Energy & Engine Technology Corporation Announces Industry Update
PLANO, Texas, Jan. 26, 2005 -- EENT (BULLETIN BOARD: EENT) announces that there have been several significant updates in the long haul trucking industry in recent months. According to the January 3, 2005 issue of Transport Topics, in "Freight Haulers Expand Fleet" by Daniel P. Bearth, there were an estimated 3,147,088 Class 8 trucks in operation in the U.S. in the third quarter of 2004, compared to 3,066,551 in the third quarter of 2003, which is a 2.6% increase in usage. Given these estimates, utilizing an estimated average cost of $7,000 per unit, the auxiliary power unit industry has the potential to be a $22 billion industry (although this potential industry size should not be taken as a projection as to actual industry growth or actual average per unit cost). The same issue indicates that investment in trucking has markedly increased in recent years, with $1.8 billion being invested (from the sale of stock) since 2002, with only $39.4 million invested in 2000 and 2001 (from the sale of stock) (Source: "Investors Open to Trucking" by Daniel P. Bearth, Transport Topics, January 3, 2005). Given that trucking overall is a $676 billion industry, according to the American Trucking Association, there seems to be significant opportunity for companies involved in the trucking sector.
As far as the cost of fuel is concerned, truckers paid approximately $62 billion for diesel fuel in 2004, representing a $10 billion increase from 2003 (source: Truckline, January 18, 2005), an even more compelling reason for fleets and independent owner operators to buy an AXP product in 2005.
On the idling regulation front, violations of New Jersey's three minute idling regulation can lead to very large fines, with the maximum permitted under law of $50,000 for third and subsequent offenses (See N.J.A.C. 7:27-14 and 7:27A - 3.10, although current limits for civil administrative penalty purposes are capped at $3,000 for third and subsequent offenses). From August 9, 2004 - January 4, 2005, New Jersey's compliance sweep led to 122 vehicle violations. Several jurisdictions, including Utah and Denver, Colorado now have jail time as a possible penalty for repeat violations of idling regulations.
About Energy & Engine Technology Corporation
EENT (http://www.eent.net/ ), headquartered in Plano, Texas, develops and markets power generation products for the long haul trucking industry and for marine, military, commercial, residential, recreational vehicle and stand alone applications through its BMZ Generators Technology subsidiary.
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