Opening Path for Increased Distribution
MISSISSAUGA, ON, Jan. 11 /CNW/ - Hy-Drive Technologies Ltd. ("Hy-Drive")
(TSXV: HGS) today announced that it has just signed a significant
Distributor Agreement with GreenCell Technologies Inc. (GT5:GR ) that
will combine the strengths of both companies and allow for stronger
positioning in the energy solutions market.
Mississauga based Hy-Drive has developed a hydrogen-based Alternate
Energy Combustion Control System for transport trucks that has
demonstrated impressive results and passed extensive SAE testing. The
system is designed with a control mechanism that regulates small
amounts of hydrogen injected into the combustion chamber, thus
enhancing the air/fuel mixture. The end result is lower emissions.
GreenCell Technologies located in Aurora, Ontario trades on the
Frankfurt Stock Exchange under the symbol GT5. They've created a
similar product and are backed by a sound marketing system, which
includes innovative financing options. The HydroCell is just one of
several energy saving products that GreenCell is formulating.
"We can't be anything but excited about this agreement. Taking our
technology and expertise, and combining it with GreenCell Technologies'
multi-faceted energy background and marketing savvy, moves us a step
closer to creating a greener world," said Robert Bucher, President and
CEO of Hy-Drive.
Under the agreement, Hy-Drive will continue to focus on the product and
cost efficiency. GreenCell will concentrate on marketing, service and
sales. One of their top priorities will be further strengthening the
"We see this as a great opportunity to move forward with a solid product
offering and to serve our customers in a timely and cost-effective way.
Our marketing and sales team is very excited about the prospects," said
K. Allen Etherington, President of GreenCell Technologies Inc.
"I recently pledged that Hy-Drive would expand through strong
distribution deals and this marks the beginning of that plan. I'm
confident our alliance with GreenCell Technologies will serve as a
solid example of how two like-minded companies can work together to
reach their specific goals," Robert Bucher added.
Pursuant to the Company's stock option plan and subject to TSXV
approval, the Board of Directors issued 125,000 stock options to
Officers of the Company at an exercise price of $1.00; all options
shall vest immediately and expire ten years from the date of issuance.
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). 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 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
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.
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