GARDNERVILLE, NV -- (Marketwire) -- 07/13/09 -- SymPowerco Corporation (PINKSHEETS: SYMW)
CEO John Davenport announced today that the company's majority-owned
subsidiary, Polygenic Power Systems ("PPS"), has received an agreement
document setting forth the terms and conditions of grant funding for the
company's Flowing Electrolyte Direct Methanol Fuel Cell (FEDMFC) advanced
development program at Carleton University in Ottawa, Ontario, Canada.
SymPowerco is also very pleased to announce the Centres of Excellence in
Canada's Province of Ontario is the granting agency. The Centres of
Excellence is the Ontario government's pre-eminent
research-to-commercialization vehicle.
SymPowerco, PPSI, Hybrid Energy Technologies, Inc and Carleton University's
Department of Mechanical and Aerospace Engineering submitted the joint
application to the Centres of Excellence for a grant to aid in the
development of the FEDMFC. The grant was approved after extensive agency
assessment and multiple academic and commercial peer reviews.
SymPowerco and its partners are currently reviewing the terms and
conditions of the agreement and details will be released upon signing of
the agreement. SymPowerco's management considers approval of the grant to
be a major endorsement of the company's Flowing Electrolyte Direct Methanol
Fuel Cell technology and its development program.
Except for historical information contained herein, the matters set forth
above may be forward-looking statements that involve certain risks and
uncertainties that could cause actual results to differ from those in the
forward-looking statements. Words such as "anticipate," "believe,"
"estimate," "expect," "intend" and similar expressions, as they relate to
the Company or its management, identify forward-looking statements. Such
forward-looking statements are based on the current beliefs of management,
as well as assumptions made by and information currently available to
management. Actual results could differ materially from those contemplated
by the forward-looking statements as a result of certain factors such as
the level of business and consumer spending, the amount of sales of the
Company's products, the competitive environment within the industry, the
ability of the Company to continue to expand its operations, the level of
costs incurred in connection with the Company's expansion efforts, economic
conditions in the industry and the financial strength of the Company's
customers and suppliers. The Company does not undertake any obligation to
update such forward-looking statements. Investors are also directed to
consider all other risks and uncertainties.
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