Redford, MI (PRWEB) May 22, 2012
Alternative Fuel Technologies Announces 1st Quarter Profit
Alternative Fuel Technology, LLC, a wholly owned subsidiary of Alternative Fuel Technologies, Inc. (Pink Sheets: AFTC) reported 1st quarter financial results for FY 2012. Net income was $13,714 on sales of $182,701. Detailed (unaudited) financial statements are available on AFTC’s website: http://www.altfueltechnology.com.
The primary source of 1st quarter income was from SBIR R/D contracts with the US Army involving the development of high performance, diesel type fuel injection equipment that is capable of running on jet fuel. Jet fuel (JP-8) has very poor lubricating properties, causing high wear of diesel fuel system components. By applying AFTC’s proprietary “DME” design and materials technology, wear has been reduced by up to 90%. AFTC has Army (SBIR) business that runs through August, 2013.
About Alternative Fuel Technologies, Inc.
Alternative Fuel Technologies, Inc. is a research & development organization engaged in the design and development of advanced, high pressure fuel systems for use with alternative fuels. AFTC has developed design and materials technologies that permit reliable use of a dimethyl ether (DME) and other low lubricity fuels, like JP-8 and propane, in both diesel and spark ignited (gasoline type) direct injection systems.
The company has developed practical, low-cost fuel injection equipment for DME fueled vehicles and currently provide O.E.M’s., government research organizations and universities with complete DME fuel systems for testing and research purposes. The company's ultimate goal is series production of DME and other alternative fuel injection systems for the automotive, agricultural and construction, marine, defense and locomotive markets.
DME is a new alternative fuel for diesel engines that eliminates smoke emissions and lowers NOx emissions without the use of expensive particulate filters and SCR catalysts. DME can be economically produced from abundant natural gas, biogas and renewable feed stocks. DME can be blended (up to 15%) with liquid propane and burned in modern, direct injection passenger car (gasoline type) engines. AFT plans to apply its DME technology to gasoline direct injection systems burning neat propane and/or a blend of propane and DME. More information about DME is available at: http://www.aboutdme.org
AFTC is currently negotiating new contracts for the development and supply of DME fuel systems for a passenger car diesel, multiple off-highway diesels and marine diesel engines. We have also been asked to participate in a feasibility study of using DME in locomotive diesel engines. We expect to announce the realization of some of these contracts by mid-summer.
Given AFTC’s growth and diversification, we are seriously considering an expansion of operations. This includes the purchase of an additional R/D and prototype manufacturing facility and hiring more engineers. Financing alternatives for this expansion are being studied.
AFTC also announced that it has joined the Specialty Equipment Manufacturers Association (SEMA), a trade association with 7000 members that is dedicated to helping members’ businesses succeed and prosper. SEMA members produce and market products and services for the automotive aftermarket. Joining SEMA is a first step in AFTC’s plan to produce commercial products based on their well-known DME fuel injection technology. One possible product under review is the production of a robust, high pressure diesel common rail pump for racing applications.
Safe Harbor Statement: Statements contained in this release, which are not historical facts, including statements about plans and expectations regarding business areas and opportunities, acceptance of new or existing businesses, capital resources and future business or financial results are "forward-looking" statements. You should not place undue reliance on these forward-looking statements. Such forward-looking statements are subject to risks and uncertainties, including, but not limited to, customer acceptance of our products, our ability to raise capital to fund our operations, our ability to develop and protect proprietary technology, government regulation, competition in our industry, general economic conditions and other risk factors which could cause actual results to differ materially from those projected or implied in the forward-looking statements. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this press release to conform these statements to actual results or to changes in our expectations, except as required by law.
Jim McCandless-President & CEO