ST. LOUIS, Nov. 11, 2004 (PRIMEZONE) -- International Fuel Technology Inc. (OTCBB:IFUE), the developer of a series of environmental fuel technologies and fuel blends designed to increase fuel economy and reduce harmful emissions, announces that Axel J. Farhi has joined IFT. Mr. Farhi's responsibilities will be two-fold: enhance IFT's existing focus and efforts in the fuel additives market and introduce IFT's technology into the oils and lubricants markets.
Mr. Farhi has over fifteen years of management experience in the oils and lubricants industry, most recently with Gulf Oil International as the Vice President in charge of operations. Mr. Farhi also served as the European Business Manager -- Industrial Oils and Lubricants Division of Cargil; the International Sales Manager for Elf Lubricants North America; and a Product Manager for Castrol France.
Jonathan Burst, IFT's CEO, stated, "We are very excited to have Axel join our team. His industry experience and acumen will enhance our existing focus in the fuel additives business. As well, his specific expertise in oils and lubricants will bring immediate value to certain projects that IFT is engaged in."
Mr. Farhi will concentrate initially on two projects: He will manage and oversee IFT's interest in a major oils and lubricants manufacturing plant to be built in North Africa; and he will promote IFT's efforts to bring the Company's technology to 2-stroke engine applications with major international lubricant companies, including Gulf Oil International, particularly in Asia.
Mr. Farhi stated, "I have spent substantial time analyzing IFT's technology and believe the Company has developed something truly unique and beneficial to the fuels and oils and lubricants markets. There are immediate opportunities in North Africa and Southeast Asia that I will be working on. I look forward to helping realize this technology's value in the marketplace."
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.