POMPANO BEACH, FL / ACCESSWIRE / December 23, 2013 / Cyclone Power Technologies Inc. (OTCQB: CYPW), developer of the all-fuel, clean-tech Cyclone Engine, announced today that its controlling shareholders and Board of Directors have voted to increase the number of shares of common stock it is authorized to issue from 300 million to 900 million. Some of the increased shares are expected to be used for future financing activities, potential strategic acquisitions, and eliminating approximately $2.5 million of debt from the Company’s balance sheet.
Christopher Nelson, President of Cyclone, stated: "We have important plans for 2014 to transition our engines to production, and pursue acquisitions of synergistic revenue-producing companies. We will also take decisive action to clean-up our balance sheet, which will include eliminating virtually all related party debt and payables. Much of these liabilities are expected to be converted to stock at above-market prices. We hope our shareholders view these actions as demonstrating management's commitment to the long term success of Cyclone. And while we have no current plans to utilize a substantial portion of the newly authorized shares, we do want to be prepared for any future opportunities."
The Company has filed with the SEC a preliminary Information Statement on Form 14C, which will be mailed after the SEC comment period has elapsed to shareholders of record as of December 19, 2013. The share increase will be effective approximately 20 days after shareholder mailing.
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. Invented by company founder and Chairman 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 (Florida) Environmental Protection Department. For more information, visit http://www.cyclonepower.com/.
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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.
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