OAKLAND, N.J., March 14, 2011 /PRNewswire/ -- The Dewey Electronics Corporation (OTC Bulletin Board: DEWY), a leading provider of military diesel power generation systems, reported the receipt of a three (3) year subcontract to integrate a JP-8 fueled, fuel cell based, 10 kilowatt Auxiliary Power Unit (APU) for military ground combat vehicles. The prime contract was awarded by the U.S. Army's Tank Automotive Research, Development and Engineering Center (TARDEC) to the Altex Technologies Corporation for a base total of $5.2 million with potential contract options totaling an additional $7.9 million.
Dewey Electronics has been awarded a "not to exceed" subcontract with an approximate value of $1.1 million by Altex Technologies (up to $4.3 million if the U.S. Government exercises all contract options). Dewey is part of the team comprised of Altex Technologies Corporation, SerEnergy, and Pennsylvania State University. Under this subcontract, Dewey will design, develop, and package the control system electronics, the power electronics, and will integrate the SerEnergy fuel cell technology with Altex Technologies' JP-8/diesel fuel reformer technology into the APU by September 2013, followed by ground combat vehicle integration and testing under the contract options.
"This is an exciting project where we continue to leverage our experience with highly reliable, rugged, power management and generation systems, military grade electronics controls, and advanced alternative energy technologies," stated John Dewey, President and CEO. "The Altex Technologies subcontract is an example of how we have aligned ourselves with strong partners in order to compete for a wider variety of contracts to fully utilize our expertise. This includes capitalizing on our decades of design and manufacturing expertise in power generation, control electronics, and in-depth understanding of military requirements."
About Dewey Electronic Corporation
The Dewey Electronic Corporation, founded in 1955, is a systems oriented military electromechanical development, design and manufacturing organization with a focus on compact diesel power generation solutions. The company is a small business and is located in Oakland, NJ. Visit our website at www.deweyelectronics.com.
About Altex Technologies Corporation
Altex Technologies is a privately held company in Sunnyvale, CA that specializes in fuel processing and fuel cell, combustion and combined heat and power, heat management and alternative-fuel production.
SerEnergy is a leading Danish HTPEM fuel-cell manufacturer founded in 2006. The company is based in Hobro, Denmark with focus on development and sales of fuel cell modules and mobile battery chargers in general.
This release contains forward-looking statements as defined in Section 21E of the Securities and Exchange Act of 1934, including statements about future business operations, financial performance and market conditions. Such forward-looking statements involve risks and uncertainties including those involved in the Company's dependence upon its Department of Defense business, as further described in our filings under the Securities Exchange Act.
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SOURCE Dewey Electronics Corporation