SOURCE: Cyclone Power Technologies, Inc.
POMPANO BEACH, FL--(Marketwire - Nov 14, 2012) - Cyclone Power Technologies Inc. (OTCQB: CYPW), developer of the all-fuel, clean-tech Cyclone Engine, has filed a request for withdrawal of its registration statement on Form S-1 covering up to 10 million shares of common stock and shares underlying 5 million warrants. The securities would have been issued to GEM Global Yield Fund (GGYF) pursuant to an offering whereby GGYF would purchase up to $2.5 million in stock from Cyclone at a 10% discount to market over the following 24 months.
Christopher Nelson, Cyclone's President, stated: "For Cyclone at the present time, we believe that this offering was not conducive to increasing our shareholder value. We are withdrawing our registration statement and will reassess this financing if needed on different terms as requested by the SEC sometime next year. As for now, we are committed to building shareholder confidence by limiting dilution and pursuing development contracts and other revenue streams. We thank the top-notch team at GGYF for their support and understanding, as they are true professionals to work with."
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
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 an 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 two Society of Automotive Engineers' AEI Tech Awards. Additionally, Cyclone was named Environmental Business of the Year by the Broward County Environmental Protection Department. For more information, visit www.cyclonepower.com.
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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.