Ionic Fuel Technology Announces Order From BMW's Land Rover Division
13 November 1997
Ionic Fuel Technology Announces Order From BMW's Land Rover DivisionWILMINGTON, Del., Nov. 13 -- Ionic Fuel Technology, Inc. today announced an order for the purchase of two IFT Systems from Land Rover, a division of BMW AG of Germany. IFT anticipates orders for the remaining boilers at the site before the end of 1997, according to Anthony J.S. Garner, president and chief executive officer. The performance of the IFT Systems will be assessed at their site energy managers meetings and could lead to the adoption of the technology throughout the Rover Group. Paul Ellen, Land Rover's Energy Manager, said, "This is a further demonstration of our long term commitment to energy and environmental improvement." Land Rover won the National Energy Award earlier this year, and more recently was awarded the Combined Heat & Power Associated Presidents Award. Garner continued, "We are pleased to add a leading member of the automotive industry to our list of clients. The potential of this order, in its entirety, is substantial in terms of the IFT units which could be installed for the Rover Group and provides additional market penetration for the technology following a prior installation at the New Holland tractor plant. In the months ahead, we remain positive concerning additional orders of this significance based on discussions with both new and existing customers." Forward-looking statements made in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties including without limitation risks in technology development, risks in product development and market acceptance of and demand for the Company's products, risks associated with competition and competitive pricing pressures, risks associated with foreign sales and other risks detailed in the Company's filings with the Securities and Exchange Commission. Ionic Fuel Technology, Inc. is an environmental and combustion technology company engaged in the design, assembly and sale or lease of its proprietary "IFT System" offering to reduce harmful combustion emissions, increase fuel efficiency and to reduce or prevent carbon build-up on heat transfer surfaces. The Company's manufacturing facility is in Laindon, Essex, England and its present marketing and sales focus is in the United Kingdom, Europe and also, in the near future, in the United States. SOURCE Ionic Fuel Technology, Inc.