Hy-Drive Achieves Over 10% Fuel Optimization Results on CAT XQ400

blutip Power3 for Stationary Gensets Launched

Hy-Drive Technologies Ltd. (TSXV: HGS)

MISSISSAUGA, ON, Feb. 24 /CNW/ - blutip Power Technologies™ ("blutip Power") , a division of Hy-Drive Technologies Ltd. (TSXV: HGS) today announced that it has completed a Power3 Impact Study at Toromont Caterpillar's facilities, based in Concord, Ontario, on stationary generator sets that has resulted in over 10% positive fuel optimization on the Caterpillar XQ400 genset. The blutip Power3 product is available immediately for 400kW class CAT Power Generators and is being developed for up to 1.5MW capacity generators as well.

blutip Power conducted the Power3 Impact Study, which incorporated the use of it's Hydrogen Generating System, integrated with it's Advanced Universal Combustion Controller ("AUC2"), launching it's next generation of product, the blutip Power3. The results show that, dependent upon load variables, average fuel savings of 6 - 12% are achievable.  A full copy of the report is available on-line at www.blutipower.com

"We are extremely pleased with the results of the impact study, conducted at the Toromont CAT facilities. On a typical installation for this power generator type, our results would generate over $100,000/year in diesel fuel savings. Therefore, the return on investment is less than six months using the projected selling price of our new Power3 product line," said Robert Bucher, President and CEO for Hy-Drive. "Billions of gallons of diesel is being consumed each year to generate power - much of which is done so by tens of thousands of small private power utilities operating equipment such as this. With this in mind, the opportunity for Power3 to the customer and the company is enormous," he added.   

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, future working capital requirements, 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@blutipowercom
                  Media Relations
Tel:  (905)542-3024 x268

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Hy-Drive Technologies Ltd.

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