CALGARY, Alberta, Feb. 5, 2007 (PRIME NEWSWIRE) -- Clean Power Technologies Inc. (OTCBB:CPWE) (Frankfurt, XETRA:C1L) (http://www.cleanpowertech.co.uk), a developer of a unique and environmentally friendly alternative hybrid fuel technology, is pleased to announce that we have retained the services of the law firm of Gersten Savage LLP located in New York, NY.
Gersten Savage has been retained as legal counsel for Clean Power in connection with its United States securities matters, including the preparation and filing of Clean Power's registration statement covering the shares of common stock to be issued pursuant to the Company's previously announced Investment Agreement and a Registration Rights Agreement with Dutchess Private Equities Fund Ltd. Under the terms of these agreements, Dutchess will provide an equity line of credit of up to $10,000,000.
Mr. Abdul Mitha, President and CEO of Clean Power stated, "This equity line of credit (ELC) will supply Clean Power the capital in order to continue with our current operations, hybrid development program and to implement our steam hybrid conversions on two Mazda RX8 vehicles. I believe this will provide the requisite capital for Clean Power's short and medium term needs. This is a major milestone in the progress and future of Clean Power."
In addition to providing counsel in connection with securities matters, Gersten Savage will provide counsel in connection with leveraging and protecting our proprietary technology. Mr. Mitha further stated, "Currently our most valuable asset is our intellectual property. Gersten Savage's broad experience in litigation and prosecution will enhance Clean Power's ability to maximize and protect our technology while pursuing our long and short term business strategies." Mr. Mitha continued to say, "They (Gersten Savage LLP) will provide Clean Power with a comprehensive IP strategy including licensing, copyright, trademark and trade secret protection."
About Clean Power Technologies Inc.
Clean Power Technologies Inc. (OTCBB:CPWE) is a developer of a unique and environmentally friendly alternative hybrid fuel technology. Clean Power has put together an impressive engineering team of 7 Professional Engineers which consist of, a Mechanical Vehicle Integration Specialist, a Thermodynamic Specialist, an Engine Management Electronics Specialist, a Vehicle Systems Specialist, a Graphics Designer & Vehicle Builder, a Robotic Engineer and a Control System Specialist. These specialists make up the Clean Power development team and provide significant expertise to enhance the development and implementation for this unique hybrid fuel technology.
Clean Power Technologies Inc. operates out of its own development facility. The state-of-the-art facility is located in England and is completely outfitted with full computational support with Computer Aided Design 3d Modeling software, a fully automated Engine Test Dynamometer. Clean Power anticipates that by the fall of 2007 the planned hybridized Mazda RX8 vehicle will be ready for road use.
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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.