Cyclone Power Technologies Receives First Milestone Payment Under U.S. Army Contract
September 18 2012 - 8:10AM
Marketwired
Cyclone Power Technologies Inc. (OTCQB: CYPW), developer of the
all-fuel,
clean-tech Cyclone Engine,
announced that it has received payment of $502,000 for the
completion of the first milestone under its engine development
contract with the
U.S. Army / Tank Command
(TACOM).
The Army / TACOM contract is valued at $1.4 million, inclusive
of this first payment, three additional milestone payments of
approximately $250,000 each, and a final payment of $150,000 at
contract completion and product delivery. The program objective is
to develop a Phase I prototype of a highly compact, lightweight
10kW power generator, driven by Cyclone's power-dense, S-2 model
external combustion engine. The final product is expected to be
compatible for use with multiple lines of combat vehicles either as
a built-in auxiliary or dismountable and portable power unit.
Cyclone anticipates completing this Phase I contract by June 2013,
which may be followed by Phase II follow-on development funding
next year.
Christopher Nelson, President of Cyclone, commented: "We're very
pleased to complete this first critical milestone under our
contract with TACOM, and believe that we are on track to hit the
next milestone and payment trigger by the end of October. This is
important development funding for Cyclone that materially advances
our technology across multiple engine platforms, and greatly
strengthens our cash flow position moving forward."
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 CEO 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.
Disclaimer: Reference herein to any specific commercial company,
product, process, or service by trade name, trademark,
manufacturer, or otherwise, does not necessarily constitute or
imply its endorsement, recommendation, or favoring by the United
States Government or the Department of the Army (DoA). The opinions
of the authors expressed herein do not necessarily state or reflect
those of the United States Government or the DoA, and shall not be
used for advertising or product endorsement purposes.
Cyclone Investor Relations American Capital Ventures Howard
Gostfrand President Tel: 305-918-7000 www.amcapventures.com Company
Contact Christopher Nelson President Tel: 954-943-8721
info@cyclonepower.com