Precision-CNC Named as Preferred Manufacturer For Cyclone Power’s Licensee, Waste Heat Resources
POMPANO BEACH, Fla.--Precision CNC, Inc., a leading Ohio-based manufacturer of parts for the automotive, defense, aerospace and automation industries, has signed a Preferred Manufacturer Agreement with Waste Heat Resources, Inc., a licensee of Cyclone Power Technologies, Inc. (Pink Sheets:CYPW) in the field of waste heat recovery power solutions.
Under the terms of the agreement, which Cyclone has approved, Precision-CNC will manufacture and assemble all of Waste Heat Resources’ requirements for Cyclone Engines to be used with its proprietary heat recovery, electric power generation system -- the WHR Energy ForgeTM. Precision-CNC will also contribute $1 million in financing to Waste Heat Resources with respect to the production of these engines.
“We understand the potential of WHR’s technology -- powered by the Cyclone Engines -- and are happy to invest in it, knowing full well that once the industry gets wind of the Energy Forge, we will have more work than we can handle,” said Nathan Hawkins, Owner of Precision-CNC.
“PCNC’s reputation for quality craftsmanship speaks for itself; we are proud to have them as partner investors,” stated Waste Heat Resources’ COO, Carl Mueller. “These are the kind of guys you want on your team.”
Waste Heat Resources’ Energy Forge is capable of harnessing the wasted heat generated from commercial furnaces, ovens and other industrial processes to produce electricity, which can either be used on site or delivered back to the utility grid. With letters of intent signed for the installation of over $2.5 million in Energy Forge systems, Cyclone’s licensee expects to commence beta testing these power generation solutions soon.
“We have been working with Precision-CNC for over six months on the development of parts for our prototype engines,” added Harry Schoell, CEO of Cyclone. “We have full confidence in their ability to deliver Waste Heat Resources’ requirements of our engines, and look forward to working with the two of them on these projects.”
CORPORATE PROFILE
Cyclone Power Technologies is the developer of the award-winning Cyclone Engine – an eco-friendly external combustion engine with the power and versatility to run everything from portable electric generators and garden equipment to cars, trucks and locomotives. Invented by company founder and CEO Harry Schoell, the patented Cyclone Engine is a modern day steam 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. Currently in its late stages of development, the Cyclone Engine was recognized by Popular Science Magazine as the Invention of the Year for 2008, and was presented with the Society of Automotive Engineers’ AEI Tech Award in 2006 and 2008. Additionally, Cyclone was recently named Environmental Business of the Year by the Broward County Environmental Protection Department. 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.