POMPANO BEACH, FL, July 09, 2018 (GLOBE NEWSWIRE) -- Cyclone Power Technologies Inc. (OTCPK:CYPW), developer of the all-fuel clean-tech Cyclone Engine, announces today that they have entered into a definitive agreement to sell 81% of its subsidiary Cyclone Performance to Go Green Energy, a California company specializing in the manufacture, sale, leasing and renting of light towers and generators. John Flynn states, “This is a positive move for Cyclone and in line with my vision of Cyclone in the global market.” The company’s website is www.gogreenlt.com
Go Green Energy will be the name of the new entity and be responsible for all of its own operating and reporting expenses. They will own 81% and have full operating control of the company. Upon completion of the acquisition, which will occur within the next 30 days, they will change the name of the subsidiary. Go Green will receive a non-exclusive license from Cyclone Power as a portable generator OEM/Supplier. Cyclone will receive a one-time cash payment and retain 19% of the company. The 19% would be distributed as a dividend to the Cyclone Investors when Go Green Energy becomes an individual reporting Company. Cyclone Performance is a subsidiary of CYPW, and has maintained separate books and records since its inception. “We have been going over business plans of several companies over the past few months to purchase the majority share (up to 81%) of our wholly owned subsidiary with plans of eventually spinning off into a separate operating company.” explained Frankie Fruge, President. “We have finally found the right company that will not only reward our shareholders with an equity position but will also become a customer of our engines over the next several quarters. We are confident that this is a great way to bring additional value to our shareholder base and also increase sales at the same time” stated Fruge. Cyclone Power Technologies is making great strides in its normal course of operations and its goals of bringing a working engine into mass production in the very near future. We are continuing to work closely with our new investors/partners and receiving monthly payments based upon draw schedules and milestones of finishing the engines. We have fully priced out the completed engines with our manufacturers and are getting ready to take deposits from customers for the first production engines. “We have added new staff and electrical engineers with extensive experience and knowledge to help us complete the arduous task of bringing an industry disruptor to the market.” commented Harry Schoell. We are finally making great progress now that we have the equipment and manpower necessary to complete the tasks at hand. Safe Harbor Statement 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. The company cautions that these forward-looking statements are further qualified by other factors. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise. About Cyclone Power Technologies: Cyclone Power Technologies is the developer of the award-winning Cyclone Engine – an all-fuel, clean-tech engine with the power and versatility to run everything from waste energy electric generators and solar thermal systems to cars, trucks and locomotives in addition to other environmentally friendly products. All invented by company founder and CTO Harry Schoell, the patented Cyclone Engine is an eco-friendly external combustion engine, ingeniously designed to achieve high thermal efficiencies through a compact heat-regenerative process, and to run on virtually any fuel - including bio-diesels, syngas or solar - while emitting fewer greenhouse gases and irritating pollutants into the air. The Cyclone Engine was recognized by Popular Science Magazine as the Invention of the Year for 2008, and was presented with two Society of Automotive Engineers’ AEI Tech Awards. Additionally, Cyclone was named Environmental Business of the Year by the Broward County Environmental Protection Department. We have also received EPA and California Emissions certifications for 25HP and under using any fuel for power generation. For more information, visit www.cyclonepower.com . Follow Cyclone on Facebook: http://www.facebook.com/CyclonePowerTechnologies About GoGreen: GoGreen Equipment is an industry leader in mobile power solutions and light towers for roadways and construction, airports, disaster relief, oilfield, mining, agriculture, sports, entertainment & event production. Our eco-friendly generators allow companies to operate far more efficiently and cost-effectively “off-grid” while reducing overall impact on the environment. GoGreen light towers utilize ultra-bright, hyper-efficient LED lamps to provide vastly superior illumination to the industry standard metal-halides used by competitors. GoGreen offers solar, diesel and solar-hybrid powered products for power generation, lighting and mobile offices. For more information, visit www.gogreenlt.com Company Contact Frankie Fruge Tel: 954-943-8721 info@cyclonepower.com
