ESSEX, England, July 27, 2000 (PRIMEZONE) -- Ionic Fuel Technology, Inc. (OTCBB:IFTI) stated today that it signed two contracts with Armstrong Service. Under the terms of the contracts, the Company will assist Armstrong Service with two major energy management projects in Belgium using the Company's proprietary Management Information System ("MIS") and IFT Systems. Other terms of the contracts were not disclosed.
The first project is a full steam and boiler efficiency audit for Prayon-Rupel, a major European chemical company, at their Leige, Belgium facility using the Company's MIS system. The second project is to evaluate energy savings and productivity improvements on a 180 burner, 560 mega-joule Ammonia Reformer using 20 IFT Systems at the Tertre, Belgium site of Kemira S.A., also a major European chemical company.
Mr. Anthony J. S. Garner, chairman and chief executive officer, stated, "These two contracts with Armstrong Service further substantiate the value of the relationship between Ionic and Armstrong. The projects have the potential to lead to significant agreements between Armstrong and these two European chemical companies with Ionic being an integral part of Armstrong's energy management solutions."
Armstrong Service is a division of Armstrong International, a private company based in Orlando, Florida, providing products, engineering analysis, turnkey installation services and utility system asset purchase capabilities to optimize steam systems worldwide. Additional information about Armstrong International can be obtained from their website, www.armstrong-intl.com.
Separately, the Company also announced that its long-term client, Interbrew, ordered an Energy Management Information System for installation at its brewery located in Leuven, Belgium. The MIS system was specifically developed to meet Interbrew's requirement to allow real time reporting of the thermal and electrical efficiency for three boilers, two steam turbines and the brewery's electricity and steam consumption. Upon completion of this installation, an expanded MIS system to monitor all the brewery's thermal processes will be evaluated.
Interbrew is the world's second largest brewer in terms of volume. The company is headquartered in Belgium and employs 34,000 people worldwide. Interbrew's beers are sold in over 110 countries.
Ionic Fuel Technology, Inc. is an environmental and combustion technology company providing environmental solutions, combustion technology and energy utilization products and services to a variety of industries worldwide. The Company provides thermal process consultancy services, "TPS" and management information systems, "MIS", in addition to designing and assembling its proprietary "IFT System" at its offices and manufacturing facility in Laindon, Essex, England. The Company's consultancy services and "IFT System" are marketed in the United Kingdom, Europe and the United States.
Further information on Ionic Fuel Technology, Inc. can be found at the Company's website, www.ionicfuel.co.uk.
Forward-looking statements made in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties including without limitation risks in technology developments, risks in product development and market acceptance of and demand for the Company's products, risks associated with foreign sales and other risks detailed in the Company's filings with the Securities and Exchange Commission.