SOURCE: First Asia Fuel Corporation

April 18, 2006 09:27 ET

First Asia Fuel Denies Former CEO's Statement Regarding Contract Commitments With International Fuel Technology

NEW YORK, NY -- (MARKET WIRE) -- April 18, 2006 -- First Asia Fuel Corporation (FAFC) today stands by its announcement on April 17, 2006 that it has not placed a $1 million purchase order with International Fuel Technology, Inc. (OTC BB: IFUE), for DiesolIFT™ product contrary to conflicting statements.

Anthony C. Stout, former CEO and Board Member of FAFC, had his executive management powers removed in January 2006, has been removed from the company's board, and has no authorization to act as an agent of FAFC in any capacity nor has he for the past several months. "We are dismayed that Mr. Stout would choose such an irresponsible course of action," said FAFC officials.

FAFC attorneys are aggressively looking into these inaccurate press releases and other matters.

Contact Information

  • Media Contact:

    Public Relations Office
    First Asia Fuels Corporation
    917-992-0108