SOURCE: International Fuel Technology Inc.

September 28, 2005 08:04 ET

International Fuel Technology Receives $6,500,000 Through the Sale of Common Stock

ST. LOUIS, MO -- (MARKET WIRE) -- September 28, 2005 -- International Fuel Technology Inc. (OTC BB: IFUE), a fuel science and research company, today announced that it has received $6,500,000 in cash from accredited investors in exchange for the issuance of 4,447,980 restricted shares of IFT common stock. IFT also granted certain registration rights to the investors and issued warrants to purchase up to an additional 1,111,995 shares of IFT common stock.

The Company accepted commitments for this capital raise from May 2005 through August of 2005 based on the market price of the stock at the time of commitment. All monies have been received. The $6,500,000 was raised without payment of fees to any third party.

Jonathan Burst, IFT's CEO, said, "This investment is a significant step for our Company. We set out to raise $5 million and took in more due to the strong investor interest we received. The $6,500,000 represents approximately two years of funding for IFT and will help expedite our commercialization efforts. Based on the current progress we are making, it is unlikely that the Company will require any additional capital raise in the future. In addition, the cash on our balance sheet will allow us to contemplate alternatives to the over-the-counter bulletin board market."

Gary Kirk, IFT's Director of Sales and Marketing, said, "I view this investment as a direct reflection of the substantial progress IFT has made in the commercialization of our technology and the development of our international distribution network. We expect our ongoing efforts in the U.S., Asia, Africa and Europe to begin generating meaningful revenue opportunities for the Company in the fourth quarter of this year."

Some statements contained in this release may be forward-looking within the meaning of the safe harbor clause of the Private Securities Litigation Reform Act of 1995 including, but not limited to, statements as to commercialization of the company's products and business development activities. Editors and investors are cautioned that such forward-looking statements involve risks and uncertainties that may cause the company's actual results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to, the company's ability to generate revenues and other factors as described in the Company's literature and filings with the Securities and Exchange Commission.

Contact Information

  • Investor Contact:
    Stuart Beath
    Director of Corporate Development
    International Fuel Technology, Inc.
    314-727-3333 x417