MISSISSAUGA, ON, Aug. 6 /CNW/ -
Additional third-party performance validation testing completed:
- Testing was conducted by Professional Services Industries, Inc. (PSI)
of Portland, Oregon using strict validation protocol as defined under
the SAE/TMC Fuel Consumption Test Procedure, SAE J1321 Type II. To
certify the results under this controlled testing format, Class 8
highway tractors powered by Caterpillar engines and equipped with
HGS(R) units, pulling loaded trailers were utilized. PSI concluded
that the use of the HGS(R) resulted in an overall average reduction
of fuel consumption of 10.47%. Based on internal testing Hy-Drive
management believes that results on daily long routes may yield
greater improvement in fuel consumption.
- Validation tests related to emissions were also conducted by PSI
applying the SAE J 1667 Snap Acceleration Smoke Test Procedure. PSI
confirmed an average opacity reduction of 39.53%.
Additional internal test results completed:
- Hy-Drive continues to invest in internal testing related to product
reliability of its HGS(R) units and component parts. Over the past
year reliability testing, both in lab and on-road, related to Thermal
Ranges (from -40 C to +50 C), Vibration Testing, Salt-Spray Testing,
Altitude Testing, Electromagnetic Interference & Conduction Testing
(EMI/EMC), Shock Testing and more have been undertaken. Results from
extensive Reliability Demonstration Testing have verified that HGS(R)
current design meets performance requirements for a minimum of 9000
Anticipated next steps:
- Product design and supply contracts for the current HGS(R) product
have both been finalized.
- Hy-Drive has commenced building initial HGS(R) units incorporating
refinements developed and tested over the past year. These units are
expected to be used for further on-road IPT testing and for sales.
- HGS(R) marketing efforts are underway.
- Engineering modifications continue for next generation on road and
mining market applications.
Investor conference call:
- Hy-Drive Management will host an Investor Conference Call on
Wednesday, August 12, 2009 at 2:00 pm EST. Details relative to this
call are as follows:
North American Investors can access the call by dialing 416-644-3427
or toll free 800-589-8577 and request the Hy-Drive Update Call.
Alternately, the call is also being webcast by CNW Group and can be
accessed on Wednesday, August 12, 2009 on Hy-Drive's website, www.hy-
drive.com or directly at:
Audio replay will be available until August 26, 2009 by dialing 416-
640-1917 or toll free 877-289-8525 and then entering the pass code
21312850 followed by the number sign.
- Previously announced options issued in April 2009 will expire on
April 16, 2019.
Hy-Drive is a technology firm that has developed a proprietary, patented
hydrogen generating system. Hy-Drive's Hydrogen Generating System ("HGS(TM)")
generates and injects hydrogen gas into a regular internal combustion engine,
enhancing the combustion process by allowing fuel to burn more efficiently and
completely. For more information, please visit www.hy-drive.com.
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 Hy-Drive's products, commercial production in 2009,
future working capital requirements, and validation of 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 expectations,
including the matters discussed in the section "Risks and Uncertainties"
Although 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. 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.
For further information:
For further information: Hugo T. Sorensen, President & CEO, Hy-Drive
Technologies Ltd., Tel: (905) 542-3024, ext. 222, firstname.lastname@example.org; Fred
M. Florence, Vice President & CFO, Hy-Drive Technologies Ltd., Tel: (905)
542-3024 ext. 257, email@example.com