Cyclone Power Technologies Approved as Prime Contractor Under U.S. Army Development Program
POMPANO BEACH, FL -- (Marketwire) -- 06/19/12 -- Cyclone Power Technologies Inc. (OTCQB: CYPW) (PINKSHEETS: CYPW), developer of the all-fuel, clean-tech Cyclone Engine, announced today that the U.S. Department of Defense has officially approved Cyclone as the prime contractor under its engine development program with the U.S. Army / Tank Command (TACOM). Cyclone acquired this contract from Advent Power Systems in February 2012, subject to the now completed contract 'novation.'
The Army / TACOM program is valued at approximately $1.4 million, which is scheduled to be paid to Cyclone over the following 12 months as the Company reaches certain development milestones. The program objective is to develop a Phase I prototype 10kW auxiliary power unit, suitable for use in multiple lines of combat vehicles including the M1 Abrams tank, the IAV Stryker and the Bradley Fighting Vehicle. Should this Phase I program advance to Phase II next year, it could be worth several million dollars in additional revenue to Cyclone and provide further development support towards the ultimate commercialization of these highly compact, efficient and multi-fuel capable power generators.
Christopher Nelson, President of Cyclone, commented: 'After months of government review and vetting, we're pleased to have been approved as the prime contractor for TACOM, and excited to continue ahead with this very important program. Taking control over this project was crucial to reducing administrative inefficiencies and maximizing development revenue, and we believe will place us in a stronger position to build our team and secure future military opportunities going forward. We are eager to demonstrate to our customer, the U.S. Army, how Cyclone Engine technology can help reduce the waste of military resources and save lives on the battlefield.'
'On behalf of our team, we would also like to thank Congressman Allen West (FL-22) for helping us cut through the bureaucratic red tape during this contracting process, and for his strong support of small businesses like us,' added Mr. Nelson.
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
Cyclone Media Contact
Red Letter Group
No comments were found for Cyclone Power Technologies Approved as Prime Contractor Under U.S. Army Development Program. Be the first to comment!