Aero Marine Engine Updates Regarding Investor Relations Materials
TORRANCE, Calif.--(BUSINESS WIRE)--Aug. 27, 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, announces updates regarding investor relations materials that have come to its attention.
The Company has been provided with investor relations materials prepared and distributed by The Intrepid Investor which was released during the summer of 2003. The Company did not pay The Intrepid Investor for the preparation and distribution of the materials that were prepared. Principals of the Company previously shared information about the Company with individuals in connection with the reverse merger transaction with Princeton Ventures, Inc.
The Intrepid Investor incorrectly stated that Aero Marine had acquired 70% of Bogner Industries, Inc. The Company was in discussions with Bogner Industries at the time it was in discussions with Princeton Ventures, but the Company has terminated its discussions with Bogner and did not finalize an agreement. In addition, The Intrepid Investor stated that Aero Marine is a well-financed company.
Aero Marine has sufficient financing to begin the final engineering analysis and pre-production testing. Additional financing will be required to move forward into production. The Company, realizing this, is exploring additional methods to finance these needs.
Aero Marine purchased the rights to the Dyna-Cam engine as well as a facility with pre-production manufacturing and testing equipment for in excess of $1,000,000 as well as shares of Aero Marine.
The Company will provide information regarding its financial position in the near future as an auditor has been engaged to prepare audited financial statements.
Statements were made by The Intrepid Investor regarding the years and amount of money spent with respect to the research and development of the Dyna-Cam Engine. The Company believes that a substantial amount of money has been spent over a significant period of time with respect to such research and development; however the Company cannot confirm such amounts. In addition, The Intrepid Investor stated that 40 prototypes have been built and tested whereas the Company would represent that numerous prototypes have been built and tested. The Intrepid Investor indicated manufacturing profits of 40%. While the Company believes that there will be a good profit margin, no production has taken place and costs are not confirmed. On review of the above stated investor relations material the Company believes that most of the descriptive material is factual. The Company believes that it has addressed the material items in The Intrepid Investor release. The Company takes no obligation to respond to future investor relations materials prepared and distributed by third parties not affiliated with or paid by the Company.
Following the reverse merger transaction with Princeton Ventures, Inc. and a 3:1 forward stock split, shareholders of Aero Marine Engine Corp. received 39,000,000 restricted shares and the Princeton Ventures shareholders owned 11,000,000 free-trading shares. Principals of Aero Marine subsequently transferred an aggregate of 1,000,000 of their shares to two parties in connection with the Dyna-Cam acquisition. These 1,000,000 shares are restricted securities and the shareholders transferring such shares did not receive any compensation for such transfer of shares. The former Aero Marine Engine Corp. shareholders who now own 38,000,000 shares of our common stock, own only restricted stock and have represented that they have not bought or sold any of our common stock.
The Company has seen significant volume in the trading of its stock and wants to advise investors to be cautious and use their own due diligence. The Company has not raised capital since the reverse merger transaction, and insiders of the Company are not buying or selling shares and they own only restricted securities.
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.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "will," "anticipated," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Except for historical information, all of the statements, expectations and assumptions contained in the foregoing are forward-looking statements that involve a number of risks and uncertainties. It is possible that the assumptions made by management are not necessarily the most likely and may not materialize. In addition, other important factors that could cause actual results to differ materially include the following: business conditions and the amount of growth in the company's industry and general economy; competitive factors; ability to attract and retain personnel; the price of the Company's stock; and the risk factors set forth from time to time in the Company's SEC reports, including but not limited to its annual report on Form 10-KSB; its quarterly reports on Forms 10-QSB; and any reports on Form 8-K. Aero Marine Engine, Inc. takes no obligation to update or correct forward-looking statements and also takes no obligation to update or correct information prepared by third parties which is not paid for by the Company.
CONTACT:
Investor Contact for Aero Marine Engine, Inc.
FOCUS Partners LLC, 212-752-9445
ARMR@focuspartners.com
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