Cyclone Power Technologies Completes Third Milestone Under U.S. Army Development Program
January 30 2013 - 9:03AM
Marketwired
Cyclone Power Technologies, Inc. (OTCQB: CYPW), developer of the
all-fuel,
clean-tech Cyclone Engine,
announced today that it has successfully completed the third of
five major milestones under its engine development contract with
the
U.S. Army / Tank Command (TACOM). With
this accomplishment, Cyclone has submitted and TACOM has approved
for payment an invoice for approximately $250,000.
The Army / TACOM contract is valued at approximately $1.4
million, of which $750,000 has been received to date by Cyclone.
The program objective is to develop a Phase I prototype of a highly
compact, lightweight 10kW power generator, driven by Cyclone's
power-dense, external combustion engine. The final product is
expected to be compatible for use with multiple lines of combat
vehicles either as a built-in auxiliary or dismountable and
portable power unit. Cyclone anticipates completing this Phase I
contract by July 2013, which may be followed by Phase II follow-on
development and funding later this year.
Jim Landon, Cyclone's CEO, commented: "I'm proud of our team for
meeting this key milestone. This project stage involved initial
testing of our S-2 engine, commencement of the generator system
assembly, and an on-site facility inspection. We are on track to
complete this contract on time and within budget."
"Cyclone's technology can provide our military with portable
power that reduces operational costs, diversifies fuel requirements
and enhances mission capabilities in remote and hostile locations.
We strongly believe that this is the type of program which will
continue to attract support and funding from defense, homeland
security, border patrol, emergency response and other major sectors
of our government in the future," Mr. Landon added.
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 CTO 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
Contact Christopher Nelson President Tel: 954-943-8721
info@cyclonepower.com