ESSEX, England, Oct. 5, 2000 (PRIMEZONE) -- Ionic Fuel Technology, Inc. (OTCBB:IFTI) stated today that its Engineering Services Division entered into additional contracts with one of the world's leading manufacturers in the metals packaging industry. The contracts, valued at approximately $211,000, require Ionic to modify and improve plant operations as well as enhance thermal processes at two of the manufacturer's European facilities.
Mr. Anthony J. S. Garner, president and chief executive officer, stated, "These further two contracts with this European metals packaging manufacturer underscore the rapid growth experienced by our Engineering Services Division since it began operations eighteen months ago. Our order book currently reflects a backlog of $200,000 and should increase during the next two to three months since we anticipate finalizing significant additional contracts."
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 providing environmental solutions, combustion technology, and energy utilization products and services to a variety of industries worldwide. The Company provides thermal process consultancy services, "TPS" and management information systems, "MIS", in addition to designing and assembling its proprietary "IFT System" at its offices and manufacturing facility in Laindon, Essex, England. The Company's consultancy services and "IFT System" are marketed in the United Kingdom, Europe and the United States.
Further information on Ionic Fuel Technology, Inc. can be found at the Company's website, www.ionicfuel.co.uk.