Joe-
I'm looking at IFTI. Are you familiar with it? Any thoughts?
Ionic Fuel Technology Announces Successful Test at BP Chemicals Facility
PR Newswire - May 18, 1998 11:34
IFTI %OIL %ENV V%PRN P%PRN
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WILMINGTON, Del., May 18 /PRNewswire/ -- Ionic Fuel Technology, Inc. (Nasdaq: IFTI) today announced it successfully completed a test of the "IFT System" at a BP Chemicals' petrochemical facility located in the United Kingdom.
BP Chemicals is a subsidiary of British Petroleum Company plc engaged in the manufacture, distribution and sales of a wide range of chemical products worldwide.
The "IFT System" was installed on a 300 tons per hour water tube boiler fired by nine mixed fuel burners. Tests were conducted using three predetermined boiler loads. Results to date indicate an average fuel saving of 1.7 percent when the boiler is fired by natural gas which equates to a cost reduction of $218,000 per annum at current fuel prices in the UK market. The corresponding average reduction of carbon dioxide (CO2) emissions was over 4,000 tons annually.
The tests were repeated using the same load factors and firing the boiler with mixed fuel comprised of 50 percent natural gas and 50 percent heavy fuel oil. An average fuel saving of 1.25 percent was achieved translating to cost savings of $166,000 annually at current fuel prices in the UK market. The related C02 emissions were reduced by 3,750 tons per annum.
Trials firing the boiler with heavy fuel oil are expected to commence in early June 1998.
Mr. Anthony J.S. Garner, president and chief executive officer of Ionic Fuel Technology, stated, "We are extremely pleased with the results of this test as it is the largest boiler where the 'IFT System' has been installed. It also establishes that our products can operate under a wide range of conditions with both large and small boilers. We look forward to continue working with BP Chemicals."
Forward-looking statements made in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties including without limitation risks in technology developments, risks in product development and market acceptance of and demand for the Company's products, risks associated with foreign sales and other risks detailed in the Company's filings with the Securities and Exchange Commission.
Ionic Fuel Technology, Inc. is an environmental and combustion technology company engaged in reducing harmful combustion emissions, increasing fuel efficiency and reducing combustion related maintenance costs. The Company designs and assembles its proprietary "IFT System" at its offices and manufacturing facility in Laindon, Essex, England. The IFT System is marketed in the United Kingdom, Europe and the United States.
SOURCE Ionic Fuel Technology, Inc.
/CONTACT: Anthony J.S. Garner, 011-44-1268-491409, or Douglas Johnston,
203-966-3717, both of Ionic Fuel Technology; or Barry Morris of Morris Capital
Markets Communications, 212-332-7890, for Ionic Fuel Technology/
(IFTI)
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