ST. LOUIS , Oct. 12, 2004 (PRIMEZONE) -- International Fuel Technology Inc. ("IFT") (OTCBB:IFUE) announces that First Asia Fuel Corporation ("First Asia"), IFT's exclusive Asian Distributor, has signed a memorandum of understanding with PT Prima Energy ("Prima Energy"), Chaired by Ambassador Abu Hartono, former Chairman of the Armed Forces Faction of the Indonesia Legislature, for exclusive distribution of IFT products to the motor vehicle and power industries throughout Indonesia. Total consumption of fuel by these sectors in 2003 was Eighteen Billion Gallons (18,000,000,000) per annum.
First Asia and Prima Energy will work exclusively together in Indonesia for an initial period to carry out their distribution strategy, which calls for cooperation with the recently elected Government of Indonesia on development of the Government's new energy strategy. The new energy strategy stresses fuel conservation and cleaner air, both of which are provided by IFT products. Widespread use of the products will result in significant savings for the government on fuel imports as well as savings for vehicle owners and users. In addition, it will result in meaningful reduction of "green house" gasses
About First Asia Fuel Corporation
First Asia signed an exclusive distribution agreement with IFT on September 2 of this year to market and distribute IFT products and technology to certain Asian countries.
About International Fuel Technology, Inc. (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.
Some statements contained in this release may be forward-looking within the meaning of the safe harbor clause of the Private Securities Litigation Reform Act of 1995 including, but not limited to, statements as to commercialization of the company's products and business development activities. Editors and investors are cautioned that such forward-looking statements involve risks and uncertainties that may cause the company's actual results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to, the company's ability to generate revenues and other factors as described in the Company's literature and filings with the Securities and Exchange Commission.