SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) July 19, 1999
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Ionic Fuel Technology, Inc.
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(Exact Name of Registrant as Specified in Its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
1-13234 06-1333140
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(Commission File Number) (IRS Employer Identification No.)
330 Delaware Avenue, Wilmington, Delaware 19801-1622
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(Address of Principal Executive Offices) (Zip Code)
302-427-5957
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(Registrant's Telephone Number, Including Area Code)
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
ITEM 5: OTHER EVENTS.
On July 19, 1999 the Board of Directors of the Registrant extended the
expiration date of the Registrant's outstanding Class B Warrants which were to
expire on July 28, 1999 to a new expiration date of July 30, 2000. Filed
herewith is a copy of a company press release dated July 19, 1999 which
references the extension.
ITEM 7: FINANCIAL STATEMENTS; PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Not applicable
(b) Not applicable
(c) Exhibit 99.1
(1) Press release, dated July 19, 1999.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(b) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
Dated: July 23, 1999 IONIC FUEL TECHNOLOGY, INC.
/ Anthony J. S. Garner/
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By: Anthony J. S. Garner
Its: President and Chief Executive Officer
IONIC FUEL [GRAPHIC OMITTED] NEWS RELEASE
TECHNOLOGY
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For further information, please contact:
North America
Barry Morris
Morris Capital Markets Communications, LLC
(212)-332-7890
Europe
Tony Garner
Ionic Fuel Technology
011-44-126-849-1409
FOR IMMEDIATE RELEASE:
Ionic Fuel Technology, Inc. Announces
Increasing Revenues From Engineering Services Division
Engineering Contracts Signed with British Steel and Vauxhall Motors
Conoco Places Rental Order and Scottish Distilleries Increase
Application of IFT Technology
Essex, England (July 19, 1999) ... Ionic Fuel Technology, Inc. (OTC BB;
IFTI; BSE; IFU) announced today its recently created Engineering Services
Division is producing significant revenues. British Steel (NYSE; BST) engaged
the Company to evaluate the process ovens and incineration equipment used to
coat steel coils at one of British Steel's facilities in the United Kingdom.
Based on the evaluation results, the Company will recommend specific solutions
to reduce and control toxic emissions and optimize energy consumption.
Vauxhall Motors, a subsidiary of General Motors (NYSE; GM), retained the
Company to redesign the oil system used on four boilers located at Vauxhall's
Cheshire plant in the United Kingdom. Ionic Fuel Technology reconfigured the
boiler fuel system to operate on diesel oil as a secondary fuel rather than
heavy oil, thereby increasing efficiency and reducing toxic emission. As result
of this
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success, Vauxhall entered into an additional contract with the Company to
provide on-going servicing and maintenance for the boilers.
The value of the British Steel and Vauxhall Motors contracts amounted to
approximately $125,000 during the third and fourth fiscal quarters of 1999.
Mr. Brian Schofield, vice president of sales and marketing, stated, "We
are very pleased with the early results from our Engineering Services Division.
Ionic can now provide value added services for our clients and identify cost
effective solutions to increase combustion efficiency and reduce harmful
emissions. We are confident the engineering consulting activities will provide
additional future revenue growth."
Conoco, Inc. (NYSE: COC) placed a rental order for evaluation of an "IFT
System" on a Foster Wheeler 250,000 lbs/hr water tube boiler fueled by refinery
gas located at Conoco's Humber Refinery. Installation is planned for the end of
July and evaluation of the benefits is expected to be completed during August.
The Company also increased its presence among Scottish Distillery
companies. Following the successful application of the "IFT System" at Whitbread
Brewery and Interbrew, "IFT Systems" were purchased by Chivas Longmorn and North
British Distillers for total value of $53,000.
"Four distillery companies control over 80 percent of the Scottish
distillery market and with over 50 distilleries in Scotland, the potential for
the Company is significant", stated Mr. Anthony J. S. Garner, president and
chief executive officer.
Separately, the Company announced it extended the expiration date of
Series B Warrants (OTC BB: IFTIZ) from July 28, 1999 to June 30, 2000.
Forward-looking statements made in this release are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that all forward-looking statements involve risks and
uncertainties including without limitation risks in technology
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Ionic Fuel Technology, Inc News Release Page 2
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developments, risks in product development and market acceptance of and demand
for the Company's products, risks associated with foreign sales and other risks
detailed in the Company's filings with the Securities and Exchange Commission.
Ionic Fuel Technology, Inc. is an environmental and combustion technology
company engaged in reducing harmful combustion emissions, increasing fuel
efficiency and reducing combustion related maintenance costs. The Company
designs and assembles its proprietary "IFT System" at its offices and
manufacturing facility in Laindon, Essex, England. The "IFT System" is marketed
in the United Kingdom, Europe and the United States.
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Ionic Fuel Technology, Inc. News Release Page 3
