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Press Releases

» June 11, 1999

World Rights

AET successfully achieves it’s first objective, introducing the OX2 engine to industry and engine manufacturers, establishing an ongoing dialog with a number of parties interested in the OX2 Engine Technology. (A press conference addressing this issue is scheduled for July 1999.)

AET, realizing the benefits of its recently acquired computer aided design capability has continued to evolve the OX2 engine technology, improvements in design has been significant enough to warrant the addition of a new patent application being filed.

April 1999, AET completes a $2,000,000.00 private placement, providing AET with additional working capital and a means to better capitalize on future opportunities.

May 1999, Advanced Engine Technologies, Inc. ("AET Inc.") entered into an agreement ("the Patent Assignment Agreement") under which OX2 Intellectual Property Inc. ("OX2IP") the owner of the worldwide patents and other intellectual property rights relating to the OX2 internal combustion engine ("the OX2 intellectual property") has assigned for a commercial consideration the OX2 intellectual property, patents and the worldwide rights thereof to AET Inc.

AET Inc., prior to entering into the Patent Assignment Agreement, had a sub-license, to manufacture, distribute and market the OX2 internal combustion engine in the territories of the United States of America, Canada and Mexico ("the Sub-License") for a consideration of 15% royalty being paid on all AET Inc.’s income to OX2 Engine (Distribution) Ltd. ("OX2ED").

OX2IP is owned and controlled by the same shareholders and directors as OX2ED, which is the company that previously possessed all licensing rights in relation to the OX2 engine and granted the Sub-License to AET Inc.. OX2ED’s licensing rights in respect of the OX2 engine were cancelled under the Patent Assignment Agreement.

AET Inc. has now acquired all the rights in respect of the OX2 engine, except as shareholders in AET Inc. neither OX2IP, OX2ED, nor any other corporation or legal entity has any right or entitlement in relation to the OX2 engine intellectual property, eliminating in total any royalty rights previously held by OX2ED.

OX2ED is the major shareholder in AET Inc. and along with OX2IP acknowledges the excellent progress of AET Inc. in pursuing the commercialization of the OX2 engine in the market place. AET Inc. has established strong business relationships with major corporations, in numerous industries. This acquisition will greatly assist AET Inc. in doing business with these corporations, as AET will now be able to provide full rights in respect of the OX2 engine on a worldwide basis.

OX2IP acknowledges the excellent support and loyalty of the AET Inc. shareholders. The acquisition of the worldwide OX2 engine rights by AET Inc. greatly enhances shareholders investment in the company.

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