Cyclone Power Technologies Approved as Prime Contractor Under U.S. Army Development Program
June 19 2012 - 9:30AM
Marketwired
Cyclone Power Technologies Inc. (OTCQB: CYPW) (PINKSHEETS: CYPW),
developer of the all-fuel,
clean-tech Cyclone
Engine, announced today that the U.S. Department of Defense has
officially approved Cyclone as the prime contractor under its
engine development program with the
U.S. Army /
Tank Command (TACOM). Cyclone acquired this contract from
Advent Power Systems in February 2012, subject to the now completed
contract "novation."
The Army / TACOM program is valued at approximately $1.4
million, which is scheduled to be paid to Cyclone over the
following 12 months as the Company reaches certain development
milestones. The program objective is to develop a Phase I prototype
10kW auxiliary power unit, suitable for use in multiple lines of
combat vehicles including the M1 Abrams tank,
the IAV Stryker and the Bradley Fighting Vehicle. Should this Phase I program
advance to Phase II next year, it could be worth several million
dollars in additional revenue to Cyclone and provide further
development support towards the ultimate commercialization of these
highly compact, efficient and multi-fuel
capable power generators.
Christopher Nelson, President of Cyclone, commented: "After
months of government review and vetting, we're pleased to have been
approved as the prime contractor for TACOM, and excited to continue
ahead with this very important program. Taking control over this
project was crucial to reducing administrative inefficiencies and
maximizing development revenue, and we believe will place us in a
stronger position to build our team and secure future military
opportunities going forward. We are eager to demonstrate to our
customer, the U.S. Army, how Cyclone Engine technology can help
reduce the waste of military resources and save lives on the
battlefield."
"On behalf of our team, we would also like to thank Congressman
Allen West (FL-22) for helping us cut through the bureaucratic red
tape during this contracting process, and for his strong support of
small businesses like us," added Mr. Nelson.
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 CEO Harry Schoell, the patented Cyclone Engine is an
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, and was
presented with two Society of Automotive Engineers' AEI Tech Awards. Additionally, Cyclone was named
Environmental Business of the Year by the
Broward County Environmental Protection Department. For more
information, visit www.cyclonepower.com.
Follow Cyclone on Facebook:
http://www.facebook.com/CyclonePowerTechnologies
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.
Disclaimer: Reference herein to any specific commercial company,
product, process, or service by trade name, trademark,
manufacturer, or otherwise, does not necessarily constitute or
imply its endorsement, recommendation, or favoring by the United
States Government or the Department of the Army (DoA). The opinions
of the authors expressed herein do not necessarily state or reflect
those of the United States Government or the DoA, and shall not be
used for advertising or product endorsement purposes.
Cyclone Investor Relations American Capital Ventures Howard
Gostfrand President Tel: 305-918-7000 www.amcapventures.com Cyclone
Media Contact Red Letter Group Will Wellons 407-462-2718
will@redletterpr.com