REDFORD, Mich., Oct. 28 /PRNewswire-FirstCall/ -- Alternative
Fuel Technologies, Inc. (Pink Sheets: AFTC) today announced that
the Company plans to expand its research & development facility
in Redford, Mich. by 25 percent in
anticipation of new business from government and commercial
customers.
In addition to expanding its facility for offices and additional
lab space, the Company plans on purchasing a high-precision
Computer Numerical Control (CNC) grinder and a Talyrond
high-precision measurement instrument to improve the quality of its
fuel injection systems, and hiring three additional engineers over
the next four-to-six months to handle increased DME and jet fuel
system development projects.
"Over the past year, we have seen a growing interest in our fuel
injection systems from government and commercial customers around
the world," said James McCandless,
Chief Executive Officer of Alternative Fuel Technologies, Inc. "We
have delivered more of our fuel injection systems to our customers
in 2010, than ever before. As a result of new customer wins and
recent contract awards, we are more self-sufficient than ever. This
planned expansion will allow the Company to continue along its
growth curve, ramp up its manufacturing capability, and increase
capacity across the board."
About Alternative Fuel Technologies, Inc.
Alternative Fuel Technologies, 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 ether (DME). The Company 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. For more information, visit:
http://www.altfueltechnology.com
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 cmaterially 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.
CONTACT:
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intellibridgeIR
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949-981-5062
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aftc@intellibridgeir.com
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SOURCE Alternative Fuel Technologies, Inc.
Copyright . 28 PR Newswire