POMPANO BEACH, Fla., July 3, 2007 (PRIME NEWSWIRE) -- Coastal Technologies, Inc. announced today the completion of the acquisition of the assets and assumption of liabilities of Cyclone Technologies LLLP, a Florida limited liability limited partnership. The company has changed its name to Cyclone Power Technologies, Inc. (Pink Sheets:CYPW) ("Cyclone") and has put into effect a reverse split of its common stock, which will now trade under the symbol CYPW.
Cyclone holds the U.S. patent, international patent applications, and exclusive commercial rights to the Schoell Cycle Cyclone Engine, an environmentally friendly and highly efficient external combustion, heat-regenerative engine. Developed by Cyclone's newly appointed President and CEO, Harry Schoell, the Cyclone 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 water instead of motor oil. By eliminating many subsystems like oil pumps, radiators, catalytic converters and fuel injectors, the Cyclone Engine costs 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.
Jim DiPrima, outgoing President of Coastal Technologies (now known as Cyclone Power Technologies) stated, "When we were first introduced to Mr. Schoell and his revolutionary engine design, we were immediately impressed by him and the amazing technology he has developed. We feel very fortunate to be associated with Mr. Schoell and his design team, and to be able to provide to our shareholders an acquisition with the caliber and potential of the Cyclone Power Engine."
Safe Harbor Statement
This release contains certain "forward-looking" statements, involving risks and uncertainties, which are covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding Cyclone Power Technologies, Inc. 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. In addition, actual or future results may differ materially from those anticipated depending on a variety of factors, including continued maintenance of favorable license arrangements, success of market research identifying opportunities, successful introduction of new concepts, continued promotional innovation, sales and earnings growth, ability to attract and retain key personnel, and general economic conditions affecting consumer spending. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Cyclone Power Technologies, Inc. does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.