New Joint Venture and Manufacturing Subsidiary
WOOD-RIDGE, N.J., Apr 13, 2000 /PRNewswire via COMTEX/ -- Mr. Ken Brody,President and Chief Executive Officer of Rotary Power International, Inc. (OTC Bulletin Board: RPI) ("RPI") and Mr. William Partanen, President and Chief
Executive Officer of BG Technologies USA, Inc. ("BGT") of Columbia MD, a company controlled by Swiss Re Investors of Zurich, Switzerland are pleased to announce that they have signed a Letter of Intent to form a joint venture.
The joint venture is proceeding to set up a pilot plant to demonstrate the technology and economics of a BGT gasification system producing low BTU gases to fuel an RPI rotary engine to generate electricity. No other engine can operate solely on the low BTU producer gas at the level of efficiency that can be achieved with the rotary engines.
BGT's primary focus is integrated biomass gasifier-based energy systems for industrial and domestic applications. BGT's gasification technology provides for an environmentally sound method of disposing of various biomass waste materials that now threaten water and air resources throughout the world. By using these waste materials to generate electrical and thermal energy, BGT solves both an environmental problem and produces low cost energy for consumption.
Mr. Brody also announces that RPI has incorporated a wholly owned subsidiary in New Brunswick, Canada, Pegasus Technologies Incorporated, ("Pegasus") to carry on RPI's manufacturing operations.
Manufacturing facilities have been investigated in Saint John, New Brunswick which in addition to being a seaport, is well connected for North American truck and rail shipping. Saint John also provides a cost effective location not only in terms of facility costs but also in the availability of a large labor pool of workers experienced in machinery and heavy industry.
It is anticipated that production will commence at the existing New Jersey location prior to the new manufacturing facility becoming operational early in the year 2002.
RPI is now current with all its filings with the SEC, having recently filed its 10-KSB annual report for the year ended December 31, 1999. All of the filings and other information will be available on RPI's new web site found at
pegasuspower.com
RPI is internationally recognized as the leader in the field of heavy fueled rotary engines especially the Stratified Charge Omnivorous Rotary Engines (SCORE (TM)).
RPI's common shares are quoted on the OTC Bulletin Board under the symbol RPIN.
Visit RPI's Web Site at: pegasuspower.com
In order to communicate company progress and improve information to shareholders, RPI has retained Londonderry Capital Structuring Ltd. to provide full spectrum investor relation services.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 regarding RPI's business strategy and future plans of operations. Forward-looking statements involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this press release. These and other important factors,including those mentioned in various Securities and Exchange Commission filings made periodically by RPI, may cause RPI's actual results and performance to differ materially from the future results and performance expressed in or implied by such forward-looking statements. The forward-looking statements
contained in this press release speak only as of the date hereof and RPI expressly disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in RPI's expectations or future events.
SOURCE Rotary Power International, Inc.
(C) 2000 PR Newswire. All rights reserved.
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CONTACT: Ronald G. McKeown of Londonderry Capital Structuring Ltd.,
905-888-0500, london.derry@sympatico.ca; or Ken Brody, President and CEO of
Rotary Power International, Inc., 973-470-7001, kenlbear@msn.com |
