VISTA, Calif., Oct. 20, 2016 (GLOBE NEWSWIRE) -- Omnitek Engineering Corp. (OTCQB:OMTK) today announced it has signed a contract with a European customer to develop a heavy-duty 13-liter natural gas engine for Class 8 trucks and certify the engine to EURO 6 emissions standards, utilizing its patented technology.
The development contract includes a multi-year supply agreement for Omnitek’s proprietary components. Additional terms were not disclosed.
The new 13-liter 450 hp natural gas engine being developed will initially be utilized to power a fleet of approximately 1,000 new Class 8 trucks, scheduled to commence service in 2017.
“The ability of Omnitek’s technology to achieve EURO 6 emissions certification standards, which is a competitive advantage and not easily achieved, has not gone unnoticed in Europe. In addition, the availability of a 13-liter 450 hp EURO 6 heavy-duty natural gas engine, coupled with the build-out of natural gas fueling infrastructure, should further accelerate deployment of natural gas heavy-duty trucks in Europe, as well as other world regions that require Euro 6 certification,” said Werner Funk, president and chief executive officer of Omnitek Engineering Corp.
Funk highlighted the low-cost and clean-burning benefits of natural gas -- particularly as oil prices begin to increase and emissions policies address the 200-nation “Paris Agreement on Climate Change” that was recently signed. “CO2, NOx and black carbon emissions from diesel engines, potent greenhouse gas (GHG) emissions, are abated when using natural gas, and our technology offers countries around the globe a viable and proven solution,” he said.
He emphasized that even with relatively low oil prices, the company is still in active discussions with several domestic fleet operators. Funk added he anticipates certain key projects commencing in the near future, as fleet managers have now completed analyzing the economic benefits of a pay-back period of less than two years for diesel-to-natural gas engine conversions and also recognize the environmental considerations and related compliance issues with meeting emissions mandates.
Omnitek Engineering Corp. Omnitek Engineering Corp. develops and sells proprietary diesel-to-natural gas engine conversion systems and complementary products, including new natural gas engines that utilize the company’s technology -- providing global customers with innovative alternative energy and emissions control solutions that are sustainable and affordable. Additional information is available at www.omnitekcorp.com .
Some of the statements contained in this news release discuss future expectations, contain projections of results of operations or financial condition or state other "forward-looking'' information. These statements are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from those contemplated by the statements. The forward-looking information is based on various factors and is derived using numerous assumptions. Important factors that may cause actual results to differ from projections include, among many others, the ability of the Company to raise sufficient capital to meet operating requirements, completion of R&D and successful commercialization of products/services, patent completion, prosecution and defense against well-capitalized competitors. These are serious risks and there is no assurance that our forward-looking statements will occur or prove to be accurate. Words such as ``anticipates,'' ``expects,'' ``intends,'' ``plans,'' ``believes,'' ``seeks,'' ``estimates,'' and variations of such words and similar expressions are intended to identify such forward-looking statements. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Gary S. Maier Maier & Company, Inc. (310) 471-1288
