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EXHIBIT 99
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Tuesday October 31, 10:44 am Eastern Time
Press Release
International Fuel Technology Announces Letter of Intent to Purchase Diesel
Products, Inc.
ST. LOUIS--(BUSINESS WIRE)--Oct. 31, 2000--A letter of intent has been executed
by International Fuel Technologies, Inc. (IFT) (OTC BB: IFUE - news), a St.
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Louis-based company involved in the development of pollution control
technologies, for the purchase of the assets of Diesel Products, Inc. (DPI),
also located in St. Louis. DPI has developed and commercialized the Fuel
Preporator, a patented fuel filter system that replaces the primary fuel filter
in internal combustion engines, and effectively removes entrained air,
particulate matter and water from fuel, thereby reducing harmful exhaust
emissions while increasing engine performance.
Upon completion of the acquisition of DPI, and assuming successful completion of
the recently announced transactions with Interfacial Technologies (UK) Ltd. and
Mr. Don Thompson, the shares of IFT issued to DPI's shareholders will represent
approximately 25% of the total shares outstanding of IFT. The acquisition is
subject to the negotiation and execution of a definitive agreement containing
customary terms and conditions. The transaction is also conditioned upon board
of director, shareholder and regulatory approvals for both companies, as well as
the completion of satisfactory due diligence.
"The opportunity to join forces with the team at DPI should create an immediate
impact on IFT in a number of crucial areas, including revenue and cash flow
generation, distribution channel synergies, potential penetration of new markets
for IFT's other technologies, and enhancement of our technical expertise." said
William Lindenmayer, President of IFT. "DPI has already established a
marketplace for its Fuel Preporator within a number of industries, including bus
fleets, construction equipment and mining. With our anticipated access to
capital and our current management structure, DPI can significantly increase the
pace of its commercial penetration, while at the same time creating potential
synergies with our other technologies."
"What particularly attracted us to DPI's Fuel Preporator technology was the
broad range of its impact on harmful emissions and engine performance. Given the
EPA and state regulations already in place, and the likelihood of even more far
reaching regulations in the future, the fact that the Fuel Preporator addresses
a spectrum of harmful emissions is very important. Still, in today's economy it
is engine performance that attracts users to a new technology, and with DPI's
technology users see a noticeable improvement in fuel economy, quicker more
reliable starts, improved cold weather performance, and greater overall engine
power and performance. We are especially excited about joining the Fuel
Preporator with one or more of our other technologies to produce a range of
options that deliver a level of environmental and engine performance unmatched
by any other single competitor."
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Ray Savala and Steve Dennison, co-founders of DPI, have guided commercialization
of the Fuel Preporator technology since 1998. The original Fuel Preporator
prototype was tested at the University of Illinois at Urbana-Champaign by the
Mechanical and Engineering College, with ongoing testing in mining operations
located in Utah and Missouri, in bus fleets in Tennessee, national waste hauling
firms, and at a corporate laboratory for Freightliner, the largest truck
manufacturer in North America.
"The opportunity to immediately and significantly expand our sales and
marketing efforts, as well as our testing efforts for new applications, such as
in stationary generators, is very attractive to us." said Ray Savala, President
of DPI. "While the opportunity to accelerate the efforts of DPI under the IFT
umbrella is exciting, we have also decided to take this step because of what DPI
can accomplish in partnership with IFT's other technologies." stated Steve
Dennison, Executive Vice President.
Upon completion of the acquisition, DPI will become a separate division of IFT,
and its single manufacturing and assembly operation will remain in Fenton,
Missouri.
Statements contained in this release that are not strictly historical are
forward-looking within the meaning of the safe harbor clause of the Private
Securities Litigation Reform Act of 1995. Editors and investors are cautioned
that such forward-looking statements involve risks and uncertainties that may
cause the company's actual results to differ materially from such forward-
looking statements. These risks and uncertainties include, but are not limited
to, the company's ability to obtain financing adequate to fund its operations,
the company's ability to generate revenues, the company's ability to develop a
market for its products and other factors more fully described in the Company's
literature and its filings with the Securities and Exchange Commission.
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Contact:
International Fuel Technology Inc., St. Louis
William Lindenmayer, 314/727-3333
www.peerfuel.com
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