Hy-Drive Forges MOU with WorldKlass For Expansion into Power Generation Equipment

Hy-Drive Technologies Ltd. (HGS-V)

MISSISSAUGA, ON, Jan. 18 /CNW/ - Hy-Drive Technologies Ltd. ("Hy-Drive") (TSXV: HGS) today announced that it has entered into a Memorandum of Understanding ("MOU") with U.S.-based WorldKlass Technologies ("WorldKlass") to jointly deploy solutions for power generation equipment where high fuel consuming, high emitting, generators can be made cleaner and more cost effective.

Mississauga based, Hy-Drive has created a hydrogen-based Alternate Energy Combustion Control System that has been designed to reduce fuel consumption and the output of harmful emissions in diesel engines. WorldKlass, a private company based in Allentown Pennsylvania, has developed complimentary Infrared Fuel Ceramics technology under the guidance of the highly respected, Dr. Albert C. Wey. Dr. Wey is best known for his ceramic work on U.S. Space Shuttle projects. The WorldKlass Infrared Fuel Ceramics technology can be applied to all hydrocarbon fueled internal combustion engines to reduce fuel consumption and emissions. Due to the high fuel consumption of power generation equipment, much of WorldKlass's focus has been targeted at this market.  

"This is an exciting step for our company," said Robert Bucher, President and CEO for Hy-Drive.  "WorldKlass has solid technology and a very unique marketing approach to meet the needs of the power generation sector. Not only do we collectively believe that we can enhance their product offering, we are pleased to have such a partner to expand into this important market," he went on to say.

The MOU will allow the companies to work together in examining the benefits of using both technologies to work towards a common goal… greening the world by serving the needs of a long list of high fuel consuming customers.

"We did a lot of research on companies using hydrogen as both a main and secondary fuel source and decided Hy-Drive had the best on-demand delivery system in terms of volume, quality and safety. We are also impressed with Hy-Drive's support infrastructure. This MOU allows us to expand our reach by actively deploying our respective technologies as a single source to achieve maximum efficiency in both fuel consumption and emissions reduction," said Bill Grovatt, President of WorldKlass.

WorldKlass has already had great success with large clients such as Nestle, Susquehanna Trailways and Italian based, Red Starr Ferries.  For more information visit www.worldklass.com

Just last week Hy-Drive announced that they sealed a deal with GreenCell Technologies Inc., another company focused on the environment. That agreement provides Hy-Drive with an important channel to reducing emissions in the North American highway transport market. The deal with WorldKlass opens the doors to power generation, a marketplace that uses significantly more fuel and produces more emissions on a per unit basis.

"The WorldKlass and GreenCell agreements are important steps in meeting our expansion plans laid out in December. I expect the convergence of technologies, such as this, and the expertise behind it, to serve us well as we forge ahead into various markets," Bucher concluded.

About Hy-Drive

Hy-Drive 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. Hy-Drive's 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 Hy-Drive's products, commercial production in 2011, 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" below.

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.

SOURCE Hy-Drive Technologies Ltd.

For further information:

Robert H. Bucher, P.Eng
President & CEO
Tel:  (905) 542-3024 x222
Email: rbucher@hy-drive.com
Media Relations
Tel:  (905) 542-3024 x268

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Hy-Drive Technologies Ltd.

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