CALGARY, Alberta, Oct. 10, 2006 (PRIMEZONE) -- Clean Power Technologies Inc. (OTCBB:CPWE), a developer of a unique and environmentally friendly alternative hybrid fuel technology, is pleased to advise shareholders and the investment community that on September 28th 2006, the Board of Directors held a meeting at our facility near Brighton, England. During this meeting, the Board was expanded to 5 members and appointed Mr. Abdul Mitha and Mr. Richard Dennis from Mitsui Babcock to the new Board.
The Board is pleased to welcome Mr. Richard Dennis. Mr. Dennis is a Chartered Engineer with 26 years of experience in the Energy industry, and has been employed with Mitsui Babcock Energy Ltd. since June 1995. Mr. Dennis is presently Director of Research and Development for Mitsui Babcock Energy Ltd. where he is responsible for product development, and all investments into new technologies and R&D. As well Mr. Dennis is Director of Business Development for Mitsui Babcock. Mr. Dennis has a degree in engineering from Leeds University and an MBA from Cranfield Business School. "Mr. Dennis brings tremendous experience and knowledge to the board and we look forward to his contributions. He has a highly successful track record in engineering, management and project management on large capital plant projects," said Abdul Mitha, President & CEO of Clean Power Technologies Inc. Mr. Mitha continued, "The fact that Mitsui Babcock has committed such a senior level executive to the Clean Power board of Directors further demonstrates their commitment and vision for our technology."
Mr. Dennis was appointed to the Board of Directors pursuant to a Memorandum of Understanding ("MOU") between the Issuer and Mitsui Babcock Energy Limited which agrees to the appointment of Mr. Richard Dennis to the Board of Directors of the Issuer upon a formal agreement being executed. The formal agreement has not yet been executed; however, the Board of Directors of the Issuer has accepted the consent to act and appointed Mr. Richard Dennis to the Board of Directors.
Also at this meeting, the directors instituted an Advisory Board and appointed Professor Fred Bayley, father of our hybrid/steam technology, and Mr. Alastair Fraser, head of strategic development at Mitsui Babcock from Mitsui Babcock to the new Advisory Board. Both members of the Advisory Board will bring tremendous experience and knowledge to this project and the company will benefit by their expertise and experience.
About Professor Bayley:
FRED BAYLEY is professor emeritus in the University of Sussex, which he joined in 1966 as the founding Professor of Mechanical Engineering. In 1978 he became Dean of Engineering and, in 1980, head of the University Science and Technology activities as Pro-Vice-Chancellor (Science). From 1987 until July 1992 he was Senior Pro-Vice-Chancellor and Deputy Head of the University. He retired from the University of Sussex in 1993 where he is now Professor Emeritus and in 2001 the UK Institution of Mechanical Engineers awarded him the 2001 Dugald Clerk Prize for his paper on the saturated liquid accumulator to the Total Vehicle Conference. Professor Bayley is the principal inventor of the Hystor technology, the basis of Clean Power's hybrid technology.
About Mitsui Babcock Energy Ltd.
Mitsui Babcock provides technologies and services to power, nuclear, petrochemical, pharmaceutical, oil and gas industries worldwide. With over 100 years of experience in thermal process and energy engineering, Mitsui Babcock is one of the world's leading companies in its field. Mitsui Babcock's range of products includes utility and industrial boilers, emission control systems, asset maintenance and improvement services, nuclear clean up and decommissioning services and related technologies. Globally headquartered in the U.K., with its Americas head office in Atlanta, GA, Mitsui Babcock employs around 4,000 personnel (turnover in fiscal 2005/06 of over US$800 million). The company is a wholly owned subsidiary of one of Japan's largest engineering companies, Mitsui Engineering & Shipbuilding Co Ltd., a company listed on the Tokyo stock exchange.
About Clean Power Technologies Inc.
CLEAN POWER is engaged in research and development to enhance the thermal efficiency and effectiveness of power generation for all forms of transport by hybridization, from the light car, through the heavy truck to railway locomotives. The heart of the technology under development by Clean Power is the CESAR process using Clean Energy Storage And Recovery. In this the problems of the electric battery are avoided by using otherwise wasted heat to generate pressure in saturated water and then recovered as required by allowing vapor to form and expand through a suitable auxiliary engine. Coupling such a process with the most modern principles of electronic control of speed and power enables high efficiency joint operation of a combustion engine and the auxiliary power plant driven from the storage source where this is permitted and by the auxiliary alone for a limited duration. Clean Power plans to develop and commercialize this technology.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in current and periodic reports and other documents filed by Clean Power Technologies with the U.S. Securities and Exchange Commission. Clean Power Technologies undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.