SOURCE: Alexandria Advantage Warranty Company

March 25, 2015 09:00 ET

Alexandria Advantage Warranty Company Provides Additional Detail Regarding Its Option Agreement to Acquire Engine Related Intellectual Property

LOS ANGELES, CA--(Marketwired - Mar 25, 2015) - Alexandria Advantage Warranty Company (OTC PINK: AAWC) is announcing today that, in furtherance to a previous press release dated March 19, 2015, the Company has received permission to disclose some more specific information regarding the option agreement it executed with the Nevada corporation.

The option agreement summarizes that both parties to the original letter of intent, which had expired, has been completed, and both entities desire to complete the acquisition. The option agreement requires cash payments from the Company within a defined period, so that the finalization of the product by the Nevada corporation can begin its next phase of development. As of the date of this press release, the Company has made a good faith initial payment to the Nevada corporation as required under the option agreement.

Further, the Company is disclosing the following:

  • The intellectual property surrounding the engine technology has been researched and appears to be in good order.
  • The Nevada corporation previously built a functional prototype of its engine and its internal testing on that prototype engine proved in excess of 80 miles per gallon, with no loss of horsepower or torque and extremely low emissions output.
  • The prototype engine weighed in at fewer than 80 pounds and had fewer than 30 total parts (excluding fasteners).
  • The option agreement allows for the parties to work together in a number of ways -- the main goal of which is for Alexandria Advantage to provide capital to build the next generation prototype with the Nevada company, as well as commercial grade testing for that to be built prototype.

"The Company felt it necessary to disclose more information about what it is negotiating for," said Jay Pignatello, CEO of Alexandria Advantage Warranty Company. "I received dozens of phone calls and emails asking for more information about the engine technology. I have seen this company's prototype engine run. I have known about technology for quite some time. This engine is a four stroke, inwardly opposed internal combustion engine. To my knowledge, no other inwardly opposed ICEs exist that are four stroke. This engine and the technology behind it could change a lot in the engine industry -- with the light weight, and the ability to scale the size of the engine, it can be used in lawn mowers, motorcycles, cars or heavy machinery. The efficiencies are numerous and exciting to contemplate."

About Alexandria Advantage Warranty Company

Alexandria Advantage Warranty Company (OTC PINK: AAWC) is a provider of new and used car warranties to independent and franchised car dealers and their customers. The Company is a Colorado company in good standing.

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For additional information, please contact Shareholder Services at: (310) 953-9680.

Forward-Looking Statements
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933, and are subject to 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 press 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 other results and further events could differ materially from those anticipated in such statements. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.

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