SymPowerco Corporation (Pinksheets:SYMW - News) CEO John Davenport announced today that the company's majority-owned subsidiary, Polygenic Power Systems ("PPS"), has received an agreement document setting forth the terms and conditions of grant funding for the company's Flowing Electrolyte Direct Methanol Fuel Cell (FEDMFC) advanced development program at Carleton University in Ottawa, Ontario, Canada.
SymPowerco is also very pleased to announce the Centres of Excellence in Canada's Province of Ontario is the granting agency. The Centres of Excellence is the Ontario government's pre-eminent research-to-commercialization vehicle.
SymPowerco, PPSI, Hybrid Energy Technologies, Inc. and Carleton University's Department of Mechanical and Aerospace Engineering submitted the joint application to the Centres of Excellence for a grant to aid in the development of the FEDMFC. The grant was approved after extensive agency assessment and multiple academic and commercial peer reviews.
SymPowerco and its partners are currently reviewing the terms and conditions of the agreement and details will be released upon signing of the agreement. SymPowerco's management considers approval of the grant to be a major endorsement of the company's Flowing Electrolyte Direct Methanol Fuel Cell technology and its development program.
SymPowerco Corporation develops advanced fuel cell and power delivery systems for the rapidly growing personal transportation and portable power system markets being created by today's energy and environmental challenges.
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the level of business and consumer spending, the amount of sales of the Company's products, the competitive environment within the industry, the ability of the Company to continue to expand its operations, the level of costs incurred in connection with the Company's expansion efforts, economic conditions in the industry and the financial strength of the Company's customers and suppliers. The Company does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.
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