Hy-Drive Announces Highlights from Annual Shareholders Meeting

Hy-Drive Technologies Ltd. (HGS-V)

MISSISSAUGA, ON, May 13 /CNW/ - Hy-Drive Technologies Ltd., subsequent to its Annual General and Special Meeting of Shareholders Meeting held on Thursday, May 12, 2011, today announced the following:

As nominated by Management, the following individuals were elected to the Board for the coming year:  Travis Bradford, Robert Bucher, Dan Doucette, Dr. Richard Marceau and Peter Williams.  Retiring from the Board is William Mayo.

Collins Barrow Toronto LLP was re-appointed as auditors for the fiscal year December 31, 2011.

The Shareholders approved the formal Name Change of the corporation to blutip Power Technologies Ltd. ("blutip Power"); as well as the Incentive Stock Option Plan for the ensuing year and the Performance Share Unit Plan.

A copy of Management's presentation is available for shareholders on blutip Power's website and will be available for viewing until May 26, 2011, in conjunction with the audio replay as outlined on the previously issued press release of May 6, 2011.

Board of Directors Meeting:

Immediately following the Shareholders' Meeting, the Board of Directors elected Dan Doucette as Chairman of the Board.  Additionally, a resolution was passed by the Board of Directors resulting in the issuance of 915,000 stock options; 150,000 of which were granted to members of the Board in connection with their 2011 approved compensation plan and 765,000 were granted to Officers of the Company.  All options granted have an exercise price of $0.13 and will expire on May 12, 2016;  295,000 options will vest immediately, 120,000 will vest quarterly in 25% increments over a one year period with 25% vesting immediately; and the remaining 500,000 options will vest immediately upon performance conditions being met.

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@blutipower.com
Media Relations
Tel:  (905)542-3024 x268

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Hy-Drive Technologies Ltd.

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