Alternative Fuel Technologies Inc. Comments on New KOGAS DME Plant Set for Saudi Arabia
October 29 2009 - 8:15AM
Marketwired
James McCandless, CEO of Alternative Fuel Technologies Inc.
(PINKSHEETS: AFTC), commented on the KOGAS plant detailed in the
attached article and the acceptance of DME globally as a fuel
source.
In an article distributed Oct 21 by Reuters, South Korea's
state-run KOGAS will invest approximately 400 billion Won to build
an energy plant in Saudi Arabia. The Maeil Business Newspaper cited
sources at the economy ministry and KOGAS as stating that KOGAS
would sign a preliminary deal with the Saudi Arabian government on
Nov. 2 for the plant in Jubail, which would have an annual capacity
of 300,000 tonnes of dimethylether (DME) from 2013.
DME is mainly made from the synthesized gas by cracking natural
gas, coal and bio-mass, and is considered cheaper and cleaner than
liquefied petroleum gas. (The full KOGAS article can be found at:
http://in.reuters.com/article/oilRpt/idINSEO11055620091021).
AFTC CEO James C. McCandless stated, "I am not surprised that
KOGAS would spend over $330 Million to build a DME plant of this
size, as we have been working with KIER (Korean Institute for
Energy Research) for several years and we know they see a bright
future for DME. We have several installations in the country that
have been running successfully for some time now. Asia continues to
be a hotbed for growth in the DME industry. I am excited to ship
DME fuel pumps to our Korean customers and look forward to a
longstanding mutually rewarding relationship. I believe this will
lead to widespread adoption of our company's DME fuel systems
throughout Asia and the world."
About DME
DME is a new ultra-clean diesel fuel replacement that can be
produced from abundant resources. These include natural gas,
landfill methane, coal and biomass. At current oil prices, DME can
be produced and distributed at less than 1/2 the cost of
conventional fuel. When burned in a diesel engine, all soot
emissions are eliminated and NOx emissions are lowered dramatically
without the use of expensive exhaust aftertreatment devices.
About AFTC:
Alternative Fuel Technology Inc. is a research & development
organization engaged in the design, development and prototype
manufacturing of advanced fuel systems for use with a new
alternative fuel -- dimethyl either (DME). AFTC has developed
practical, low-cost fuel injection equipment for DME fueled
vehicles and currently provides complete DME fuel systems for
testing and research purposes in addition to retrofit systems that
can be used with most diesel engines. The company's ultimate goal
is series production of DME fuel systems for the global automotive
market by 2011.
Safe Harbor Statement: Statements contained in this release,
which are not historical facts, including statements about plans
and expectations regarding business areas and opportunities,
acceptance of new or existing businesses, capital resources and
future business or financial results are "forward-looking"
statements. You should not place undue reliance on these
forward-looking statements. Such forward-looking statements are
subject to risks and uncertainties, including, but not limited to,
customer acceptance of our products, our ability to raise capital
to fund our operations, our ability to develop and protect
proprietary technology, government regulation, competition in our
industry, general economic conditions and other risk factors which
could cause actual results to differ materially from those
projected or implied in the forward-looking statements. Although we
believe the expectations reflected in the forward-looking
statements are reasonable, they relate only to events as of the
date on which the statements are made, and our future results,
levels of activity, performance or achievements may not meet these
expectations. We do not intend to update any of the forward-looking
statements after the date of this press release to conform these
statements to actual results or to changes in our expectations,
except as required by law.
Further information on Alternative Fuel Technologies Inc. is
available at: http://www.altfueltechnology.com/
CONTACT: InvestSource, Inc. Investor Relations: 714-847-2460
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