PENN YAN, N.Y., Nov. 3, 2011 (GLOBE NEWSWIRE) -- GreenCell, Incorporated (OTCBB:GCLL) announced that, after years of development, it has completed a fully operational ceramic igniter prototype using its proprietary Ultra Temp technology. The working prototype was developed by GreenCell under the direction of noted ceramic technology visionary David Burt, the GreenCell Chief Technology Officer. The Company further announced that it has a letter of interest with a major international appliance manufacturer and is working to commercialize the Ultra Temp igniter in the coming months.
Dan Valladao, CEO of GreenCell, stated: "We are very excited to have completed the first working prototype of our Ultra Temp igniter. We believe that this product will revolutionize the $600 million dollar hot surface igniter industry. Not only will our technology dramatically reduce the cost of this manufacturing process, but we believe it more reliable as well.
"We are also extremely excited that we have been able to develop a relationship with a major OEM at this early stage of our company," said Valladao. "To have a major OEM potentially join forces with us to commercialize our Ultra Temp igniter is a strong validation of our technology, and a testament to the hard work and creative vision of David Burt and his team."
In the coming months, the Ultra Temp igniter will be made ready for commercial use in multiple home appliances that utilize a gas ignition system, including stove tops, fireplaces and other like appliances. The Ultra Temp technology also has potential commercial application in the automotive O2 sensor and brake pad industries, and the burgeoning global fuel cell industry.
GreenCell is working toward developing working commercial applications for the Ultra Temp technology in each of the above industries.
About GreenCell, Incorporated
GreenCell is in the process of developing, commercializing and marketing Ultra Temp for multiple applications in the home appliance and transportation industries. GreenCell has identified multiple industries with significant commercial applications with potential revolutionary results. Some of the many applications for this technology are SOFC Fuel Cells, Igniters, Braking, Oxygen Sensors, and Ceramic Heaters.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company's current plans and expectations, as well as future results of operations and financial condition. Specifically, the Company's ability to raise additional capital, execute its business plan and strategy, sustain or increase gross margins, achieve profitability and build shareholder value are forward looking statements. A more extensive listing of risks and factors that may affect the Company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.