ST. LOUIS, Dec. 22, 2004 (PRIMEZONE) -- International Fuel Technology Inc. (OTCBB:IFUE), a fuel science and research company, today announced that the Philippines Government Department of Energy will begin a pilot program using IFT products. The program, which will include the consumption of approximately 7,500 tons of fuel, will be managed by National Power Corporation ("Napocor"), an energy company wholly owned and managed by the Philippine government's Department of Energy. The program will focus on DiesolIFT, a fuel additive IFT created which provides a significant gain in efficiency to diesel fuels and corresponding reductions in carbon dioxide emissions. Napocor will purchase the additive needed to complete the program from IFT. IFT's Asian distribution partner, First Asia Fuel Corporation, will coordinate the program on behalf of IFT.
"We consume approximately six billion gallons of petroleum fuels annually, most of which is imported," said Dr. Rogelio Panlasigui, Undersecretary for Science and Technology, Department of Science and Technology for the Republic of the Philippines. "If we can realize the expected improvement in fuel economy, that will save our government a significant amount of money. In addition, the improved efficiency will reduce CO2 emissions helping our government comply with Kyoto Protocol standards."
Jonathan Burst, IFT's President and CEO, said, "We are excited to have the opportunity to work with Napocor and the Government of the Philippines. We expect this pilot program to be the first of many opportunities to establish commercial acceptance of our technology with government controlled energy companies in the Asia region."
Gary Kirk, IFT's Director of Sales and Marketing, said, "Our partnership with First Asia Fuel has provided us with immediate exposure and expedited our efforts in Asian markets. If the program results with Napocor are similar to results we have consistently achieved, both in the field and in the laboratory, we expect substantial revenues to ensue."
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.