TORONTO, Jan. 26, 2005 (PRIMEZONE) -- MSE EcoEngine Inc. (Pink Sheets:MSEE) today announced the formal signing of a R&D Agreement with its major shareholder, MSE Ecology Engines Inc., of Canada to jointly develop the MSE EcoEngine. The technology developed will be available to each company for the exclusive use in their respective market areas.
Over the last several years of development in Canada, the Canadian parent company has applied for and received recognition from the federal and provincial governments that the EcoEngine is eligible for refundable R&D Investment Tax Credits (ITCs). The effect of these ITCs is to reduce the direct cost to the companies of the engine development by a minimum of 40%. For certain categories of direct R&D expense with the correct structure these ITCs can be from 55% to over 80%. "Clearly, it is to our advantage to do much of the product development with our Canadian parent, as we will get at least twice as much accomplished for the same dollar investment," stated J. Gregory Gooch, President.
About the EcoEngine
MSE EcoEngine Inc. is a research company with a device, the 'EcoEngine', under development capable of generating power using the free heat in ambient air as its sole source of fuel and producing, as by-products, clean water and cool air. This technology has evolved from 13 years of thermodynamic modeling by the inventors. Recent advances in the computer model of the engine now indicate that a prototype should be built to prove the theoretical calculations and to determine ongoing cost of production of the EcoEngine. A U.S. patent application has been submitted for the underlying principles to this technology.
Forward-Looking Statements
Any statements in this release that are not statements of fact may be considered ``forward looking statements'' as that term is defined under securities laws in the United States and Canada. Forward-looking statements are only predictions and may differ materially from actual events or results.