SOURCE: Cyclone Power Technologies, Inc.
POMPANO BEACH, FL--(Marketwired - Sep 3, 2013) - Cyclone Power Technologies Inc. (OTCQB: CYPW), developer of the all-fuel, clean-tech Cyclone Engine, announced today that its subsidiary Cyclone-WHE LLC and production partner Precision CNC LLC have signed a lease for a new manufacturing facility located in Lancaster, Ohio. This 16,000 s.f. facility has the production and assembly space capable of turning out at least 1,500 Cyclone engines per month, which is Cyclone's conservative sales forecast for the 10hp WHE-25 engine over the following three years.
The lease, signed by Precision CNC with Cyclone-WHE as a sub-lessee, provides advantageous terms to allow the two companies sufficient time to ramp-up their respective operations prior to the commencement of rent obligations. Additionally, the landlord under this lease, The Windsor Company, will invest up to $45,000 in improvements and equipment moving allowances, and has requested and received an option to invest up to an additional $100,000 directly into Cyclone-WHE. The Windsor Company, which owns considerable commercial properties in the area, will also work with Precision CNC and Cyclone as both companies expand in the future, to either build out the current space or build a new facility.
Christopher Nelson, President of Cyclone and Managing Director of Cyclone-WHE, stated: "We're thrilled to find a home in Lancaster to start building our Cyclone engines. Along these lines, we remain on schedule with our partners at The Ohio State University's Center for Automotive Research to begin this process by the end of this year, and expect to be in full production mode in 2014. We appreciate all the support that Fairfield County and our new landlord have provided to make this happen, including direct cash investments in our project by The Windsor Company."
Nathan Hawkins, President of Precision CNC, stated: "This is an excellent move for us, as we have outgrown our current facility and expect considerable growth over the following five years in connection with our work with Cyclone. We understand the enormous market potential for the Cyclone engines, and want to be ready to fulfill their production requirements moving forward. We thank the Moore family at The Windsor Company in helping make this happen."
Jonny Moore at The Windsor Company stated: "We welcome Precision CNC and Cyclone-WHE to Lancaster, and look forward to working with them in any way we can to help make their businesses successful."
In a joint statement, R. Michael Pettit, Lancaster Economic Development Director and Bob Clark, Director of Fairfield 33 Development Alliance stated: "Advanced manufacturing is a targeted industry that Lancaster and the Fairfield 33 Development Alliance are marketing to and we are very fortunate to be a part of the Precision CNC and Cyclone Power Technologies expansion plan."
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 Chairman 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 (Florida) 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.