ST. LOUIS, Sept. 2, 2004 (PRIMEZONE) -- International Fuel Technology Inc. (OTCBB:IFUE), the developer of a series of environmental fuel technologies and fuel blends designed to increase fuel economy and reduce harmful emissions, announced today that it has reached an exclusive agreement with First Asia Fuels Corporation ("First Asia") to market and distribute IFT products and technology to certain Asian countries.
First Asia has a network in Asia of former governmental and business leaders who have reviewed IFT's technology and are interested in moving forward with formal efforts to commercialize IFT products in their respective regions. The countries covered under the exclusive agreement are: China, Hong Kong, Indonesia, Malaysia, Miramar, Philippines, Singapore, South Korea, Thailand and Vietnam.
First Asia anticipates it will begin distributing IFT products in one or more of those nations within six months. The distribution agreements require minimum initial annual purchase orders of product in excess of $6,000,000 USD.
Anthony Stout, First Asia's President, stated, "We are convinced IFT has a unique and valuable technology. The initial meetings in Asia have demonstrated that the potential for IFT products in that region is immense. We expect our efforts will result in significant revenue generation."
Jonathan Burst, IFT's CEO, added, "We are excited to have finalized the agreement with First Asia after much due diligence, planning, and strategy. We are delighted with the level of experience that First Asia's management group brings along with their entrenched network and distribution system in Asia. Furthermore, we envision similar distribution agreements in other parts of the world coming to fruition shortly."
The exclusive nature of IFT's agreement with First Asia does not apply to the non-exclusive arrangement IFT has with Gulf Oil International announced on May 13, 2004.
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.