Fulfills First Installations by Greencell in Transport Trucking Market
MISSISSAUGA, ON, March 31 /PRNewswire/ - blutip Power Technologies™ ("blutip Power") , a division of Hy-Drive Technologies Ltd. (TSXV: HGS) today announced that its distributor agent, Greencell Technologies Inc., ("Greencell") placed an order for the company's Hy-Drive HGS product. The purchase price for the sales agreement represents $263,000 CDN.
The Hy-Drive HGS is a hydrogen generator system, for the transport truck industry, that is designed with a control mechanism that regulates small amounts of hydrogen injected into the combustion chamber, thus enhancing the air/fuel mixture. The end result to the customer is fuel savings and lower emissions, as demonstrated through third-party SAE testing protocols.
"This order represents an important step forward not only for blutip Power and Greencell, but more importantly to the end user - the customer," said Robert Bucher, President and CEO for Hy-Drive. "With diesel gas prices soaring, this is an important opportunity for the customer to run their operations more efficiently," he added.
As previously announced, blutip Power and Greencell entered into a Distribution Agreement that would allow both companies to expand their positioning in the energy solutions market to the transport industry. Greencell is located in Aurora, Ontario and trades on the Frankfurt Stock Exchange under the symbol GT5. They've created a similar product and are backed by a sound marketing system, which includes innovative financing options. The HydroCell is just one of several energy saving products that Greencell is formulating and they will be marketing the Hy-Drive HGS under the HydroCell brand label.
Additionally, the Company announces that Fred Florence will be leaving his position as Chief Financial Officer effective immediately. Mr. Florence joined the Company in 2008 and was an integral part of the leadership team throughout that period; he will continue to work with the Company on a consultative basis as the need arises. The search for a senior financial officer on a part-time basis will commence based upon the Company's current direction and structure.
About blutip Power
blutip Power, a division of Hy-Drive Technologies Ltd., is a technology company headquartered in Mississauga, Ontario, Canada. The Company has invested in the research and development of hydrogen and control technology resulting in a proprietary, patented and patent-pending hydrogen generating system ("HGS®") and advancement in multi-fuel universal combustion controls. blutip's Hy-Drive HGS enriches the fuel-air charge of an internal combustion engine with hydrogen produced through electrolysis and uses its proprietary software controls to improve combustion of the fuel-air mixture. The result is improved fuel economy and reduced opacity (particulates).
Cautionary Note Regarding Forward-Looking Statements:
This press release contains certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with the Company's business, and the economic environment in which the business operates. Forward-looking statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements including but not limited to, statements about future development of blutip Power's/Hy-Drive's products, commercial production in 2011, future working capital requirements, and validation of blutip Power's/Hy-Drive's products, and can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", "thinks", or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved" and similar expressions to the extent that they relate to the Company or its management. These forward-looking statements are not historical facts, but reflect the Company's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectation.
Although blutip Power/Hy-Drive has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. blutip Power/Hy-Drive does not undertake to update any forward-looking information that is incorporated by reference herein, except in accordance with applicable securities laws.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
SOURCE Hy-Drive Technologies Ltd.