Hydrogen Hybrid Technologies, Inc. returns 40,000,000 shares to treasury
24 June 2008 - 11:11PM
PR Newswire (US)
PICKERING, ON, June 24 /PRNewswire-FirstCall/ -- Hydrogen Hybrid
Technologies Inc.(HYHY:otcbb) is pleased to announce that, on June
23, 2008, Mr. Frank Carino returned to the Treasury and the Company
cancelled 40,000,000 shares of it common stock, $0.001 par value
per share, that had been outstanding in the name of Mr. Frank
Carino. Such certificate representing 40,000,000 common shares has
been returned and cancelled by the Registrant's transfer agent on
June 23, 2008. Following the cancellation of these shares, the
Company will have 67,323,862 Restricted Common Shares and
21,747,500 Non-restricted shares issued and outstanding. Following
the cancellation of these shares, Mr. Carino will remain the
largest shareholder in the Company, owning 42,000,000 shares or
forty-seven (47) percent of the issued and outstanding common
shares. Prior to the date of cancellation of these shares, Mr.
Carino and the Company reached a mutually agreeable understanding
that as consideration for this cancellation, Mr. Carino will help
the Registrant find capital funding, whereby Mr. Carino will
personally receive ten (10) percent of any monies raised through
his efforts. Mr. Carino believes he can raise one million dollars
for the Company within the next 30-days. If he is successful in
raising these funds for the Company he will receive one hundred
thousand dollars. If he can raise additional funds for the Company
he will receive ten percent of the monies raised with a limit of
one million dollars in finder's fees. HFI technology is installed
as an add-on to diesel and gasoline engines where it significantly
reduces a wide variety of emissions (CO, PM, HC, CO2 and NOx) while
simultaneously reducing fuel consumption. HFI units are being used
by long-haul transport trucks, ambulances, municipal buses and
other heavy equipment, earning HFI the dominant position as the
world's most widely-used on-board electrolysers. The technology is
based on electrolysis and the units split water, on-board the
ambulance, then vent the hydrogen and oxygen directly into the air
intake of the engine. Adding hydrogen significantly improves the
efficiency of combustion, in the engine, with significant financial
and environmental benefits. HFI is distributed through the world's
largest retail distribution network for any hydrogen product, with
over 140 Certified Installation Centres all across Canada, the
United States, and a number of international markets. The product
is the first emission control technology to receive "Environmental
Technology Verification" (ETV) by the Canadian government and the
first hydrogen technology to receive ETV recognition anywhere in
the world. Included in this release are "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Although the company believes that the
expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations
reflected in such forward-looking statements will prove to have
been correct. The company's actual results could differ materially
from those anticipated in the forward-looking statements. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequently occurring events or
circumstances. DATASOURCE: Hydrogen Hybrid Technologies Inc.
CONTACT: on HHT, contact (905) 697-7011 x236, , or consult our
website at http://www.hydrogenht.com/
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