blutip's Power3 Program Gaining Momentum

North American Distribution Network - First Installations

Hy-Drive Technologies Ltd. (HGS-V)

MISSISSAUGA, ON, May 17 /CNW/ - blutip Power Technologies™ ("blutip Power" or the "Company"), a division of Hy-Drive Technologies Ltd. (TSXV: HGS) today announced significant advancement of its Power3 Program, with growing momentum into the power generation market.

Over the last several weeks, the Company has been working diligently to implement the needed infrastructure required to successfully executive its strategic direction.   blutip Power is excited to announce that it has partnered with Athlone Limited, a Toronto based financial group that specializes in accelerating the commercialization of alternative energy companies, such as Solar and Biomass through custom tailored debt facilities.

Athlone Limited, will own and operate blutip Power Financial Corporation ("BTFC"), in an arm's length, independent relationship from blutip Power.  BTFC will provide financing services to distributors, sales agents and end users of the Power3 Program.  BTFC will also act as the Company's Master Distribution Agent and will engage, contract and manage Distributors for the benefit of BTFC and blutip Power under the same program.

To date, BTFC has acquired seven (7) Master Distributors ("Distributors") to market and distribute the Company's Power3 technology in various markets through the North American and Caribbean markets.  The Distributor network will specifically focus its efforts on solutions for high diesel fuel use and high diesel fuel cost markets.  These markets include, but are not limited to, remote private and public utility, remote hospitality, aggregate, oil and gas platform, oil sands and mining.  BTFC will facilitate the unique ability to offer end users the blutip Power3 technology with no up-front capital costs to the customer.  Instead, BTFC and blutip Power will earn substantial revenue based on the savings obtained by the end users.

The company is further pleased to report that over the next 30-days, blutip Power will be installing the Power3 solution, through its Distributors IAS Renewable Energy Solutions and Westmount Marketing, on over 5 MW of diesel generation capacity. Industry data indicates that a 1 MW GENSET consumes over $3.5 million per year of diesel at today's fuel price. Based upon the GENSET engine type and electrical load generated, Power3 has generated total documented savings, anywhere from 5 - 12% of this yearly consumption. On average, Power3 will save the operator over $300,000 in fuel cost for each 1 MW of power generated - while obtaining a GHG reduction of 500 tonnes of CO2 annually and over 80% reduction in particulate.

blutip Power initially announced the launch of its Power3 Program in February, for power generation, following its Power3 Impact Study on the Caterpillar XQ400 genset for the 400kW market.  blutip Power continues development of its Combustion Controls products by completing additional Engineering Services projects on the Caterpillar XQ1250 and XQ2000 series gensets, which results will be released shortly.

About blutip Power

blutip Power, a division of Hy-Drive Technologies Ltd., is a technology company headquartered in Mississauga, Ontario, Canada. The Company has invested in the research and development of hydrogen and control technology resulting in a proprietary, patented and patent-pending hydrogen generating system ("HGS®") and advancement in multi-fuel universal combustion controls. blutip's Hy-Drive HGS enriches the fuel-air charge of an internal combustion engine with hydrogen produced through electrolysis and uses its proprietary software controls to improve combustion of the fuel-air mixture. The result is improved fuel economy and reduced opacity (particulates).

Cautionary Note Regarding Forward-Looking Statements:

This press release contains certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with the Company's business, and the economic environment in which the business operates. Forward-looking statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements including but not limited to, statements about future development of blutip Power's/Hy-Drive's products, commercial production in 2011, and validation of blutip Power's/Hy-Drive's products, and can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", "thinks", or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved" and similar expressions to the extent that they relate to the Company or its management. These forward-looking statements are not historical facts, but reflect the Company's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectation.

Although blutip Power/Hy-Drive has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information.  blutip Power/Hy-Drive does not undertake to update any forward-looking information that is incorporated by reference herein, except in accordance with applicable securities laws.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

SOURCE Hy-Drive Technologies Ltd.

For further information:

Robert H. Bucher, P.Eng
President & CEO
Tel:  (905)542-3024 x222
Email: rbucher@blutipower.com

Profil de l'entreprise

Hy-Drive Technologies Ltd.

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