blutip Power Announces Legal Proceedings


MISSISSAUGA, ON, Nov. 21, 2011 /CNW/ - blutip Power Technologies Ltd. ("blutip Power" or the "Company") has become aware of an Ontario lawsuit commenced by Blutip Financial Corporation ("BTFC") seeking damages against the Company in an unliquidated amount. The lawsuit is the latest attempt by BTFC 's founder to pressure the Company into accepting a continuing role for him, and to divert attention away from BTFC's failure to meet the requirements for a potential partnering arrangement discussed earlier this year. The allegations in the lawsuit are entirely without merit and the Company will vigorously contest the allegations if the matter proceeds.

The Company continues to enjoy the full support of its investors and Peter Williams, Chairman of the Board, stated: "The Company remains focused on building its business of saving diesel fuel, improving operations and reducing emissions for industrial users of diesel in mining, power generation and trucking markets - and, as always, protecting the interests of all stakeholders in the Company."

About blutip Power

blutip Power 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 Power'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 business. 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 the Company's private placement and business, 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" below.

Many of these assumptions are based on factors and events that are not within the control of blutip Power and there is no assurance they will prove to be correct. Factors that could cause actual results or events to vary materially from results or events anticipated by such forward-looking information include receipt of all regulatory approvals, future working capital requirements, the ability to develop products on an economic basis, product validation, factors relating to the marketing, development and commercialization of blutip Power existing and prospective product lines, regulatory approvals and requirements, changes in foreign exchange and interest rates, government regulation, environmental risks, capital expenditures, intellectual property, operating or technical difficulties, risks associated with the emissions and fuel combustion industries such as economic factors (including fuel costs), failure of processes to operate as anticipated, dependence on key personnel, employee relations and availability of equipment and skilled personnel, actual results of current research and development activities, development timelines, risks associated with the emissions and fuel combustion industries, changes in project parameters as plans continue to be refined as well as those risk factors discussed below, which risks may cause actual results to differ materially from any forward-looking information.

Although blutip Power 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 does not undertake to update any forward-looking information that is incorporated by reference herein, except in accordance with applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release.

SOURCE blutip Power Technologies Ltd.

For further information:

Peter Williams
Tel:  (905) 542-3024 ext. 234

Profil de l'entreprise

blutip Power Technologies Ltd.

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