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International Fuel Technology Announces Filing of Annual Report

12 May 2000

International Fuel Technology Announces Filing of Annual Report

    ST. LOUIS--May 11, 2000--The management team of International Fuel Technology (OTCBB:IFUE) today announced the filing of the company's Annual Report on Form 10-K with the Securities and Exchange Commission.
    This filing brings the company current in its periodic reporting requirements with the SEC. The next periodic SEC filing for the company will be its Quarterly Report on Form 10-Q for the three months ended March 31, 2000.
    "We are very pleased to have the Annual Report concluded. Our year end changed as a result of the Blencathia, leaving us with little time to accomplish such an important effort. In a short period of time, our auditors and internal staff were able to do an excellent job, and now we are current on our reporting requirements with the SEC," stated William Lindenmayer, president of IFT.
    The "e" appendage currently on the company's symbol will now be removed as a result of being current in its reporting requirements. This means the company's stock symbol will be returned to its normal IFUE designation.
    Management of the company is presently working toward completion of the $3 million transaction with GEM advisors, and is hopeful that the GEM financing will be completed near the end of June or shortly thereafter.
    "We are excited about moving our commercialization strategy forward at a more aggressive pace," said Lindenmayer. "Even with our capital constraints over the past few months we have made progress on several of the key elements of our strategy, notably in the areas of fleet testing and set up for CARB certification work.
    "With these funds in place, we should be able to aggressively pursue the next stage of the company's development," he said. Lindenmayer indicated that the company hopes to make significant progress toward commercialization of the PEERFUEL(TM) process by the end of the year.
    The company also announced that it has tentatively scheduled its annual meeting of shareholders for June 16, with the location set for St. Louis. Shareholders of record should expect to receive in the coming weeks a proxy and notice of details regarding the annual meeting.