International Fuel Technology Inc.
Intl. Fuel Technology: Philippines Department of Energy Begins Pilot Program
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COMPANY PRESS RELEASE
Wednesday December 22, 2004, 9:00 AM Eastern Time
Philippines Department of Energy Begins Pilot Program Using International Fuel
Technology Products
ST. LOUIS – December 22, 2004 – International Fuel Technology
Inc. (OTC BB: IFUE – news), a fuel science and research company, today
announced that the Philippines Government Department of Energy will begin a
pilot program using IFT products. The program, which will include the
consumption of approximately 7,500 tons of fuel, will be managed by National
Power Corporation (“Napocor”), an energy company wholly owned and managed by
the Philippine government’s Department of Energy. The program will focus on
DiesolIFT, a fuel additive IFT created which provides a significant gain in
efficiency to diesel fuels and corresponding reductions in carbon dioxide
emissions. Napocor will purchase the additive needed to complete the program
from IFT. IFT’s Asian distribution partner, First Asia Fuel Corporation, will
coordinate the program on behalf of IFT.
“We consume approximately six billion gallons of petroleum fuels annually,
most of which is imported,” said Dr. Rogelio Panlasigui, Undersecretary for
Science and Technology, Department of Science and Technology for the Republic
of the Philippines. “If we can realize the expected improvement in fuel
economy, that will save our government a significant amount of money. In
addition, the improved efficiency will reduce CO2 emissions helping our
government comply with Kyoto Protocol standards.”
Jonathan Burst, IFT’s President and CEO, said, “We are excited to have the
opportunity to work with Napocor and the Government of the Philippines. We
expect this pilot program to be the first of many opportunities to establish
commercial acceptance of our technology with government controlled energy
companies in the Asia region.”
Gary Kirk, IFT’s Director of Sales and Marketing, said, “Our partnership with
First Asia Fuel has provided us with immediate exposure and expedited our
efforts in Asian markets. If the program results with Napocor are similar to
results we have consistently achieved, both in the field and in the
laboratory, we expect substantial revenues to ensue.”
Some statements contained in this release may be forward-looking within the
meaning of the safe harbor clause of the Private Securities Litigation Reform
Act of 1995 including, but not limited to, statements as to commercialization
of the company’s products and business development activities. Editors and
investors are cautioned that such forward-looking statements involve risks and
uncertainties that may cause the company’s actual results to differ
materially from such forward-looking statements. These risks and
uncertainties include, but are not limited to, the company’s ability to
generate revenues and other factors as described in the Company’s literature
and filings with the Securities and Exchange Commission.
Contact:International Fuel Technology, Inc.
Stuart Beath, (314) 727-3333
www.internationalfuel.com
end of message, (c)DGAP 22.12.2004
WKN: 925543; ISIN: US45953X2080; Index:
Listed: Freiverkehr in Berlin-Bremen; Nasdaq
221705 Dez 04
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