ESSEX, England, Oct. 24, 2000 (PRIMEZONE) -- Ionic Fuel Technology, Inc. (OTCBB:IFTI) stated today that it signed a contract with Armstrong Service (UK) Ltd to assist them with an engineering and design study to upgrade and improve overall boiler operations at a facility of a major European steel manufacturer . The value of the Company's contract with Armstrong Service (UK) Ltd is approximately £50,000. Work under the contract is to be completed by the end of November 2000.
The engineering and design study will identify means to reduce fuel consumption, produce energy savings and decrease mass airborne emissions to ensure compliance with existing government regulations. The European steel manufacturer will review the findings of the engineering and design study and decide whether to implement all or a portion of the study's recommendations, potentially leading to additional and significant contracts between the Company and Armstrong Service (UK) Ltd.
Mr. Anthony J. S. Garner, chairman and chief executive officer, stated, "This contract with Armstrong Service (UK) Ltd is a continuation of the relationship Ionic and Armstrong have forged over the past several months. Ionic's expertise in thermal processes and management information is now a valuable component of Armstrong Service (UK) Ltd's integrated energy management solutions."
Mr. Ken Porteous, Chief Engineer of Armstrong Service (UK) Ltd, stated, "We are particularly pleased that Ionic is working with us on this project. The capability of Ionic's management information system to accurately measure energy improvements reinforces their undisputed knowledge of thermal processes and their combustion engineering experience. Ionic's expertise complements our own efforts to optimize steam energy systems."
Armstrong Service (UK) Ltd 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.
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.
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.