VISTA, Calif., Sept. 12, 2019 (GLOBE NEWSWIRE) -- Omnitek Engineering Corp. (OMTK) today announced it has entered into a Securities Purchase Agreement with G.ON Global Investments SRL, with an investment of $640,000 at a price of $0.179 per share and an option to invest an additional $640,000 under the same terms. Additional information on the transaction is available in the company’s 8-K filing today.
G.ON Global Investments SRL, a limited liability company organized under the laws of Romania, was established by one of the original founders of G.ON SRL, an Omnitek Engineering customer who engaged Omnitek in 2018 to develop a more than 400 hp 13-liter heavy-duty natural gas engine for Class 8 truck and bus applications. G.ON SRL will assemble the natural gas trucks utilizing the 13-liter engine.
Omnitek Engineering will be the exclusive OE supplier of key natural gas engine management system components required for the engine to meet the EURO 6 emissions standard.
Omnitek Engineering will have the distribution rights for Euro 6 Class 8 natural gas trucks in select countries, including: The United States of America, Mexico, South America, Israel, The United Arab Emirates and Nigeria.
“The ability of Omnitek’s technology to achieve EURO 6 emissions certification standards, which is a competitive advantage and not easily achieved, represents an important milestone for the company. The availability of a EURO 6 heavy-duty 13-liter natural gas engine, coupled with the rapidly emerging build-out of the natural gas fueling infrastructure, should further accelerate the deployment of natural gas heavy-duty vehicles in Europe, as well as other world regions,” said Werner Funk, president and chief executive officer of Omnitek Engineering Corp.
“CO2, NOx and black carbon emissions from diesel engines, potent greenhouse gas (GHG) emissions, are abated when using natural gas, and our technology offers countries around the globe a viable and proven solution to address emissions policies of the 200-nation Paris Agreement on Climate Change. In addition, the price delta between diesel and natural gas makes the utilization of natural gas engines particularly attractive to fleet operators and inquires for additional EURO 6 engine development contracts have increased following our initial announcement regarding this development project,” Funk said.
Omnitek Engineering Corp.
Omnitek Engineering Corp. develops and sells proprietary diesel-to-natural gas engine conversion systems and complementary products, including new natural gas engines that utilize the company’s technology -- providing global customers with innovative alternative energy and emissions control solutions that are sustainable and affordable. Additional information is available at www.omnitekcorp.com.
Some of the statements contained in this news release discuss future expectations, contain projections of results of operations or financial condition or state other “forward-looking” information. These statements are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from those contemplated by the statements. The forward-looking information is based on various factors and is derived using numerous assumptions. Important factors that may cause actual results to differ from projections include, among many others, the ability of the Company to raise sufficient capital to meet operating requirements, completion of R&D and successful commercialization of products/services, patent completion, prosecution and defense against well-capitalized competitors. These are serious risks and there is no assurance that our forward-looking statements will occur or prove to be accurate. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Gary S. Maier
Maier & Company, Inc.