Cyclone Power Technologies (Pink Sheets: CYPW) has filed with the OTC Markets its Quarterly Report for the period ended June 30, 2011, and has released the following progress report to its shareholders:
dear Friends of Cyclone,
greetings from South Florida! over the last few months, we have made great strides in the development of our business and technology. I would like to share with you some of these highlights, which are further detailed in our Quarterly Report filed with the OTC Markets today.
Business and Technology Updates
in July, our licensee Advent Power Systems was awarded a $1.4 million contract from the U.S. Army – Tank Command (TACOM) to develop a compact 10kW auxiliary power unit (APU). The system is needed to increase operating efficiencies and decrease fuel usage of the Abrams M1 Main Battle Tank, the Stryker Armored Vehicle and the Bradley Fighting Vehicle. within the next 12 months, we expect to deliver the first prototype engine systems, and Cyclone will receive funding of approximately $700,000 during this period. TACOM has also requested, as part of its statement of work, a production cost schedule for up to 10,000 engines annually. if this contract were to progress to that stage of commercialization, it could represent a significant ongoing revenue opportunity for Cyclone.
in June, we signed a Letter of Intent with Combilift, a global equipment manufacturing company based in Ireland, to license mark V engines to operate Combilift