Cyclone Power Technologies Receives First Milestone Payment Under U.S. Army Contract
POMPANO BEACH, FL -- (Marketwire) -- 09/18/12 -- 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
No comments were found for Cyclone Power Technologies Receives First Milestone Payment Under U.S. Army Contract. Be the first to comment!