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
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