SOURCE: Cyclone Power Technologies Inc.
POMPANO BEACH, FL--(Marketwired - May 1, 2013) - Cyclone Power Technologies Inc. (OTCQB: CYPW), developer of the all-fuel, clean-tech Cyclone Engine, announced today that it has successfully completed the fourth of five major milestones under its engine development contract with the U.S. Army / Tank Automotive Research, Development & Engineering Center (TARDEC), which included completion of engine enhancements and preliminary full system testing. With this accomplishment Cyclone has submitted for payment an invoice for approximately $250,000.
The Army / TARDEC contract is valued at approximately $1.4 million, of which $1 million has been received to date by Cyclone. The program objective is to develop a Phase I prototype of a highly compact, lightweight 10kW power generator, driven by Cyclone's power-dense, external combustion engine. The final product is expected to be compatible for use with multiple lines of combat vehicles either as a built-in auxiliary or dismountable and portable power unit.
Christopher Nelson, Cyclone's President, stated, "We are making great progress with this engine program, and are on budget and within schedule to deliver a prototype system this summer. This will be a major accomplishment for us, which we believe will put us in a strong position for Phase II follow-on funding."
"Along these lines, I just returned from the National Defense Industry Association (NDIA) - Science & Technology Conference last week in Washington DC, at which we presented our technology to an excellent reception of high-level industry and DOD representatives. Despite tightening budgets, the military has critical requirements for next-generation portable and multi-fuel power units. We believe that funding will be available for technology like Cyclone's that can prove to reduce operating costs and increase military capabilities in the future," Mr. Nelson added.
Link to Cyclone's presentation to NDIA
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 CTO 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.
Follow Cyclone on Facebook: http://www.facebook.com/CyclonePowerTechnologies
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.
Disclaimer: Reference herein to any specific commercial company, product, process, or service by trade name, trademark, manufacturer, or otherwise, does not necessarily constitute or imply its endorsement, recommendation, or favoring by the United States Government or the Department of the Army (DoA). The opinions of the authors expressed herein do not necessarily state or reflect those of the United States Government or the DoA, and shall not be used for advertising or product endorsement purposes.