International Fuels News
Thursday September 21, 2006 3:00 PM Eastern Time
Philippine National Power Corporation Processing Order for IFT DiesoLIFT™ for Stationary Power Generation
Selection and Award Process Follows 6% Fuel Efficiency Improvement in Trials; Field Tests Begin on Using IFT Technology with Bunker Fuel
ST. LOUIS, September 21, 2006 – International Fuel Technology, Inc. (IFT) (OTCBB: IFUE) will make the first major commercial shipment of its DiesoLIFT™ fuel additive to the Philippines intended for National Power Corporation (Napocor), a government-owned division of the Philippine Department of Energy, for use in diesel-fueled stationary power generation units. This shipment will also provide supply to big diesel fuel industrial users like the other power generation companies, mining and construction companies, transportation, and other utility companies throughout the Philippines.
Napocor’s order is for DiesoLIFT™ to improve fuel performance of stationary power generation units that use diesel fuel. Napocor, which currently consumes in excess of 150,000 tons of diesel fuel annually, expects to realize substantial fuel cost savings. New field trials using DiesoLIFT™ in bunker fuel – which Napocor uses four times as much as diesel – have produced positive initial results.
Final steps in the government approval process are underway. IFT and its exclusive distributor Equipment Engineers Inc (EE) believe this process will be completed in due time.
Equipment Engineers VP and General Manager Herminio R. Morelos stated, “ We feel confident we are passing the final milestone in the NPC orderly procurement process and want to be prepared to supply DiesoLIFT™ immediately to NPC and other industrial users. This shipment will permit us to do that.”
NPCs approval process for this contract follows extensive field trials of a number of products directed by the Philippines Department of Energy. The six-month-long trial established that DiesoLIFT™ improved fuel economy by an average of over 6%, as well as producing a noticeable reduction in smoke emissions. DiesoLIFT™ is the only one of the technologies tested by Napocor that delivered significant fuel economy savings.
Napocor produces more than 40,000 gigawatt-hours of electricity, about the same amount as generated in the states of New Hampshire, Vermont, Rhode Island and Delaware combined. In 2004, just under 14% of Napocor’s electricity came from oil-based sources.
“This is an important recognition of the value our technology delivers to improve fuel economy and reduce emissions,” said IFT Chief Executive Officer Jonathan Burst. “This conclusive demonstration in real-world operating circumstances of a 6% increase in fuel economy with a corresponding reduction in CO2 emissions means IFT’s technology can bring us closer to moderately priced energy and a reduced reliance on hydrocarbon than any other alternative fuel source will be able to over the next 10 years. We hope these results will be the foundation for numerous additional opportunities for IFT in the Philippines and elsewhere in the world.”
IFT’s distribution partner in the Philippines, Equipment Engineers, Inc. (EE), will take delivery of the DiesoLIFT™ and handle all import and distribution logistics in the Philippines. EE is a wholly owned subsidiary of EEI Corporation, which is a member of the Yuchengco Group of Companies of the Philippines.
International Fuel Technology is a fuel performance enhancement company focused on providing its technology to large, industrial consumers of liquid hydrocarbon-based fuels.
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.
