POMPANO BEACH, Fla., Aug. 8, 2007 (PRIME NEWSWIRE) -- Cyclone Power Technologies Inc. (Pink Sheets:CYPW) announced today that it has amended its Articles of Incorporation to reduce the number of common shares that the company is authorized to issue.
Prior to the amendment, the company was authorized to issue 2,500,000,000 shares of common stock. Pursuant to the amendment, that number has been reduced by 60% to 1,000,000,000 shares.
The reduction of authorized shares does not affect any issued and outstanding shares, and is not a reverse split. Shareholders will have the same number of shares after the amendment as before. The action was adopted by the Board of Directors pursuant to Florida Law and filed with the Florida Secretary of State.
"The reduction of authorized shares was done to assure our shareholders that we are careful and prudent with the issuance of our stock," said Frankie Fruge, the company's COO. "We have no present intention of issuing two and a half billion shares of stock, and therefore, no need to have it in our treasury."
About Cyclone. Cyclone holds the U.S. patent, international patent applications, and exclusive commercial rights to the Green Revolution Engine(tm), an environmentally-friendly and highly-efficient external combustion, heat-regenerative engine. Developed by Cyclone's President and CEO, Harry Schoell, the Green Revolution Engine(tm) regenerates (or recycles) its heat, which allows it to run cleaner, cooler and more efficiently than traditional internal combustion engines. It is capable of running on any liquid or gaseous fuel, including ethanol and propane, and is lubricated with de-ionized water instead of motor oil. By eliminating many subsystems like oil pumps, radiators, catalytic converters and fuel injectors, Cyclone's Green Revolution Engine(tm) is expected to cost less to manufacture, operate and maintain; however, it is highly scalable and sufficiently powerful for applications ranging from lawn equipment and small home generators, large stand alone generators, to cars, trucks, buses, RV's, boats and ships, as well as earth moving equipment and locomotives.
Safe Harbor Statement
This release contains certain "forward-looking" statements, as well as historical information, involving risks and uncertainties, which are covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we can give no assurance that the expectations reflected in these forward-looking statements will prove to be correct. Forward-looking statements include those that use forward-looking terminology, such as the words "anticipate," "believe," "estimate," "expect," "intend," "may," "project," "plan," "will," "shall," "should," and similar expressions, including when used in the negative. Although we believe that the expectations reflected in these forward-looking statements are reasonable and achievable, these statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. Additionally, the company's actual or future results may differ materially from those anticipated depending on a variety of factors, including continued acquisition and maintenance of favorable license arrangements, success of market research identifying new product opportunities, successful introduction of new products and continued product innovation, sales and earnings growth, and general economic conditions. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements attributable to us are expressly qualified in their entirety by these and other factors. Cyclone Power Technologies does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results, reflect events or circumstances or to changes in its expectations, except as may be required by law.