International Fuels News
Thursday November 11, 2004, 9:00 AM Eastern Time
International Fuel Technology Hires Ex-Gulf Oil International Executive
Will Enhance Existing Focus in Fuel Additives and Introduce IFT into Oils and Lubricants Markets
ST. LOUIS – (Business Wire) –November 11, 2004 – International Fuel Technology Inc. (OTC BB: IFUE), the developer of a series of environmental fuel technologies and fuel blends designed to increase fuel economy and reduce harmful emissions, announces that Axel J. Farhi has joined IFT. Mr. Farhi’s responsibilities will be two-fold: enhance IFT’s existing focus and efforts in the fuel additives market and manage IFT’s efforts in the oils and lubricants markets.
Mr. Farhi has over fifteen years of management experience in the oils and lubricants industry, most recently with Gulf Oil International as the Vice President in charge of operations. Mr. Farhi also served as the European Business Manager for the Industrial Oils and Lubricants Division of Cargill; the International Sales Manager for Elf Lubricants North America; and as Product Manager for Castrol France.
Jonathan Burst, IFT’s CEO, stated, “We are very excited to have Axel join our team. His industry experience and acumen will enhance our existing focus in the fuel additives business. As well, his specific expertise in oils and lubricants will bring immediate value to certain projects that IFT is engaged in.”
Mr. Farhi will concentrate initially on two projects: He will manage and oversee IFT’s interest in a major oils and lubricants manufacturing plant to be built in North Africa; and he will promote IFT’s efforts to bring the Company’s technology to 2-stroke engine applications with major international lubricant companies, including Gulf Oil International, particularly in Asia.
Mr. Farhi stated, “I have spent substantial time analyzing IFT’s technology and believe the Company has developed something truly unique and beneficial to the fuels and oils and lubricants markets. There are immediate opportunities in North Africa and Southeast Asia that I will be working on. I look forward to helping realize this technology’s value in the marketplace.”
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