AENG Advanced Engine Technologies I (CE)

Advanced Engine Technologies, Inc. (Pink Sheets: AENG) announced today that its Annual Shareholder Meeting will be held on Thursday, Dec. 18, 2008, at 11 a.m. PST. Shareholders will have an opportunity to vote on the election of the Board of Directors for the coming year at the AET Development offices in Gardena, Calif. Upon completion of the formal portion of the meeting, AETs Chief Operating Officer, John Luft and Mike Edwards, AET�s Lead Project Engineer, will present development updates on the 0X2 engines. These engines are being developed and tested at its engine development facilities in Australia and Gardena. In addition, a running demonstration of the 0X2 will be conducted following the close of the meeting. The 0X2 is a 4-stroke, 1.1-liter internal combustion engine that is 17 inches in diameter with a length of 13 inches and a total weight of 175 pounds in normally aspirated form. The compact engine weighs 75 percent less than and is half the size of traditional internal combustion engines. In addition, it offers the flexibility of being able to run on a variety of fossil fuels including gasoline, diesel, natural gas, liquid propane or methane. With far fewer moving parts than traditional engine designs, the 0X2 engine could offer the further advantages of significantly enhanced operation and maintenance costs and a longer useful life. With its expected higher power-to-weight ratio, multi-fuel capacity and anticipated low emissions and fuel efficiency, the 0X2 has a practical and much needed application in the commercial and industrial generator markets. Additional future applications may include marine, light-duty farm and construction equipment, light aircraft, and the hybrid electric vehicle market. However, the near term focus remains electrical generator applications. Inquires by investors or anyone interested about the progress of the 0X2 engine can be directed to the company at (310) 914-9599. Additional information pertaining to the 0X2 engine can be accessed through the company�s web site at www.ox2engine.com. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This release may contain forward-looking statements involving risks and uncertainties that may cause actual future events or results to differ materially and adversely from those described in the forward-looking statements. Important factors that may cause such a difference for AET include, but are not limited to, whether our engine products are made viable, whether a market for our products develops, our ability to retain key management, our ability to hire and retain the technical personnel necessary to build our products, the availability of funding for future operating requirements, our ability to effectively predict or react to rapid technology changes that could render our products obsolete, product development delays, dependence on suppliers, our potential exposure to product liability and other tort claims if our products fail, our ability to protect our intellectual property, intellectual property disputes, and other factors. AET cautions that the foregoing list of important factors is not exclusive. AET disclaims any obligation to revise or update any forward-looking statement that may be made from time to time by or on its behalf.