Alternative Fuel Technologies Awaiting Technical Review Process on Phase II Proposal
13 August 2009 - 11:15PM
Marketwired
Alternative Fuel Technologies (PINKSHEETS: AFTC) is pleased to
announce that Phase II submission proposals are still advancing and
awaiting the technical review process by the US Army.
It has come to our attention at the Company, that information in
our July 21st news release may have been misinterpreted, due to the
language used in the release itself. Alternative Fuel Technologies
would like to clarify that point in the recent announcement wherein
the company states, "AFTC test results show that the pump suffered
high wear in a short period of time because of the fuel
characteristics." This choice of language left many believing that
the US Government was testing the wear and tear of JP-8 jet fuel in
high pressure fuel injector pumps manufactured by the Company. This
is not the case. A company spokesperson states, "This is a
misinterpretation of the language used in the release itself, the
engines that we are testing for the Army to determine and help
solve the wear and tear issues are commercial engines built by
manufacturers other than Alternative Fuel Technologies." The
spokesperson goes on to state, "In the news release where it says
'[O]ur test results show that the pump suffered high wear in a
short period of time because of the fuel characteristics,' we were
describing the effect of JP-8 on the commercial fuel pumps which
the army had us test and has now invited us to make a proposal for
curing their current issues."
The Army has been very pleased with Alternative Fuel
Technologies' work on this project and is currently analyzing the
Company's proposals to solve the "wear & tear" issues of the
engines made by these commercial manufacturers.
On July 19 AFTC submitted a detailed proposal to resolve the
wear problem using technology developed for the DME fuel injection
system and awaits response. If awarded this proposal, the AFTC
could be awarded up to $730,000 in funding for Phase II.
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 ether (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 Email
Contact
Alternative Fuel Technol... (PK) (USOTC:AFTC)
Historical Stock Chart
From May 2024 to Jun 2024
Alternative Fuel Technol... (PK) (USOTC:AFTC)
Historical Stock Chart
From Jun 2023 to Jun 2024