REDFORD, Mich., Oct. 27 /PRNewswire/ -- Alternative Fuel
Technology, LLC, a wholly owned subsidiary of Alternative Fuel
Technologies, Inc. (Pink Sheets: AFTC) announced today that the
Company has been awarded and has commenced working on a U.S. Army
Phase 2 SBIR project valued at US$715,000.
"This is the largest Army contract the Company has ever been
awarded," said James McCandless,
Chief Executive Officer of Alternative Fuel Technologies, Inc. "The
Phase 2 project is an extension of a successful Phase 1 project in
which AFT identified a significant wear problem on a commercial
diesel common rail fuel injection system running on JP-8 jet
fuel."
The Army uses JP-8 jet fuel in all of its diesel applications
for logistics reasons. The Company will redesign the commercial
diesel common rail pump to lower wear to acceptable levels in this
Phase 2 project. To accomplish this goal, AFT will apply materials
technology and other lessons learned during the development of the
Company's well known DME common rail fuel system.
"Following successful completion of Phase 2, the project may
qualify for Phase 3 whereby the Company can commercialize the
product and sell it to the military and commercial customers," said
McCandless.
About Alternative Fuel Technologies, Inc.
Alternative Fuel Technologies, Inc. is a research &
development organization engaged in the design, development and
prototype manufacturing of advanced fuel systems for use with a new
alternative fuel -- dimethyl ether (DME). The Company has developed
practical, low-cost fuel injection equipment for DME fueled
vehicles and currently provides complete DME fuel systems for
testing and research purposes in addition to retrofit systems that
can be used with most diesel engines. The Company's ultimate goal
is series production of DME fuel systems for the global automotive
market by 2011. For more information, visit:
http://www.altfueltechnology.com.
About SBIR's:
DoD's SBIR program funds early-stage R&D projects at small
technology companies -- projects which serve a DoD need and have
the potential for commercialization in private sector and/or
military markets. The program, funded at approximately $1.23 billion in FY 2009, is part of a larger
(>$2 billion) federal SBIR program
administered by twelve federal agencies.
As part of its SBIR program, the DoD issues an SBIR solicitation
three times a year, describing its R&D needs and inviting
R&D proposals from small companies -- firms organized for
profit with 500 or fewer employees, including all affiliated firms.
Companies apply first for a six-month to nine-month phase 1 award
of $70,000 to $100,000 to test the
scientific, technical, and commercial merit and feasibility of a
particular concept. If phase 1 proves successful, the company may
be invited to apply for a two-year, phase 2 of approximately
$725,000 to further develop the
concept, usually to the prototype stage. Proposals are judged
competitively on the basis of scientific, technical, and commercial
merit. Following completion of phase 2, small companies are
expected to obtain funding from the private sector and/or non-SBIR
government sources (in "Phase 3") to develop the concept into a
product for sale in private sector and/or military markets.
Safe Harbor Statement: Statements contained in this release,
which are not historical facts, including statements about plans
and expectations regarding business areas and opportunities,
acceptance of new or existing businesses, capital resources and
future business or financial results are "forward-looking"
statements. You should not place undue reliance on these
forward-looking statements. Such forward-looking statements are
subject to risks and uncertainties, including, but not limited to,
customer acceptance of our products, our ability to raise capital
to fund our operations, our ability to develop and protect
proprietary technology, government regulation, competition in our
industry, general economic conditions and other risk factors which
could cause actual results to differ materially from those
projected or implied in the forward-looking statements. Although we
believe the expectations reflected in the forward-looking
statements are reasonable, they relate only to events as of the
date on which the statements are made, and our future results,
levels of activity, performance or achievements may not meet these
expectations. We do not intend to update any of the forward-looking
statements after the date of this press release to conform these
statements to actual results or to changes in our expectations,
except as required by law.
CONTACT:
intellibridgeIR
949-981-5062
aftc@intellibridgeir.com
SOURCE Alternative Fuel Technologies, Inc.
Copyright . 27 PR Newswire