have a 19% minority ownership, have no control over the day-to-day operations and will report the future results of Cyclone Performance pursuant to the cost method of accounting. Cyclone had previously reported that they might spin off the ownership as a dividend to shareholders if and when Go Green decided to become its own individual reporting public company. "We want to make it perfectly clear to all the shareholders that there is no planed dividend or record date stated for this to take place, and we are not sure that this is even going to happen in the future. We became aware that this statement was misleading and wanted to be abundantly clear that no dividend is scheduled.” stated Frankie Fruge, President. “It depends on many factors not in our control and we also have the requirements of the governing bodies before a divided can be declared” added Bruce Shames, CFO.
Cyclone Performance is a subsidiary of CYPW and has maintained separate books and records since its inception. “We are very excited to be closing this sale, which will bring not only monies into cyclone, but also strengthen our relationship with Go Green and possibly lead to purchase orders and a license agreement.” explained Frankie Fruge, President.
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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 GoGreen:
GoGreen Equipment is an industry leader in mobile power solutions and light towers for roadways and construction, airports, disaster relief, oilfield, mining, agriculture, sports, entertainment & event production. Our eco-friendly generators allow companies to operate far more efficiently and cost-effectively “off-grid” while reducing overall impact on the environment. GoGreen light towers utilize ultra-bright, hyper-efficient LED lamps to provide vastly superior illumination to the industry standard metal-halides used by competitors. GoGreen offers solar, diesel and solar-hybrid powered products for power generation, lighting and mobile offices.
For more information visit: hwww.gogreenlt.com
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-friendly external 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 Year for 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, visit www.cyclonepower.com.