Aurora, Ontario Canada (PressExposure) February 04, 2011 -- 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 sales team.
"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 [http://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 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.