AENG Advanced Engine Technologies I (CE)

Advanced Engine Technologies Inc., (Pink�Sheets: AENG) reported that the company reached its final development stage of the OX2 engine as it has reached its performance objective of over 300 ft lbs of torque along with 46 horsepower at an approximate operating speed of 760 RPM.

Engineers continue work on the commercialization package of the OX2 engine/generator with the fabrication of its finish enclosure and footprint. In addition, AET engineers have prototyped a version of the OX2 engine/generator operating in a vertical orientation. This new vertical footprint reduces the surface footprint by 50 percent, allowing the majority of the OX2 engine/generator mass to occupy vertical airspace, not floor space. The company expects to demonstrate both its vertical and horizontal units in the future.

On the heels of AET�s new vertical platform development will be a new, smaller and more versatile power electronics unit. Upon failure of its previous power electronics unit, an outside electrical engineering firm was hired to write the new specifications. The company is poised to proceed with the production of two new power electronics units for fitment with the OX2 engine/generators.

�The power electronics is the last mile of the OX2 engine/generator development,� said John Luft, Chief Operating Officer of AET. �The OX2 engine/generator currently produces over 30 Kw of power, however it is raw power. This new unit will condition the raw power and produce useable power for commercial connectivity and use.�

In addition to the exciting engineering progress made on the OX2 engine/generator, the company has initiated efforts to raise additional capital to fund the OX2�s 30 Kw Generator final development stage.

The OX2 is a 4-stroke, 1.1-liter internal combustion engine that is 17 inches in diameter with a length of 13 inches and a total weight of 200 pounds in normally aspirated form. The compact engine weighs 75 percent less than and is half the size of traditional internal combustion engines. In addition, it offers the flexibility of being able to run on a variety of fossil fuels including gasoline, diesel, natural gas, liquid propane or methane. With far fewer moving parts than traditional engine designs, the OX2 engine could offer the further advantages of significantly enhanced operation and maintenance costs and a longer useful life.

AET Seeks Additional Capital (2/2)

With its expected higher power-to-weight ratio, multi-fuel capacity and anticipated low emissions and fuel efficiency, the OX2 has a practical and much needed application in the commercial and industrial generator markets. Additional future applications may include marine, light-duty farm and construction equipment, light aircraft, and the hybrid electric vehicle market. However, the near term focus remains electrical generator applications.

AET continues to follow direction from automotive icon Carroll Shelby, whose automotive projects are legendary. The OX2 is based on the same visionary thinking that vaulted Mr. Shelby and his companies to the forefront of the performance industry.

Investor inquiries can be directed to the company at (310) 914-9599. Advanced Engine Technologies maintains a company web site at www.ox2engine.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This release may contain forward-looking statements involving risks and uncertainties that may cause actual future events or results to differ materially and adversely from those described in the forward-looking statements. Important factors that may cause such a difference for AET include, but are not limited to, whether our engine products are made viable, whether a market for our products develops, our ability to retain key management, our ability to hire and retain the technical personnel necessary to build our products, the availability of funding for future operating requirements, our ability to effectively predict or react to rapid technology changes that could render our products obsolete, product development delays, dependence on suppliers, our potential exposure to product liability and other tort claims if our products fail, our ability to protect our intellectual property, intellectual property disputes, and other factors discussed in AET filings from time to time with the Securities and Exchange Commission. AET cautions that the foregoing list of important factors is not exclusive. AET disclaims any obligation to revise or update any forward-looking statement that may be made from time to time by or on its behalf.

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