Tuesday, January 31, 2012

GT5 GreenCell Technologies and Hy-Drive Announce Strategic Agreement; Set to Launch HydroCell Max™

Toronto, Canada – GreenCell Technologies Inc. (Frankfurt Open Market: GT5) announced today that it has signed an agreement with Hy-Drive Technologies Inc. (TSX Venture Exchange: HGS) of Mississauga, Ontario.  GreenCell is now the exclusive distributor of the renowned HGS series of hydrogen gas generators for the diesel truck market in Canada and the USA.
Over the past 6 years, Hy-Drive Technologies has allocated millions of capital to research and develop an innovative generator, similar to the GreenCell HydroCell™, launching a product that specifically works on Caterpillar™ diesel engines older than 2007.  All HGS-series product have undergone rigorous field trials and conquered the design hurdle of handling the rugged environmental conditions in which these generators must operate to deliver improved fuel consumption.
Effective immediately, the Hy-Drive unit targeting Caterpillar™ engines will be branded as a HydroCell Max™, with the accompanying tagline of “Hy-Drive inside” in order to proudly recognize Hy-Drive’s extensive technology and research commitment.  The greatly-anticipated dual goal of improving both mileage and emissions has been successfully met and now new units for other engine manufacturers are imminent, awaiting dyno testing and tuning to maximize performance. 
“With this new agreement,” states GreenCell’s President K. Allen Etherington, “we are launching GreenCell’s sales and marketing machine to start selling proven product right away.  We found Hy-Drive to be wonderfully cooperative in arranging this deal to become the exclusive sales channel for them in the US and Canadian market and also assisting us with technical support as we build our field support team.  Meanwhile, the Greencell development of our own HydroCell product line will continue at an increased pace alongside the HydroCell Max™ to provide a cost reduced alternative.”
The HydroCell™ is an electrolysis-based on-demand Hydrogen generator designed specifically for the transport industry. The HydroCell™ directs the produced Hydrogen gas to the intake of the vehicles engine where it acts as a catalyst during the normal combustion cycle. This creates more power and fewer emissions with less diesel fuel.
GreenCell Technologies Inc. is a Canadian company, dedicated to designing and bringing to market technology-based products for the transportation and energy industries.

 

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About Hy-Drive
Hy-Drive is a technology company headquartered in Mississauga, Ontario, Canada. The Company has invested in the research and development of hydrogen and control technology resulting in a proprietary, patented and patent-pending hydrogen generating system ("HGS®") and advancement in multi-fuel universal combustion controls. Hy-Drive's HGS enriches the fuel-air charge of an internal combustion engine with hydrogen produced through electrolysis and uses its proprietary software controls to improve combustion of the fuel-air mixture. The result is improved fuel economy and reduced opacity (particulates). For more information, please visit www.hy-drive.com.
Cautionary Note Regarding Forward-Looking Statements:
This press release contains certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with the Company's business, and the economic environment in which the business operates. Forward-looking statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements including but not limited to, statements about future development of Hy-Drive's products, commercial production in 2011, future working capital requirements, and validation of Hy-Drive's products, and can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", "thinks", or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved" and similar expressions to the extent that they relate to the Company or its management. These forward-looking statements are not historical facts, but reflect the Company's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed in the section "Risks and Uncertainties" below.
Although Hy-Drive has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information.  Hy-Drive does not undertake to update any forward-looking information that is incorporated by reference herein, except in accordance with applicable securities laws.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

 

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