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Press Releases
» January
24 , 2001
Advanced Engine Technologies Shareholders Elect Board Members, Ratify
Audit
LOS ANGELES, Jan. 24 /PRNewswire/ -- Advanced
Engine Technologies, Inc. (OTC Bulletin Board: AENG) shareholders
elected the company's new Board of Directors and ratified the appointment
of independent auditors for the recently completed fiscal year at
its annual shareholder meeting, held December 28, 2000.
Reelected to new terms on the company's board were Advanced Engine
Technologies President and Director Carroll Shelby, Director and Treasurer
Alexandria Phillips and Director Noel Holmes. Those executives are
joined by newly elected Director Richard C. Ronzi, who recently retired
after 38 years with Ford Motor Company.
While at Ford, Mr. Ronzi held numerous titles, including Directors,
Power Train Research; Executive Director, Engineering and Manufacturing
Staff; Vice President/Chief Engineer, Ford New Holland; and Chief Engineer,
Transmission/Driveline Engineering. Mr. Ronzi played a significant
role in Ford's work with the orbital engine, Wankel engines, advanced
gas turbines, Stirling engines and commercial truck direct Diesel engines.
"Dick brings a tremendous discipline to the entire process, especially
in research and development," stated Carroll Shelby. "We
are honored to have him as a Board Director."
Advanced Engine Technologies shareholders also
ratified the independent auditors, Neff & Ricci, LLP, for the
fiscal year ended June 30, 2000.
During the meeting, shareholders discussed the OX2's progress, test
plan and eventual commercial product launch with inventor Stephen Manthey,
who was accompanied by an engine, as well as a cut-out model. To update
the investment community and all interested parties about the progress
of the OX2 engine, Advanced Engine Technologies has established an
information hotline at (310) 323-2895.
Safe Harbor Statement under the Private Securities Litigation Reform
Act of 1995
This release may contain forward-looking statement involving risks
and uncertainties that may cause actual future events or results to
differ materially and adversely from those described in the forward-looking
statements. Important factors that may cause such a difference for
AET include, but are not limited to, whether our engine products are
viable, whether a market for our products develops, our ability to
retain key management, our ability to hire and retain the technical
personnel necessary to build our products, the availability of funding
for future operating requirements, our ability to effectively predict
or react to rapid technological changes that could render our products
obsolete, product development delays, dependence on suppliers, our
potential exposure to product liability and other tort claims if our
products fail, our ability to protect our intellectual property, intellectual
property disputes, and other factors discussed in AET filings from
time to time with the Security and Exchange Commission. AET cautions
that the foregoing list of important factors is not exclusive. AET
disclaims any obligation to revise or update any forward-looking statement
that may be made from time to time by or on its behalf.
SOURCE: Advanced Engine Technologies, Inc.
CONTACT: Jeff Perlman of JMPR, Inc., 818-992-4353, for Advanced Engine
Technologies, Inc.
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