SOURCE: Cyclone Power Technologies, Inc.

Cyclone Power Technologies, Inc.

February 18, 2009 08:30 ET

Two Experienced Business Leaders Join Board of Cyclone Power Technologies' Waste Heat Division

POMPANO BEACH, FL--(Marketwire - February 18, 2009) - Cyclone Power Technologies Inc. (PINKSHEETS: CYPW) has named Thomas McAvity and Rick Simmons to the Board of Directors of its waste heat engine division. These two individuals bring over 60 combined years of finance and business management experience to the newly formed WHE/Generation.

Thomas McAvity is Managing Director of NewOak Capital LLC, an investment management and risk advisory firm. Between 2000 and 2007 he served as Executive Vice President and Chief Investment Officer and Strategist for Scottish Re Group Limited, where he built investment and asset-liability management processes and infrastructure supporting a growth in assets from $800 million to $14 billion. From 1983 to 2000 he served as Vice President of Allstate Life Insurance Company, Lincoln Financial Group, and Alex Brown & Sons. Before that he worked for BF Saul Co. and BF Saul REIT, becoming Senior VP and CFO in 1977. Mr. McAvity served as a Captain in the U.S. Air Force; and he received his MBA with High Distinction from Harvard Business School, and BA magna cum laude from Yale University.

Rick Simmons brings to WHE/Generation over 30 years of experience in building companies and managing business growth, including most recently founding Av-Mar Inc., a marine services enterprise that he grew to a multi-million dollar business in under five years. Mr. Simmons has substantial experience in manufacturing and commercial project installations; and also co-developed, patented and licensed to 3M a unique structural acoustic material. Previously, he founded and built two successful mortgage companies. Mr. Simmons was one of the first investor shareholders in Cyclone.

"Both Tom and Rick bring great strength to our WHE division," stated Frankie Fruge, COO and Director of Cyclone. "Tom has applied his substantial experience in finance and the capital markets to building and analyzing financial models for our business and customers, and is helping greatly with our corporate strategy and planning. Rick's hands-on experience with our engine systems, installations and project management has already proved invaluable, and will undoubtedly help our company prosper."

Operating under the name WHE/Generation, the new Cyclone division will market and manufacture WHE systems for applications such as small-scale cogeneration, solar thermal electricity production, biomass combustion, and engines for auxiliary power units for trucks and RVs.

CORPORATE PROFILE

Cyclone Power Technologies is the developer of the award-winning Cyclone Engine -- an eco-friendly external combustion engine with the power and versatility to run everything from portable electric generators and garden equipment to cars, trucks and locomotives. Invented by company founder and CEO Harry Schoell, the patented Cyclone Engine is a modern day steam 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. Currently in its late stages of development, the Cyclone Engine was recognized by Popular Science Magazine as the Invention of the Year for 2008, and was presented with the Society of Automotive Engineers' AEI Tech Award in 2006 and 2008. Additionally, Cyclone was recently named Environmental Business of the Year by the Broward County Environmental Protection Department. For more information, visit www.cyclonepower.com.

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.

Contact Information

  • Media Contact
    Will Wellons
    407-462-2718
    will@wellonscommunications.com

    Company Contact:
    Frankie Fruge
    Cyclone Power Technologies, Inc.
    601 NE 26th Ct.
    Pompano Beach, FL 33064
    954-943-8721