Cyclone and Precision CNC Sign Lease for New Manufacturing Facility; Partnership With The Windsor Company Will Expedite Ramp-...
September 03 2013 - 9:15AM
Marketwired
Cyclone Power Technologies Inc. (OTCQB:
CYPW), developer of the all-fuel, clean-tech Cyclone Engine,
announced today that its subsidiary Cyclone-WHE LLC and production
partner Precision CNC LLC have signed a lease for a new
manufacturing facility located in Lancaster, Ohio. This 16,000 s.f.
facility has the production and assembly space capable of turning
out at least 1,500 Cyclone engines per month, which is Cyclone's
conservative sales forecast for the 10hp WHE-25 engine over the
following three years.
The lease, signed by Precision CNC with Cyclone-WHE as a
sub-lessee, provides advantageous terms to allow the two companies
sufficient time to ramp-up their respective operations prior to the
commencement of rent obligations. Additionally, the landlord under
this lease, The Windsor Company, will invest up to $45,000 in
improvements and equipment moving allowances, and has requested and
received an option to invest up to an additional $100,000 directly
into Cyclone-WHE. The Windsor Company, which
owns considerable commercial properties in the area, will also work
with Precision CNC and Cyclone as both companies expand in the
future, to either build out the current space or build a new
facility.
Christopher Nelson, President of Cyclone and Managing Director
of Cyclone-WHE, stated: "We're thrilled to find a home in Lancaster
to start building our Cyclone engines. Along these lines, we remain
on schedule with our partners at The Ohio State
University's Center for Automotive
Research to begin this process by the end of this year, and
expect to be in full production mode in 2014. We appreciate all the
support that Fairfield County and our new
landlord have provided to make this happen, including direct cash
investments in our project by The Windsor Company."
Nathan Hawkins, President of Precision CNC, stated: "This is an
excellent move for us, as we have outgrown our current facility and
expect considerable growth over the following five years in
connection with our work with Cyclone. We understand the enormous
market potential for the Cyclone engines, and want to be ready to
fulfill their production requirements moving forward. We thank the
Moore family at The Windsor Company in helping make this
happen."
Jonny Moore at The Windsor Company stated: "We welcome Precision
CNC and Cyclone-WHE to Lancaster, and look forward to working with
them in any way we can to help make their businesses
successful."
In a joint statement, R. Michael Pettit, Lancaster Economic
Development Director and Bob Clark, Director of Fairfield 33
Development Alliance stated: "Advanced manufacturing is a targeted
industry that Lancaster and the Fairfield 33 Development Alliance
are marketing to and we are very fortunate to be a part of the
Precision CNC and Cyclone Power Technologies expansion plan."
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
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 (Florida) 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.
Company Contact Christopher Nelson Tel: 954-943-8721
chris@cyclonepower.com