International Fuels News
Monday March 7, 2005, 10:00 AM Eastern Time
International Fuel Technology Receives $1,000,000 Order From First Asia Fuel Corporation
ST. LOUIS – March 7, 2005 – International Fuel Technology Inc. (OTC BB: IFUE), a fuel science and research company, today announced that it has received a $1,000,000 order from First Asia Fuel Corporation to purchase DiesolIFT ™, IFT’s proprietary fuel additive formulation for diesel fuel. The entire order will be shipped to Indonesia and distributed by PT Prima Energy, First Asia’s distribution partner in Indonesia.
First Asia Fuel and Prima Energy have been working with the Government of Indonesia on the development of the Government’s new energy strategy, which stresses fuel conservation and reduced emissions. IFT’s DiesolIFT ™ product has been independently tested and proven to increase fuel economy while reducing CO2 emissions by the same amount.
Anthony Stout, First Asia’s President, said, “There is a need and a growing interest for IFT’s technology in the Asian markets. In addition to the order with Prima Energy and the pilot program that has commenced in the Philippines, we are currently working on commercialization opportunities in China, Japan, South Korea, Thailand, Malaysia, Miramar and Singapore. We expect the order from Prima Energy to be the first of many from the Asian market.”
Jonathan Burst, IFT’s CEO, said, “First Asia’s purchase represents a significant endorsement of the scientific breakthrough DiesolIFT ™ brings to market, as well as the wide-ranging commercial demand for the results the product delivers. And with the additional distribution partners in place, notably in Central and South America, the Caribbean and parts of Africa through Trafigura/Puma, the Middle East with Petrochem, Europe through European Consultants and the United States with our partner Soliton, IFT is comfortably positioned for additional revenue growth.”
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