Puradyn Filter Technologies, Inc. Comments On Recent Market Activity of Its Shares
27 October 2000
Puradyn Filter Technologies, Inc. Comments On Recent Market Activity of Its Shares
BOYNTON BEACH, Fla.--Oct. 27, 2000--Puradyn Filter Technologies, Inc. (OTC BB: PFTI - news), today stated that in response to a number of stockholder and investor inquiries, the Company is unaware of any fundamental reason for the recent weakness in the price of its shares, and attributed such weakness to general stock market conditions.In fact, it was noted that the Company currently is in the best financial position of its history, which has enabled it to move forward aggressively in capturing the large and virtually untapped markets that exist for its patented Bypass Oil Filtration System.
In another connection, Richard C. Ford, Puradyn's CEO, stated that his beneficial holdings of the Company's common stock remain at approximately 2,400,000 shares. He indicated that if at any time in the future he was to sell any shares in the open market that the proceeds of such sales would be used primarily to pay down debt incurred by him on Puradyn's behalf at an earlier stage in the Company's development and would only involve a small fraction of his current holdings.
Puradyn Filter Technologies, Inc. manufactures and markets the Puradyn(TM) Bypass Oil Filtration System, a unit that continuously filters lubricating oil by reducing solid contaminants to less than one micron, as well as removing liquid contaminants, therefore maintaining the oil's viscosity and greatly reducing or even eliminating the necessity for oil changes. As a result of this continuous process, the useful engine life can be extended. The Puradyn system is effective for internal combustion engines, hydraulic applications and automatic transmissions in the automotive, transportation, construction, marine, agriculture, mining, military and power generating industries. In addition to the economies realized by the reduced purchases of new oil and the costs of disposing of used oil (up to 90%) and extended equipment life, the Puradyn(TM) Bypass Oil Filtration System has been certified as a "Pollution Preventing Technology" by the California Environmental Protection Agency.
With the exception of the historical information contained in this news release, the matters discussed above include forward-looking statements that involve risks and uncertainties. Actual results may vary substantially as a result of a variety of factors. Among the important factors that could cause actual results to differ are the ability of the Company to increase revenues and gross profit margins, the levels of selling, general and administration costs as well as research and development costs, validation of the Puradyn Filtration System by OEMS and the effects of competition. The failure of any of these factors could cause actual results to differ materially from the forward-looking statements discussed above.