POMPANO BEACH, FL / ACCESSWIRE / February 18, 2016 / Cyclone Power Technologies Inc. (CYPW), developer of the all-fuel clean-techCyclone Engine,announced that 3R Denmark ("3R") has signed a Systems Application/Distributor/Manufacture Agreement with Cyclone Power Technologies. This is the formalization of the binding letter of intent.
The Systems Application/Distributor/Manufacture Agreement enables 3R to manufacture, sell, and distribute worldwide the Cyclone Power Engines for the specific uses of fuel to power in their unique boiler system being manufactured in China. The agreement also calls for a separate development agreement of a Mark 7 Cyclone engine. The 3R group traveled from Denmark to the Cyclone office February 14th to finalize the Development Agreement for the Mark 7 and accepted their first Mark 3 engine for integration into their boiler system. Cyclone's engineers will assist in that integration. 3R's facility in China is producing the boiler and their transition to the combined heat and power systems is expected by August for the 40KW units and December for the 300KW boiler.
Frankie Fruge, President of Cyclone Power, stated, "This is another step consistent with Cyclone's business model of generating revenue from development contracts, royalties, and a partnership. There will be manufacturing from this agreement and development of new products in our R&D center and royalties. We are extremely focused on completing projects bringing revenue to our top line."
Thor Arendal of 3R, stated, "We have signed customer contracts, a manufacturing facility in China already in production, and distributors in place. 3R is ready to be Cyclone's first major Licensee and a major contributor to their business model. Our management has over 20 years of experience in the production of boilers for heating with many smaller installations and several large installations in the US and Europe. Now we want to take this technology and expand to the combined heat and power industry. This is the fastest growing energy markets in the World. The heat and electrical ‘CHP' market is expected to experience exponential growth over the next five years."
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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 CTO 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. We have also received EPA and California Emissions certifications for 25HP and under using any fuel for power generation. For more information, visit www.cyclonepower.com.
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.