POMPANO BEACH, FL -- (Marketwire) -- 12/12/12 -- Cyclone Power Technologies Inc. (OTCQB: CYPW), developer of the all-fuel, clean-tech Cyclone Engine, announced today that it has signed a Letter of Understanding with Carroll, Ohio based Precision CNC to establish a production center for Cyclone Engines. The Company and Precision CNC, who have been working together over the past three years manufacturing prototype parts, expect to complete their agreement in the first quarter of 2013 subject to the close of required financing.
Under the terms of the proposed venture, Cyclone will establish a wholly-owned subsidiary, Cyclone Precision LLC (the "JV Company"), which will be co-located at Precision CNC's facility. The JV Company will recruit mechanical and production engineers, presumably from Ohio's deep pool of manufacturing talent, to lead the final phases of engine development and commercialization. Precision CNC will provide additional oversight and administrative functions for the JV Company, and will add their expertise to the production designs of Cyclone Engines.
Precision CNC is an ISO 9001-2008 certified manufacturing facility with the capabilities to handle prototyping to full production for technology, medical, military and other customers requiring precision machine work. The company has invested heavily over the past few years in the most advanced multi-axis turn-mill and Swiss CNC machinery, process flow software, and personnel recruitment and training, resulting in capabilities and efficiencies that provide significant cost competitive advantages.
James C. Landon, Cyclone's CEO, stated: "This partnership represents a huge step forward for Cyclone, as it will provide us with a solid foundation to transition our engines from prototype to production, most notably, a very strong manufacturing partner that will enhance our engineering capacity and machining turn-around time and costs. We have a focused plan to bring our engines to market in 2013 starting with our smaller WHE-25 model. With the support and expertise of Precision CNC and their top-notch management, we're confident that we can achieve these goals."
Nathan Hawkins, President and co-founder of Precision CNC, stated: "We're thrilled to be working with Cyclone at this exciting stage in their development. We are very familiar with the Cyclone Engines and the potential game changing possibilities they represent in the energy and transportation sectors. We're confident that the skills and manufacturing technology we bring to the table will expedite Cyclone's path to market."
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 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.
Cyclone Investor Relations
American Capital Ventures
Precision CNC Contact
Most Popular Stories
- Aetna Leaving California's Individual Health Insurance Market
- Honda Says Sorry About the Lack of Electric Fits
- Comcast Takes a Stake in a YouTube Content Provider
- OSH Selling Most of Its Stores to Lowe's
- Calories Count: Starbucks to Post the Numbers on Menu Boards
- Is Stock Balloon Really a Pinata?
- First Person Cured of AIDS Virus Wants to Help Others
- Katy Perry: Learned About Divorce Via Text Message
- Google Wants to Share PRISM Information
- Charitable Giving Sees Encouraging Growth