ST. LOUIS, Oct. 4, 2004 (PRIMEZONE) -- The X PRIZE Foundation and International Fuel Technology Inc. ("IFT") (OTCBB:IFUE) have announced that IFT has signed a multi-year sponsorship agreement to be a "Major Sponsor" of the X PRIZE CUP -- the continuation of the $10 Million ANSARI X PRIZE challenge.
The X PRIZE CUP is designed to combine elements of Champ Car Grand Prix Racing and the America's Cup where the average person can attend and watch the next generation of space vehicles fly, talk to the astronauts, see the vehicles up close and learn about new technologies. The annual X PRIZE CUP will be based in Las Cruces, New Mexico.
"Over the last several weeks, companies have approached the X PRIZE Foundation for sponsorship opportunities because they understand the value of what the X PRIZE CUP represents and that space related races and challenges are a growing spectator sport. Today, I am pleased to announce that IFT has signed on as our first Major Sponsor for the next chapter of the X PRIZE Foundation," said Dr. Peter H. Diamandis, Chairman and President of the X PRIZE Foundation. "Visionary leaders like Jon Burst and IFT will play a major role in the success of the X PRIZE CUP and we look forward to working with Jon and the entire IFT team for many years."
"We are proud to be associated with The X PRIZE CUP and are inspired to work with participating X PRIZE Cup teams from all over the globe," said Jonathan Burst, Chairman and CEO, IFT. "We see parallels between the X PRIZE and IFT in the development, implementation and commercialization of technologies that are both cutting edge and beneficial to mankind."
About the X PRIZE CUP:
The X PRIZE CUP is the next chapter in the mission for The X PRIZE Foundation a 501(3)c not-for-profit educational organization with headquarters in St. Louis, Missouri. Supported by private donations and the St. Louis community, the Foundation's mission is to create educational programming for students and space enthusiasts as well as provide incentives in the private sector to make space travel frequent and affordable for the general public. To learn more about the X PRIZE CUP, please visit www.xpcup.com. To find out how individuals, educational organizations or corporations can join the efforts of the X PRIZE Foundation, please visit www.xprize.org or contact the office at 636-519-9449.
About International Fuel Technologies (www.internationalfuel.com)
IFT is a St. Louis, Missouri-based publicly traded company that has developed a series of proprietary fuel blends and fuel additives designed to improve the operating efficiency of gasoline and diesel engines, resulting in specific benefits including improved fuel economy, greater lubricity, reduced maintenance costs, and lower harmful emissions. The Company is pursuing the distribution of its proprietary fuel blends, including the IFT synthetic diesel fuel, which meets the stringent standards of the California Air Resources Board (CARB), and may also be designated as an alternative fuel under EPAct.
About the ANSARI X PRIZE Competition
Currently, 26 teams from around the globe are competing for the $10 million ANSARI X PRIZE. In order to win the competition, teams must build a safe and reusable space vehicle able to carry one pilot and the weight equivalent of two passengers, 100km (62 miles) into suborbital space. The vehicle must be privately financed and safely flown twice within a two-week period. The first registered ANSARI X PRIZE team to complete this feat will win the $10 million prize and a spectacular 5-foot trophy.
About the X PRIZE Foundation (www.xprize.org)
The X PRIZE Foundation is a not-for-profit educational organization with headquarters in St. Louis, Missouri. The Foundation's ANSARI X PRIZE Competition is supported by its Title Sponsor, the Ansari family, and Presenting Sponsor, Champ Car World Series. The Foundation is also supported by Seven-Up and M&M's as well as private donations from the St. Louis Community through an organization called the New Spirit of St. Louis Organization.
The Foundation's mission is to educate the public about space travel, create educational programming for students and space enthusiasts, and provide incentives in the private sector to make space travel frequent and affordable for the general public. Several additional sponsorships for the ANSARI X PRIZE competition remain available to corporations or individuals who wish to support the contest and associate themselves with courage, determination, achievement, space, speed, high performance and technology.
To find out how individuals or corporations can join the efforts of the X PRIZE, or involve neighborhood schools or community centers with X PRIZE educational programs, visit www.xprize.org or contact the office at 636-519-9449.
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