International Fuels News
Thursday May 13, 2004, 11:05 AM Eastern Time
Gulf Oil International and IFT Reach Development Agreement
ST. LOUIS – (Business Wire) –May 13, 2004 – International Fuel Technology Inc. (OTC BB: IFUE), the developer of a series of environmental fuel additives and fuel blends designed to increase fuel economy and reduce harmful emissions, announces that it has reached an agreement with Gulf Oil International to develop new products and product ranges using IFT’s proprietary surfactant technology.
The objective of the joint development program is to identify and technically validate a number of commercial and marketing opportunities that offer substantial new business prospects, both globally and in particular markets, for to be developed products. A thorough discussion of the objectives of the joint development agreement is included in the current issue of "Orange Disc Magazine", a publication of Gulf Oil International.
Jonathan Burst, IFT's President and CEO, stated, "The magazine article speaks for itself. We are very pleased to team up with Gulf to develop new products utilizing our proprietary technology."
Gary Kirk, IFT's Director of Sales and Marketing added, "This is the first of a number of large scale opportunities we expect to announce in 2004. We are working with other well-known potential industry partners who have been testing our additive formulations and we expect additional agreements to be consummated in 2004."
A copy of the Orange Disc Magazine article regarding the joint development agreement is available below (requires Adobe Acrobat Reader):
Gulf Oil's Orange Disc Publication - Technical Focus: Additives (click here)
NOTE: Statements contained in this web site that are not strictly historical are forward-looking within the meaning of the safe harbor clause of the Private Securities Litigation Reform Act of 1995. Editors and investors are cautioned that such forward-looking statements involve risks and uncertainties that may cause the Company’s actual results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to, demand for the Company’s product both domestically and abroad, the Company’s ability to continue to develop its market, general economic conditions and other factors that may be more fully described in the Company’s literature and any periodic filing with the Securities and Exchange Commission.
