MISSISSAUGA, ON, Aug. 12 /CNW/ - Hy-Drive has received a purchase order
from Mining Technologies International Inc. (MTI) for delivery of 100 HGS(R)
units for use in the mining industry. The total value of this order is over
$1.2 million and represents the first significant commitment received for the
re-designed HGS(R) unit. Delivery of units will be pre-paid and take place in
three tranches, with the first shipments expected to be delivered within a few
Headquartered in Sudbury, Ontario, Canada, MTI operates four
manufacturing facilities producing a wide range of advanced mining equipment
as well as custom designed equipment for specific underground requirements.
MTI's customer base includes mining operators in major mining centres
throughout the world. Mr. Robert Lipic, President of MTI commented "the
reduction in opacity as evidenced by the test results announced by Hy-Drive on
August 6, 2009 demonstrate that this technology will have significant impact
on the environment in underground applications."
Hugo T. Sorensen President and C.E.O. of Hy-Drive noted "we are very
pleased to receive this initial order as it represents the continued
commitment of MTI our distribution partner in the mining sector. Further, the
positive advancements related to HGS(R) product reliability made over the past
year will prove very important in the challenging mine environment."
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 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 2009,
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"
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.
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.
For further information:
For further information: Hugo T. Sorensen, President & CEO, Hy-Drive
Technologies Ltd., Tel: (905) 542-3024, ext. 222, firstname.lastname@example.org; Fred
M. Florence, Vice President & CFO, Hy-Drive Technologies Ltd., Tel: (905)
542-3024 ext. 257, email@example.com