Pure Energy Corporation Enters Into Product Development Agreement With IGI, Inc. to Develop Encapsulated Alternative Fuels and Performance Additives
PARAMUS, N.J., Nov. 10 /PRNewswire/ -- Pure Energy Corporation (PEC) announced
today that it has entered into a Product Development Agreement with IGI, Inc. ,
to research and develop a new class of high-performance alternative fuels and
fuel additives for gasoline and diesel markets. These new fuel formulations and
additives will incorporate IGI's innovative Novasomes(R) micro-encapsulation
technologies into PEC's cleaner burning alternative fuels technologies.
The products will be engineered to serve as a cost-effective and practical
alternative to conventional fuels, and exhibit superior fuel performance
characteristics, coupled with reduced pollution emissions for on-road end users. Moreover, these new alternative fuels and fuel additives will incorporate
domestic renewable content into the fossil fuels, thereby reducing dependency on
foreign petroleum and advancing the national security of oil dependant regions
of the world.
"In light of upcoming U.S. Environmental Protection Agency (EPA) & Euro IV
regulations that will require stricter emissions standards, we believe that
there is a significant market opportunity worldwide for cleaner burning,
high-performance alternative fuels and performance additives," said Irshad
Ahmed, Pure Energy's President & CEO. Integrating PEC's years of experience in
fuel development with IGI's micro-encapsulation technology will position both
companies at the forefront of the renewable energy and performance additives
industries. Frank Gerardi, Chairman & CEO of IGI, Inc., stated, "IGI is very
excited about expanding the function of the company's patented
micro-encapsulation technology into the realm of fuel applications. If
successful, the fuels segment will represent a large-volume, global market
opportunity for our Novasomes(R) products." Pure Energy Corporation, a leader in engineered alternative fuel formulations is
credited for incorporating renewable fuel components, such as ethanol, into
conventional fossil fuels, to create gasoline and diesel-based fuel blends that
work in both spark ignited and compression- ignition engines used in passenger
cars and trucks. One of the company's fuel formulations has successfully
received designation from the U.S. Department of Energy (DOE) as an "Alternative
Fuel" under the U.S. Energy Policy Act of 1992 (EPACT). Pure Energy's patented
Puranol(TM) and polymeric fuel additive systems are at the core of several of
the company's breakthrough alternative fuels, which have been demonstrated in
over one million miles with industry partners such as, Archer Daniels Midland
Company, the Chicago Transit Authority, various engine OEMs, the State of
Illinois, the U.S. Department of Energy, Southwest Research Institute, and
others. In 2003, Pure Energy completed a half-million dollar project funded by
the U.S. DOE to further refine and commercialize its alternative fuel products,
and to conduct "Tier 1" emissions and health effects testing for e-diesel as per
the requirements of the U.S. EPA.
IGI, Inc. is credited for developing a variety of proprietary encapsulation
technologies, including organized lipid structures, lipid vesicle (Novasome(R))
micro-encapsulation technologies, cellulose structures and micellar
nanoparticles. These technologies can effectively be applied to solve a host of
problems in the performance, quality and efficacy of a wide range of products in
many diverse industries that require the mixing or combination of ingredients to
produce their products.
Statements made in this press release that state Pure Energy Corporation's or
the management's intentions, hopes, beliefs, expectations, or predictions of the
future are forward-looking statements. Forward-looking statements include but
are not limited to statements regarding product sales, future product
development and related test programs, and statements regarding future research
and development. PEC's actual results could differ materially from those
projected in such forward-looking statements. Factors that could cause actual
results to differ materially from those in the forward-looking statements
include, among other things, the following: changes in public policy; general
economic and business conditions; competition; unexpected changes in
technologies and technological advances; ability to commercialize and
manufacture products; results of laboratory studies; research and development
activities; changes in, or failure to comply with, governmental regulations; and
the ability to obtain adequate financing in the future. Mr. Stephen J. Morris,
a principal of Pure Energy Corporation, is a Director of IGI, Inc.
For more information contact Pure Energy Corporation at 61 South Paramus Road,
Paramus, New Jersey 07652, or visit the company's web site at:
http://www.pure-energy.com/.
Contact:
Robert W. Vessie
Pure Energy Corporation
201-843-8100
DATASOURCE: Pure Energy Corporation CONTACT: Robert W. Vessie of Pure Energy Corporation, +1-201-843-8100, Web site: http://www.pure-energy.com/
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