(Canada NewsWire via COMTEX) -- Hy-Drive Technologies Ltd. (TSX-V: HGS) ("Hy-Drive") today announced the commercial availability of its G2 hydrogen generating system (HGS) and has now begun shipping and installing its first G2 units to selected trucking customers throughout North America to meet growing demand. Hy-Drive's new G2 system is designed to substantially improve fuel efficiency while being environmentally "friendly" by reducing exhaust emissions.
"Now that we have completed our intensive testing protocols in the field, in the lab and in an SAE certified lab we are extremely pleased to announce the launch of our commercial product," said Tom Brown, President & CEO of Hy- Drive Technologies Ltd. "It has taken a considerable length of time, a team of dedicated professionals and a significant amount of capital to get to the position we are in today. Hy-Drive is able to present an immediate solution to the escalating fuel costs and serious emission concerns, in the commercial trucking industry in North America", Mr. Brown said.
The Hy-Drive system works by injecting small amounts of hydrogen gas into the combustion chamber of a regular internal combustion engine. This creates an enriched air mixture and a more complete and faster burn of the diesel fuel, which results in reduced emissions, improved fuel efficiency and more engine torque. The product is easy to install and works with any internal combustion engine, all types of fuel and in almost any climate making a versatile solution for any truck fleet.
In addition, Hy-Drive Technologies will embark on a North American wide Public Relations and marketing campaign aimed at increasing sales of its G2 product. Marketing and Public Relations initiatives will be handled by the Autumn Group and GCI Group respectively. The initiatives will include advertising, trade show participation (the Mid America Show), a web site overhaul, direct mail campaigns as well as increased media outreach to key business and trade journalists in both Canada and the U.S.
"Over the next few months Hy-Drive will become much more aggressive in building out our market profile and brand," continued Mr. Brown. "The demand for our G2 product is ramping up nicely and our marketing, PR and sales efforts will only amplify this upward trend. As oil and gas prices continue to soar, our product extends the life of the combustion engine while providing an environmentally friendly transition technology away from burning fossil fuels" concluded Mr. Brown.
Hy-Drive is an energy technology firm that has developed a proprietary, patented hydrogen generating system. The Hy-Drive system generates and injects hydrogen gas into a regular internal combustion engine, enhancing the combustion process by allowing fuel to burn more efficiently and completely. In previous extensive customer trials and tests, the Hy-Drive system has demonstrated significant performance enhancements, including reduced emissions, increased torque/horsepower, fuel savings and extended engine life. These benefits, specifically fuel economy and reduced emissions provide customers with greater productivity overall, as their engines operate more efficiently, with improved cycle times and less carbon build-up. For further information, visit www.hy-drive.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Hy-Drive to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the speculative nature of the hydrogen-based energy and power technology industry, which is affected by numerous factors beyond Hy-Drive's control; the existence of present and possible future government regulation; the significant and increasing competition that exists in the hydrogen-based energy and power technology industry;; the early stage of Hy-Drive's business and therefore it is subject to the risks associated with early stage companies, including uncertainty of revenues, markets and profitability and the need to raise additional funding; the fact that Hy-Drive is a party to litigation involving claims against it for damages in substantial amounts, which, if decided unfavorably against Hy-Drive, would have a material adverse effect on Hy-Drive and its business, as well as those factors discussed in the section entitled "Risks and Uncertainties" in Hy-Drive's management's discussion and analysis for the nine months ended September 30, 2005. Although Hy-Drive has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Hy-Drive does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.