MISSISSAUGA, ON, April 22 /CNW/ - Hy-Drive is pleased to report interim results following the company's commercial launch of the HGS for Caterpillar engines. In late March Hy-Drive participated at the Louisville, Kentucky Mid-America Truck Show ("MATS") and more recently at the Truck World Show in Toronto, Canada. Consequential fleet, owner operator and industry media exposure was achieved at these very significant trucking industry events.
Prior to MATS, Hy-Drive distributed 1500 invitations to fleet owners with Caterpillar engines to visit its booth. A direct mail piece to 500 target customers in Ontario, parts of the US Northeast and Midwest followed offering a "Risk Free Trial" of the HGS to qualified customers with Caterpillar C12, C13 and C15 engines. The Company is confident Hydrogen Generating System (HGS(R)) trials will prove to them the fuel savings and particulate emissions reductions realized in independent third party validation testing.
Hy-Drive previously announced HGS validation results following SAE/TMC Type IV protocols, which achieved 11.9% fuel reduction and 45% reduction in opacity emissions. These tests were conducted on daily long haul commercial routes totalling over 100,000 miles.
As a result of these marketing initiatives Hy-Drive has received in excess of one hundred and fifty indications of interest from qualified trucking fleets. To-date the Company has written commitments from eight (8) fleets that have or will shortly be commencing operating trials of HGS units. This is in addition to five (5) customers who already own or rent the HGS.
"We are very pleased with the initial results of the Direct Mail Campaign designed for us by our marketing agency, BKV," said Fred Florence, CA, COO, "and we expect to add many more fleets to trial HGS and prove to themselves the savings and emission reductions that can be realized."
Hy-Drive is a technology firm that has developed a proprietary, patented hydrogen generating system. Hy-Drive's Hydrogen Generating System ("HGS(TM)") generates and injects hydrogen gas into a regular internal combustion engine, enhancing the combustion process by allowing fuel to burn more efficiently and completely. For more information, please visit www.hy-drive.com.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information concerning Hy-Drive's marketing and technological development efforts. Generally, forward-looking information 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", 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". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Many of these assumptions are based on factors and events that are not within the control of Hy-Drive and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking information include risks associated with the marketing, development and commercialization of Hy-Drive existing and prospective product lines, numerous risks associated with best efforts financing activities, including agreement on the size and terms of any offering, the ability to raise sufficient funds as well as receipt of all required regulatory and other approvals as well as those risk factors discussed in Hy-Drive's Management's Discussion and Analysis for the period ended September 30, 2009 at www.sedar.com. Although Hy-Drive has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Hy-Drive undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE HY-DRIVE TECHNOLOGIES LTD.
For further information: For further information: Fred Florence, CA, COO & CFO, Hy-Drive Technologies Ltd., Tel: (905) 285-2172, email@example.com