TORONTO, Sept. 25 /CNW/ - CVeT Power Corp. is pleased to announce that it has entered into an Agreement In Principle for Linamar As A Preferred Supplier.
Mr. Ervin Weisz, President & CEO, comments on this new agreement that "CVeT Power Corp. is in the process of commercializing its new and patented technology for its continuously variable electronic transmission (CVeT) for automotive applications. As Linamar is an established Tier 1 supplier of powertrain components and power transmission modules to the automotive industry, both our company and Linamar can benefit through collaboration by applying our respective capabilities and resources to commercialize CVeT for passenger automotive applications, and more specifically the Mechanical Subsystem and the assembly of CVeT."
When asked about the manufacturing plans for CVeT products, Mr. Weisz explained that in addition to the Mechanical Subsystem "the CVeT consists of two additional subsystems which are the electromechanical and electronic subsystems". Mr. Weisz continued to elaborate that "we are in discussions with well known manufacturers and suppliers to the automotive industry for these two subsystems".
About CVET POWER CORP. and its technology:
CVET POWER CORP. is commercializing a revolutionary new and patented technology for its Continuously Variable Electronic Transmission (CVeT) with benefits that have the potential to redefine the transportation industry.
A CVeT based powertrain will deliver highway driving fuel efficiency in city driving conditions. In addition to lowering gasoline consumption, the carbon footprint is dramatically reduced.
For additional information, please visit www.cvetpower.com.
Forward Looking Statements:
The foregoing press release contains forward-looking statements including those related to the development of markets, expected business prospects, future market and revenue potential, improvements in technology, customer and supplier relationships, financial prospects; all of which are subject to important risks and uncertainties. Actual results could differ materially from those projected as a result of these risks and should not be relied upon as a prediction of future events. Factors which could cause results or events to differ from current expectations include, but are not limited to, the availability of funding, existing and future relationships with suppliers and customers, the results of commercial and technical development activities, technological risk and uncertainty, general industry and market conditions, availability of qualified personnel, and reliance on industry partners. CVET POWER CORP. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events.
SOURCE CVET POWER CORP.
For further information: For further information: Ervin Weisz, President & CEO, CVET POWER CORP., 1271 Denison Street, Markham, Ontario, (905) 470-2900 ext. 101