ESSEX, England July 11, 2000 (PRIMEZONE) Ionic Fuel Technology, Inc. (OTCBB:IFTI) stated today that the Ford Motor Company (NYSE:F) leased four IFT Systems to be used at Ford's manufacturing facility in Genk, Belgium for a five-year term. Other terms of the lease were not disclosed.
The decision by Ford Motor Company to lease the IFT Systems followed a series of trials conducted on a 46.5-megawatt (MW) high pressure hot water boiler manufactured by Standard Kessel. The trials were conducted at various levels of boiler operation and produced an average fuel savings of two percent while reducing nitrogen oxide (Nox) emissions by approximately 4.7 to 12.7 tonnes per annum and carbon dioxide (CO2 - greenhouse gas) emissions by approximately 400 to 1,600 tonnes per annum.
Mr. Anthony J. S. Garner, president and chief executive officer, stated, "We are quite pleased with the long term commitment Ford made to Ionic and its technology. It will not only result in fuel savings for Ford but, with the reduction in CO2, will also reduce Ford's tax liability under the recently implemented European Carbon Tax. As a consequence of the positive bottom line impact Ford will realize at Genk, Ionic will evaluate the application of the IFT Systems at six additional Ford facilities throughout Europe."
Forward-looking statements made in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties including without limitation risks in technology developments, risks in product development and market acceptance of and demand for the Company's products, risks associated with foreign sales and other risks detailed in the Company's filings with the Securities and Exchange Commission.
Ionic Fuel Technology, Inc. is an environmental and combustion technology company providing environmental solutions, combustion technology and energy utilization products and services to a variety of industries worldwide. The Company provides thermal process consultancy services, "TPS" and management information systems, "MIS", in addition to designing and assembling its proprietary "IFT System" at its offices and manufacturing facility in Laindon, Essex, England. The Company's consultancy services and "IFT System" are marketed in the United Kingdom, Europe and the United States.
Further information on Ionic Fuel Technology, Inc. can be found at the Company's website, www.ionicfuel.co.uk..