CYCLONE POWER TECHNOLOGIES to issue CORRECTION on Financial Reports to its Authorized Shares and Expansion and Update
(firmenpresse) - POMPANO BEACH, FL -- (Marketwired) -- 08/31/17 -- Cyclone Power Technologies Inc. (OTC PINK: CYPW), developer of the all-fuel clean-tech Cyclone Engine, announces today that they have been made aware of a problem on the most recent financial reports which states that the company is authorized for 8 billion shares. In fact, it is a typographical error and the company has only 4 Billion shares authorized as previously reported. This can be confirmed by checking the official records with the State of Florida as filed September 6, 2016 or with the company''s transfer agent. Bruce Schames, CFO, states, "We have been so focused on bringing our filings up to date with over 300 pages being filed recently that the possibility of human error occurred. This number is a critical issue and we regret the oversite."
Update, since our last filing the Company reports it is in discussions with individuals that will be submitting business plans and/or financial records to consider purchasing a major interest in Cyclone Performance. Cyclone Performance is a wholly owned subsidiary of CYPW, and has maintained separate books and records for the past few years. "We have been approached by individuals over the past few weeks to purchase the majority share (up to 81%) of our wholly owned subsidiary. The businesses are in separate markets adding diversification to the Cyclone and its investors," explained Frankie Fruge, President. "We feel this would be a great way to increase our shareholder value and reward our shareholders for sticking with us through all of our recent tough times. In this market diversification is a key ingredient to stable profit margins. The shareholders will have added value participating in an unrelated market."
Cyclone Power Technologies will stay focused on our business plan of bringing a working engine into mass production for solar and multi-fuel generator applications. Our manufacturers and integrators are working to get this into production in the coming months. Harry Schoell, CTO and Chairman, will be going to Denmark, the FSDS headquarters, this month to assist them with bringing the Military APU unit to the next stage which is a fully working field unit ready for mass production meeting military specifications.
Cyclone is taking applications for additional distributors in Europe, South America, Africa, and Canada. Please email your inquiry to for the qualifying process.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The company cautions that these forward-looking statements are further qualified by other factors. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.
is the developer of the award-winning -- an all-fuel, with the power and versatility to run everything from waste energy electric generators and solar thermal systems to cars, trucks and locomotives. Invented by company founder and Chairman Harry Schoell, the patented Cyclone Engine is a external combustion engine, ingeniously designed to achieve high thermal efficiencies through a compact heat-regenerative process, and to run on virtually any fuel -- including , or -- while emitting fewer greenhouse gases and irritating pollutants into the air. The Cyclone Engine was recognized by Popular Science Magazine as the for 2008, was included in a 2011 report by Popular Mechanics as an important waste energy technology for the future, and was twice presented with the Society of Automotive Engineers'' . Additionally, Cyclone was named by the Broward County Environmental Protection Department. For more information, visit .
Company Contact
Frankie Fruge
Tel: 954-943-8721
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Datum: 31.08.2017 - 04:00 Uhr
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News-ID 1519334
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