Aero Marine Engine Announces Financing Commitment of $2.5 Million Cash and Commitment for Products and Services of $1.5 Million
TORRANCE, Calif.--(BUSINESS WIRE)--Aug. 28, 2003--Aero Marine Engine, Inc., (OTCBB:ARMR) a developmental stage company which recently acquired the rights to the revolutionary Dyna-Cam engine, a proprietary internal combustion engine, announced today that its principal shareholders have committed to contribute $2.5 million in cash over the next twelve months to fund the Company's operations. The principal shareholders will not receive any additional securities for the $2.5 million cash contribution and this will not be dilutive to shareholders.
In addition, the Company announced that Perma-Tune Electronics, Inc. (OTCBB: PTUN), has agreed to extend the Company a $1.5 million credit line to provide products and services to the Company. Over the next four to six months, Perma-Tune will conduct a complete and comprehensive engineering review of the Company's Dyna-Cam engine, as previously announced on the Company's press release dated August 25, 2003. In this review, Perma-Tune will orchestrate, using state-of-the-art technology, detailed composite testing and metallurgy which will be used to determine and propose altering various components of the engine to enhance efficiencies. Perma-Tune will conduct thorough failure tests on both the old engine and the new one. Also, prior to going into full production, Perma-Tune will perform an in-depth manufacturing overview of the Dyna-Cam engine emphasizing optimizing performance and minimizing costs.
The Company and Perma-Tune share commonality of ownership and are controlled by the same principal shareholders.
The infusion of capital as well as the commitment for products and services, insures that the Company has sufficient financing to begin the final engineering analysis and pre-production testing and to move forward into production. The Company also is exploring raising additional capital either through debt or equity financing.
The Company will provide information regarding the details above within the next two weeks.
About Aero Marine Engine, Inc.
The Dyna-Cam engine is an internal combustion engine where the pistons drive a cam to generate power to the main shaft. The main shaft is in a parallel direction to piston movement, without connecting rods or crankshaft. The engine has approximately 50% fewer moving parts than a conventional internal combustion engine, has a greater power to weight ratio, produces high torque at low rpm, operates with less vibration, and is lighter than the competition.
CONTACT:
Investor Contact for Aero Marine Engine, Inc.
FOCUS Partners LLC
212-752-9445
ARMR@focuspartners.com
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