ST. LOUIS, May 16, 2005 (PRIMEZONE) -- International Fuel Technology Inc. (OTCBB:IFUE), a fuel science and research company, today announced that it has signed an exclusive marketing agreement with FT Marketing Ltd. (FTM) and an exclusive distribution agreement with Fuel Technologies Ltd. (FTL). FTL will distribute IFT's products in South Africa and other African countries including Egypt. FTL has made an initial purchase order of 34 tons of DiesolIFT(tm).
FTL will begin its distribution thrust in Southern Africa, beginning with South Africa, Swaziland and Mozambique where it has already initiated discussions and received positive feedback from significant users of Diesel. Southern Africa alone accounts for almost one third of oil imports to Africa. As most countries in Africa have a trade deficit and since oil accounts for the largest import item for many African countries, FTL sees fast acceptance of IFT's additives as a way to reduce the trade deficit. The recently increased price of oil has exacerbated the trade deficit for many African countries.
Dion Friedland, FTL's Chairman, stated, "Usage of IFT's additives in petroleum based fuels has proven to provide reduced consumption and significant savings for large users of fuel. FTL believes our team can expedite the technology verification and product commercialization processes throughout Africa and in so doing reduce the oil import bill for many African countries. In addition, the improved fuel economy benefits of IFT's technology will reduce CO2 emissions helping governments comply with Kyoto Protocol standards."
Jonathan Burst, IFT's CEO, said, "We are excited to have Dion as our business partner. He brings a lot of experience and commitment to our company. We have had extensive discussions with Dion and expect him to bring us additional commercialization opportunities in other parts of the world as well in the near future."
FTL is a privately owned company assembled to effectuate the commercialization of IFT's products. Dion Friedland, Chairman of both FTM and FTL has built numerous successful business enterprises -- he founded Dion Stores which became the largest discount store retailer in South Africa, nationwide, before he sold the company in 1985. Mandev training, also founded by Mr. Friedland became the largest retail sales training company in the World in the early 1980s. In 1994 he founded Magnum Funds, well known in the hedge fund industry, and has recently stepped down as president of the Hedge Fund Association which he founded in 1996. His hotel, Cap Juluca, is rated the best hotel in the Caribbean by both Conde Nast traveler and Travel & Leisure. Charles Stride, who will be President of FTL is a Chartered Accountant, was an external advisor to the South African Reserve Bank on Exchange Controls and served as the Special Advisor to the South African Minister of Finance from 1995 to 1997. From 1991 to 1994, he was Deputy Chairman of Allied Electronics Corporation Limited, the largest electronics group in South Africa. He was senior partner of Fisher Hoffman Stride, one of South Africa's two largest independent auditing firms, from 1979 to 1991 and served on the main board of Spicer and Oppenheim. Mr. Stride was the deputy chairman of Societe Generale South Africa Limited from 1981 until 1997 when the South African company was absorbed by the parent. He continues to serve as an advisor to major corporations and government owned entities in both Swaziland and South Africa.
FTM and FTL join IFT's other distributors in Asia (First Asia Fuel Corporation), the U.S. (Soliton), South and Central America and selected African countries (Trafigura/Puma), the Middle East (Petrochem) and selected European countries (Expertises Technologies et Services and European Consultants) in assisting IFT in reducing fuel consumption and CO2 emissions worldwide.
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.