GARDNERVILLE, NV--(Marketwire - 08/04/09) - SymPowerco Corporation (Pinksheets:SYMW - News) CEO John Davenport announced today that the company's fuel cell partner, Hybrid Energy Technologies, Inc. ("HET") of Ontario, Canada, has advanced its business plan on several fronts and that HET's initiatives continue to support the planning and timing of SymPowerco's fuel cell development program. HET owns 30% of SymPowerco's majority owned (70%) subsidiary, Polygenic Power Systems, Inc. ("PPSI"), which manages all aspects of SymPowerco's Flowing Electrolyte Direct Methanol Fuel Cell (FEDMFC) program.
HET, which owns the exclusive rights to a unique flat-plate rechargeable battery technology, has informed SymPowerco that it has successfully completed Phase I of a study to determine the feasibility of mass producing its battery technologies and to determine the feasibility of constructing a high speed manufacturing facility at a certain location for the world market.
In addition, HET has advised SymPowerco that it has begun design and construction of various prototype flat-plate battery configurations that will be made available to its existing and potential customers for design and testing purposes.
SymPowerco President and CEO, John Davenport, commented, "SymPowerco owns the exclusive rights to use HET's flat-plate battery technologies in Hybrid Power Systems that use Direct Methanol Fuel Cells. We believe that the FEDMFC and the flat-plate battery technologies, when used together in Hybrid Power Systems, will create a formidable presence in the burgeoning Alternative Power Systems markets for small to medium sized vehicles and for other markets. We're very pleased that HET is advancing its battery technologies so rapidly."
SymPowerco Corporation develops advanced fuel cell and power delivery systems for the rapidly growing personal transportation and portable power system markets. SymPowerco's soon-to-be majority-owned subsidiaries, HOSS Motor Sports and Highline Hydrogen Hybrids Systems, offer potentially expansive synergies and marketing opportunities with SymPowerco's Flowing Electrolyte Direct Methanol Fuel Cell and Hybrid Power System technologies.
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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