Pure Energy Corporation Enters into Product Development Agreement with IGI,
Inc. to Develop Encapsulated Alternative Fuels and Performance Additives.
PARAMUS, NJ, 10th Nov. 2003 -- (PRNewswire) -- Pure Energy Corporation (PEC) announced today that it has entered into a Product Development Agreement with IGI, Inc. (AMEX:IG), 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® 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® 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™ 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®) 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