POMPANO BEACH, Fla.--(BUSINESS WIRE)--Cyclone Power Technologies (Pink Sheets: CYPW), developer of the all-fuel, clean-tech Cyclone Engine, announced today that it has signed a letter of intent with Combilift based in Monaghan, Ireland, to develop and sell industrial material handling and lift equipment utilizing Cyclone engine technology.
The letter of intent was signed on June 24. Combilift has provided a deposit in the amount of $25,000 to secure their position while the parties work to finalize their licensing agreement.
Founded in 1998, Combilift builds and sells industrial material handling equipment, including specialized lifts and multi-directional side-loaders. For over a decade, Combilift has grown to be the global leader in the industrial long-load handling market. Supported by a strong international network of distributors, their products are sold in over 50 markets worldwide.
Robert Moffett, President of Combilift, commented, “Our company was founded on bringing new concepts and unique, innovative designs to the international market. We see the integration of the Cyclone engine into our current and future products lines, as an extension of this pioneering spirit. Facility owners are in desperate need for cleaner burning, more fuel efficient and more powerful materials handling equipment for indoor use. We believe that the dynamics of Cyclone engine can provide just that perfect combination of power and clean energy efficiency.”
“This Combilift agreement provides us with entry into a very interesting niche market for industrial equipment on a global scale,” stated Christopher Nelson, President of Cyclone. “We think that partnering with this team of distinguished leaders in their unique equipment operating field presents a great commercial opportunity for Cyclone. We look forward to the beginning of what we expect to be strong and mutually beneficial relationship with Combilift.”
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 a 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 the Society of Automotive Engineers’ AEI Tech Award in 2006 and 2008. Additionally, Cyclone was recently named Environmental Business of the Year by the Broward County Environmental Protection Department. For more information, visit www.cyclonepower.com.
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.