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» December
17 , 2002
Advanced Engine Technologies Reveals Positive Progress On OX2 Engine
Development At Annual Shareholder Meeting
Los Angeles (December
17, 2002) - Advanced Engine Technologies, Inc. (OTC Bulletin Board:
AENG) conducted its Annual Meeting of Shareholders, which was held
November 21, 2002 at the Hilton Hotel in Los Angeles. Shareholders
voted on and approved several issues and proposals as outlined in
the proxy statement, including the re-election of the Board of Directors:
Carroll Shelby, Alexandria Phillips, Noel Homes, Richard Ronzi, Steve
Manthey; and the ratification of independent auditors, Singer, Lewak,
Greenbaum & Goldstein LLP for the fiscal year ending
June 30, 2002.
Upon completion of the formal portion of the meeting, AET's Chief
Operating officer, John Luft, presented development updates on the
OX2 engines, which are being tested at its engine development facilities
in Australia and Gardena, California.
"Recent OX2 testing has been extensive and the results encouraging," says
Chief Operating Officer John Luft. "We've initiated and completed
tests on a number of internal parts and systems, including port seals,
oil composition and viscosity, port plate design, cam profiling, exhaust
tuning and turbo testing. In addition, we have just completed flow
bench testing to determine intake and exhaust efficiency. The results
of these tests have identified the necessary steps for porting design
changes and are expected to greatly improve the efficiency and overall
performance of the OX2 engine."
During testing in the US, AET's most recently delivered OX2 engine
#5, delivered 160 lbs. ft. of torque and 24 horsepower at 800 rpm.
When it suffered a minor piston failure, the fix uncovered hairline
cracks in the piston plate. FEA (Finite Element Analysis) testing uncovered
the need for design and metallurgy changes for this part. These redesign
and production changes have been implemented and should have OX2 engine
#5 back online during the first quarter of 2003.
AET expects to begin beta testing the OX2 engine with a portable generator
by mid-year 2003. This test will give AET and its shareholders it's
first real look at the OX2's capabilities in a commercial application.
The OX2 is a 4-stroke, 1.1-liter internal combustion engine that is
17 inches in diameter with a length of 13 inches and a total weight
of 125 pounds in normally aspirated form. The compact engine weighs
75 percent less than and is half the size of traditional internal combustion
engines. In addition, it offers the flexibility of being able to run
on a variety of fossil fuels including gasoline, diesel, natural gas,
liquid propane or methane. In addition, with far fewer moving parts
than traditional engine designs, the OX2 engine could offer the further
advantages of significantly enhanced operation and maintenance costs
and a longer useful life.
With its expected higher power-to-weight ratio, multi-fuel capacity
and anticipated low emissions and fuel efficiency, the OX2 has a practical
and much needed application in the commercial and industrial generator
markets. Additional future applications may include marine, light-duty
farm and construction equipment, light aircraft, and the hybrid electric
vehicle market. However, the near term focus remains electrical generator
applications.
Investor inquiries can be directed to the company at (310) 914-9599.
To update the investment community and all interest parties about the
progress of the OX2 engine, Advanced Engine Technologies has established
a hotline at (310) 323-2895. Additional information pertaining to the
OX2 engine can be accessed through the company's Web site at www.ox2engine.com.
Safe Harbor Statement under the Private Securities Litigation Reform
Act of 1995
This release may contain forward-looking statements 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
made 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 technology 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 Securities 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.
CONTACT:
Soon Nguyen/Jake Jundef
JMPR Public Relations
818/992-4353
for Advanced Engine Technologies, Inc.;
or John Luft of Advanced Engine Technologies, +1-310-914-9599
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