OX2 Engine News


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    July 30, 2010

    Advanced Engine Technologies Announces 1-for-20 Reverse Stock Split

    LOS ANGELES, (BUSINESS WIRE) -- The common stock shares of Advanced Engine Technologies, Inc. (Pink Sheets: AENG) have been reverse split 1-for-20. The announcement was made following the recent approval of the proposed reverse stock split by current shareholders.

    "We believe the reverse stock split will facilitate long term growth and increase shareholder value," said AET Chief Operating Officer, John Luft. "The goal was to provide AET with the treasury stock needed to raise additional capital in the public and private sectors to complete development and subsequent commercialization of the OX2 engine."

    As of the reverse stock split, over 43,000,000 shares or options to purchase shares had been issued out of the 50,000,000 shares authorized by AET's Articles of Incorporation. This left AET with an insufficient number of treasury shares available to the company to issue so as to raise working capital.

    AET shareholders will receive one new share of AET common stock for every twenty shares held with fractional shares being rounded up. The reverse split, which was approved by AET shareholders on July 23, 2010, will reduce the number of shares of outstanding common stock from approximately, 33,885,000 shares as of Nov. 11, 2009, to approximately 1,694,250 shares, based upon a reverse stock split ratio of 1-for-20. Rights to exercise previously granted, but not yet exercised, stock options will also be adjusted based upon the 1-for-20 ratio.

    The OX2 is a 4-stroke, 1.1-liter internal combustion engine that weighs 75 percent less than and is half the size of traditional internal combustion engines. It can run on a variety of fossil fuels including gasoline, diesel, natural gas and liquid propane gas. With its expected higher power-to-weight ratio, multi-fuel capacity and anticipated low emissions and fuel efficiency, the OX2 has a practical application in the commercial and industrial generator markets. Additional future applications may include marine, light-duty farm and construction equipment, light aircraft and hybrid electric vehicles.

    Inquires by investors or anyone interested in the progress of the OX2 engine can be directed to the company at (310) 914-9599. Additional information is available 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. 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.

    CONTACT: TimePiece Public Relations, Scott Black, 214-520-3430, sblack@tprm-usa.com

    SOURCE: Advanced Engine Technologies Inc.


     
    November 19, 2009

    Advanced Engine Technologies Announces Date for Annual Shareholder Meeting
        
    LOS ANGELES--(BUSINESS WIRE)--Advanced Engine Technologies, Inc. (Pink Sheets: AENG - News) announced today that its Annual Shareholder Meeting will be held on Tuesday, December 15, 2009, at 11:00 AM PST. Shareholders will have an opportunity to vote on the election of the Board of Directors for the coming year at the AET Development offices in Gardena, California.

    Upon completion of the formal portion of the meeting, AETs Chief Operating Officer, John Luft and Mike Edwards, AET’s Lead Project Engineer, will present development updates on the 0X2 engines. These engines are being developed and tested at its engine development facilities in Australia and Gardena, Calif. In addition, a running demonstration of the 0X2 will be conducted following the close of the meeting.

    The 0X2 is a 4-stroke, 1.1-liter internal combustion engine that is 17 inches in diameter with a length of 13 inches and a weight of 225 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, and liquid propane gas. With far fewer moving parts than traditional engine designs, the 0X2 engine could offer the further advantages of significantly enhanced operation and maintenance costs and a longer useful life.

    With its expected higher power-to-weight ratio, multi-fuel capacity and anticipated low emissions and fuel efficiency, the 0X2 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.

    Inquires by investors or anyone interested about the progress of the 0X2 engine can be directed to the company at (310) 914-9599. Additional information pertaining to the OX2 engine can be accessed through the company’s 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. 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.

    CONTACT: TimePiece Public Relations, Scott Black, 214-520-3430, sblack@tprm-usa.com

    SOURCE: Advanced Engine Technologies Inc.


     
    April 29, 2009

    Advanced Engine Technologies Inc. Seeks Additional Capital as It Reaches Final Development Stage of OX2 Engine

    LOS ANGELES, Apr. 29, 2009--(BUSINESS WIRE)--Advanced Engine Technologies Inc., (Pink Sheets: AENG - News) 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 http://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.

    CONTACT: TimePiece Public Relations, Scott Black, 214-520-3430, sblack@tprm-usa.com

    SOURCE: Advanced Engine Technologies Inc.


     
    November 13, 2008

    Advanced Engine Technologies Announces Date for Annual Shareholder Meeting

    LOS ANGELES, Nov. 13, 2008--(BUSINESS WIRE)--Advanced Engine Technologies, Inc. (Pink Sheets:AENG - News) announced today that its Annual Shareholder Meeting will be held on Thursday, December 18, 2008, at 11:00 AM PST at the AET Development offices in Gardena, California. Shareholders will have an opportunity to vote on the election of the Board of Directors for the coming year.

    Upon completion of the formal portion of the meeting, AETs Chief Operating Officer, John Luft and Mike Edwards, AET’s Lead Project Engineer, will present development updates on the 0X2 engines. These engines are being developed and tested at its engine development facilities in Australia and Gardena, California. In addition, a running demonstration of the 0X2 will be conducted following the close of the meeting.

    The 0X2 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 175 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. In addition, with far fewer moving parts than traditional engine designs, the 0X2 engine could offer the further advantages of significantly enhanced operation and maintenance costs and a longer useful life.

    With its expected higher power-to-weight ratio, multi-fuel capacity and anticipated low emissions and fuel efficiency, the 0X2 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.

    Investor inquiries can be directed to the company at (310) 914-9599. Additional information pertaining to the OX2 engine can be accessed through the company’s web site at http://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. 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.

    CONTACT: TimePiece Public Relations, Scott Black, 214-520-3430, sblack@tprm-usa.com

    SOURCE: Advanced Engine Technologies Inc.


     
    January 24, 2008

    Advanced Engine Technologies Achieves Performance Objective with OX2 Engine

    LOS ANGELES, Jan. 24, 2008--(BUSINESS WIRE)--Advanced Engine Technologies, Inc., (Pink Sheets: AENG - News) reported at its Annual Shareholder Meeting in December 2007, that it has achieved a performance milestone for its OX2 engine by reaching over 300 ft. lbs. of torque along with 46 horsepower at an approximate operating speed of 700 RPM. Shareholders could watch generous horsepower and torque being churned out by the OX2 engine, while AET engineers put it through its paces during the meeting.

    “This third generation OX2 engine has demonstrated the best operating performance and mechanical reliability to date,” said John Luft, the company’s Chief Operating Officer. “The AET engineering staff has overcome many development hurdles in achieving what we now consider to be AET’s first commercial-bound OX2 engine.”

    Along with a very successful OX2 engine showing, AET demonstrated its new 30 Kw Variable Speed Propane Generator, which is powered by a General Motors 4cylinder industrial engine. The AET 30 Kw Variable Speed Propane Generator exhibited its range of power and performance, though it is an impressive 50 percent less in size and weight compared to its commercial generator industry counterparts.

    “This latest development cycle has broadened our thinking and is expected to give AET multiple products to offer consumers,” added Luft. “In addition to a stand alone AET OX2 engine, we expect to offer our new generator in a stand alone application, powered by a conventional engine or the OX2 unit.”

    The company expects to begin demonstrating its 30 Kw Variable Speed Propane Generator to interested parties by the second quarter of this year. AET also expects to complete endurance testing of the OX2 engine during that same timeframe, and subsequently coupling it to its variable speed generator resulting in the first OX2 engine powered generator.

    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 is 75 percent lighter and 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 designs, the OX2 engine could offer the advantages of significantly enhanced operation, lower maintenance costs and a longer useful life.

    “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,” explained Luft. “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 on electrical generator applications.”

    Investor inquiries can be directed to the company at (310) 914-9599. To update the investment community and all interested parties about the progress of the OX2 engine, Advanced Engine Technologies maintains a company web site at http://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.

    CONTACT: TimePiece Public Relations, Scott Black, 214-520-3430, sblack@timepiecepr.com

    SOURCE: Advanced Engine Technologies Inc.


     
    November 21, 2007

    Advanced Engine Technologies Announces Date for Annual Shareholder Meeting

    LOS ANGELES, Nov. 21, 2007--(BUSINESS WIRE)--Advanced Engine Technologies, Inc. (Pink Sheets:AENG - News) announced today that its Annual Shareholder Meeting will be held on Tuesday, December 18, 2007, at 11:00 AM PST at the AET Development offices in Gardena, California. Shareholders will have an opportunity to vote on the election of the Board of Directors for the coming year.

    Upon completion of the formal portion of the meeting, AETs Chief Operating Officer, John Luft and Mike Edwards, AET’s Lead Project Engineer, will present development updates on the 0X2 engines. These engines are being developed and tested at its engine development facilities in Australia and Gardena, California. In addition, a running demonstration of the 0X2 will be conducted following the close of the meeting.

    The 0X2 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 175 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. In addition, with far fewer moving parts than traditional engine designs, the 0X2 engine could offer the further advantages of significantly enhanced operation and maintenance costs and a longer useful life.

    With its expected higher power-to-weight ratio, multi-fuel capacity and anticipated low emissions and fuel efficiency, the 0X2 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.

    Investor inquiries can be directed to the company at (310) 914-9599. Additional information pertaining to the OX2 engine can be accessed through the company’s web site at http://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. 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.

    CONTACT: TimePiece Public Relations, Scott Black, 214-520-3430, sblack@timepiecepr.com

    SOURCE: Advanced Engine Technologies Inc.


     
    February 8, 2007

    Advanced Engine Technologies Unveils Generation Three OX2 Engine at Annual Shareholder Meeting

    LOS ANGELES, Feb. 8, 2007--(BUSINESS WIRE)--Advanced Engine Technologies Inc., (Pink Sheets:AENG - News) reports today that it has successfully completed its Annual Meeting of Shareholders where the company unveiled its new design level three OX2 engine along with its newly developed 30 Kw Variable Speed Generator. Both developments were supported by a detailed engineering update given by AET Engineer Michael Edwards.

    The OX2 engine was demonstrated in the company's dyno-cell test lab and achieved approximately 202 lb/ft of torque and 25.8 horsepower at an operating speed of 670 RPM. "This third generation OX2 engine has demonstrated the best operating performance and mechanical reliability to date," says John Luft, the company's Chief Operating Officer. "The AET engineering staff has overcome many development hurdles in achieving what we now consider AET's first commercial bound OX2 engine."

    Along with a very successful OX2 engine showing, was a demonstration of AET's 30 Kw Variable Speed Generator, powered by a General Motors 4-cylinder industrial engine. The AET 30 Kw Variable Speed Generator demonstrated its range of power and performance while only adding an additional twelve inches to the overall OX2 footprint, dramatically smaller than its commercial generator industry counterparts.

    "This latest development cycle has broadened our thinking, and as a result is expected to give AET multiple products to offer consumers," says Luft. "In addition to a stand alone OX2, we expect to offer our new generator in a stand alone application, powered by a conventional engine or AET's OX2."

    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. In addition, with far fewer moving parts than traditional engine designs, the OX2 engine offers significantly lower maintenance costs and a longer useful life than traditional internal combustion engines.

    With its expected higher power-to-weight ratio, multi-fuel capacity and anticipated low emissions and high 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.

    Investor inquiries can be directed to the company at (310) 914-9599. To update the investment community and all interested parties about the progress of the OX2 engine, Advanced Engine Technologies maintains a company web site at http://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.

    CONTACT: Advanced Engine Technologies, John Luft, 310-914-9599 or JMPR, Inc., Pat Cole, 818-992-4353

    SOURCE: Advanced Engine Technologies Inc.


     
    November 20, 2006

    Advanced Engine Technologies Announces Date for Annual Shareholder Meeting

    LOS ANGELES, Nov. 20 /PRNewswire-FirstCall/ -- Advanced Engine Technologies, Inc. (OTC: AENG - News) announced today that its Annual Shareholder Meeting would be held, Wednesday, December 20, 2006, at 11:00 AM local time at the AET Development offices in Gardena, California. As outlined in the proxy statement, shareholders will have an opportunity to vote on the election of the Board of Directors for the coming year.

    Upon completion of the formal portion of the meeting, AET's Chief Operating Officer, John Luft, will present development updates on the OX2 engines, which are being developed and tested at its engine development facilities in Australia and Gardena, California. In addition, a running demonstration of the OX2 will be conducted following the close of the meeting.

    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 175 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. In addition, 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.

    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.

    Investor inquiries can be directed to the company at (310) 914-9599. To update the investment community and all interested parties about the progress of the OX2 engine, Advanced Engine Technologies has established a hotline at 310/323-2895.

    Additional information pertaining to the OX2 engine can be accessed through the company's web site at http://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. 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.

    SOURCE: Advanced Engine Technologies, Inc.


     
    July 12, 2005

    Advanced Engine Technologies Inc. Receives 30 Kw Generator Prototypes to be Coupled With Level 3 OX2 Engine

    LOS ANGELES, July 12, 2005 /PRNewswire-FirstCall/ -- Advanced Engine Technologies Inc. (AET) (OTC: AENG), a leading firm in the research and development of internal combustion engines, announced today that it has received two of the three 30 Kw Integrated Generator prototype units contracted by AET from Danotek Motion Technologies. These 30 Kw generator prototypes will couple with the re-engineered and improved Design Level 3 OX2 engine.

    "This new OX2 30 Kw integrated generator unit is about the size of a small apartment refrigerator," said John Luft, AET's Chief Operating Officer. "Its compact size and reduced weight will bring a new level of portability and use to the 30 kilowatt generator market."

    The new 30 Kw generator prototype maintains the same diameter of the OX2 engine, while adding approximately 12 inches to the overall length. Testing on the generator is scheduled to begin in August, with the first demonstrations of these prototypes scheduled for the fourth quarter of 2005 pending final testing, certification and market evaluations.

    With the U.S. increasing efforts to reduce its reliance on foreign oil, the completion of this phase of the OX2 engine/generator development proves to be timely as the OX2's multi-fuel platform is expected to provide consumers with real alternative fuel options.

    Investor inquiries can be directed to the company at (310) 914-9599. To update the investment community and all interested parties about the progress of the OX2 engine, Advanced Engine Technologies has established a hotline at 310/323-2895. Additional information pertaining to the OX2 engine can be accessed through the company's Web site at http://www.ox2engine.com/.

    About Advanced Engine Technologies Inc.

    Incorporated in the State of Colorado, USA, Advanced Engine Technologies Inc was formed to commercialize the OX2, a state-of-the-art, uniquely designed, internal combustion engine. AET's mission is to successfully achieve commercial introduction of the OX2 engine and the subsequent licensing of the OX2 engine technology to approved manufacturers. Racing legend and Automotive Hall of Famer, Carroll Shelby leads the charge of the OX2 as Director and President of AET. Under Shelby's leadership, AET has assembled a "World Class" team of directors, officers and management from various industries and disciplines. This team's diverse experience combined with Mr. Shelby's years of knowledge, industry savvy and drive create an unstoppable force behind the OX2 engine.

    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.

    SOURCE Advanced Engine Technologies, Inc.


     
    April 1, 2005

    Advanced Engine Technologies Inc. Board of Directors Pass Resolution to File a Form 15

    LOS ANGELES, April 1, 2005 /PRNewswire-FirstCall/ -- Advanced Engine Technologies Inc. (BULLETIN BOARD: AENG) announced that on February 17, 2005, Advanced Engine Technologies, Inc. Board of Directors RESOLVED, that AET will de-register the company's stock with the SEC through the filing of a Form 15 with the SEC so as to suspend its reporting obligations under the Securities Exchange Act of 1934, subject to the fulfillment of conditions precedent. In doing so, the Board noted that the satisfaction of these conditions precedent (which include issuance of a press release and subsequent Board action) may take approximately ninety (90) days to complete before the filing of the Form 15 can be accomplished.

    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 179 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. Containing 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.

    With its expected higher power-to-weight ratio, multi-fuel capacity and anticipated low emissions and high 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.

    Investor inquiries can be directed to the company at (310) 914-9599. To update the investment community and all interested parties about the progress of the OX2 engine, Advanced Engine Technologies has established a hotline at (310) 323-2895.

    Additional information pertaining to the OX2 engine can be accessed through the company's web site at http://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.

    SOURCE Advanced Engine Technologies, Inc.


     
    January 25, 2005

    Advanced Engine Technologies Inc. Unveils Design Level 3 OX2 Engine at Its Annual Shareholder Meeting

    LOS ANGELES, Jan. 25, 2005 /PRNewswire-FirstCall/ -- Advanced Engine Technologies Inc. (BULLETIN BOARD: AENG) unveiled it's new OX2 Design Level 3 engine at its Annual Shareholder Meeting in November. The first beta test of this new design level engine is expected in the 3rd quarter of 2005 along with the testing of the new OX2 30 kilowatt integrated generator unit in co/development with Danotek Motion Technologies.

    "Our engineering team have taken the OX2 engine to the next level of commercialization," said John Luft, AET's Chief Operating Officer. "This design level is expected to give the OX2 the necessary endurance and performance improvements to successfully compete in the commercial markets."

    This newly developed and patented generator design is expected to add only 12" in overall length to the existing OX2 engine and is approximately 25% the total weight of current units in the market. The prototype's versatility allows for horizontal or vertical mounting and operations, resulting in diverse applications and uses. The integrated generator is expected to compete in the alternative power generator market as well as run on alternative fuels. A beta version of AET's first OX2 Integrated Generator is expected in the summer of 2005. Final testing, certification and market evaluations will follow.

    In addition, shareholders viewed a demonstration of one of AET's Design Level 2 OX2 engines successfully powering a Lincoln Electric welding/generator unit. Engineers continue their work on the electronics and control integration in order to improve optimum performance and reliability.

    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 179 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. In addition, 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.

    With its expected higher power-to-weight ratio, multi-fuel capacity and anticipated low emissions and high 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.

    Investor inquiries can be directed to the company at (310) 914-9599. To update the investment community and all interested parties about the progress of the OX2 engine, Advanced Engine Technologies has established a hotline at 310/323-2895.

    Additional information pertaining to the OX2 engine can be accessed through the company's web site at http://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.

    SOURCE Advanced Engine Technologies, Inc.


     
    October 13, 2004

    Advanced Engine Technologies Announces Date for Annual Shareholder Meeting

    LOS ANGELES, Oct. 13 /PRNewswire-FirstCall/ -- Advanced Engine Technologies, Inc. (OTC Bulletin Board: AENG) announced today that its Annual Shareholder Meeting would be held, Friday, November 5, 2004, at 10:00 AM local time at the Hilton Hotel at Los Angeles Airport. As outlined in the proxy statement, shareholders will have an opportunity to vote on the election of the Board of Directors for the coming year, and ratification of AET's independent auditors, Singer, Lewak, Greenbaum & Goldstein LLP for the fiscal year ending June 30, 2004.

    Upon completion of the formal portion of the meeting, AET's Chief Operating Officer, John Luft, will present development updates on the OX2 engines, which are being developed and tested at its engine development facilities in Australia and Gardena, California. In addition, a running demonstration of the OX2 will be conducted at the AET Development and Test Facility following the close of the meeting.

    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 175 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. In addition, 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.

    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.

    Investor inquiries can be directed to the company at (310) 914-9599. To update the investment community and all interested parties about the progress of the OX2 engine, Advanced Engine Technologies has established a hotline at 310/323-2895.

    Additional information pertaining to the OX2 engine can be accessed through the company's web site at http://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.

    SOURCE Advanced Engine Technologies, Inc.

    CONTACT: Soon Nguyen or Jake Jundef, both of JMPR, Inc., +1-818-992-4353, for Advanced Engine Technologies, Inc.; or John Luft of Advanced Engine Technologies, +1-310-914-9599

    Web site: http://www.ox2engine.com/


     
    September 21, 2004

    Advanced Engine Technologies Inc. to Develop 30 Kilowatt Integrated Generator Unit

    LOS ANGELES, Sept. 21 /PRNewswire-FirstCall/ -- Advanced Engine Technologies Inc. (OTC Bulletin Board: AENG) announced today a new development partnership with Danotek Motion Technologies to co-develop a new revolutionary 30 kilowatt integrated generator unit.

    The agreement calls for the production of three prototype generator components that will produce 30kw of power in a significantly scaled down and proportional version that can be affixed to AET's revolutionary OX2 engine. This will result in a stand-alone fully integrated generator that is approximately one-third the physical size and approximately one-tenth the weight of comparable generators in the marketplace. The prototype's versatility will allow for horizontal or vertical mounting and operations, resulting in diverse applications and uses. Upon the completion of the first three prototypes, one generator will be converted to LPG fuel for further testing.

    "This is another step towards developing a powerful and effective alternative source of energy by utilizing AET's revolutionary OX2 engine," said John Luft, AET's Chief Operating Officer. "In light of the world's current energy struggles, this new OX2 Integrated Generator is expected to provide an exciting alternative to this very troublesome issue."

    "The Danotek team recognizes the key benefits of the revolutionary OX2 engine that features high "low speed torque," high power density, better thermal characteristics and is committed to the challenge of developing an integrated generator for mobile and standalone systems," said Dan Gizaw, Danotek's President. "We also recognize the future of the OX2 as a prime mover that can be adapted to applications that require small size and weight, as well as low-emissions".

    The anticipated completion of AET's first OX2 Integrated Generator beta version is expected in the second quarter of 2005. Final testing, certification and market evaluations will follow.

    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 179 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. In addition, 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.

    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.

    Investor inquiries can be directed to the company at (310) 914-9599. To update the investment community and all interested parties about the progress of the OX2 engine, Advanced Engine Technologies has established a hotline at 310/323-2895.

    Additional information pertaining to the OX2 engine can be accessed through the company's web site at http://www.ox2engine.com/ .

    About Danotek Motion Technologies

    Danotek Motion Technologies is a technology driven company that develops and markets high performance variable speed Permanent Magnet Generators, Motors, Power Electronics and Digital Controls. Danotek Motion Technologies is committed to providing innovative solutions to market demand with outstanding custom engineered products, relatively fast and "right first time". Danotek Motion Technologies, established in 2000 is located in Ann Arbor, Michigan to support automotive and distributed power generation market with ties to accredited laboratories for environmental, performance and reliability testing. Danotek's key engineers have over 100 patents collectively and average over 20 years experience with strong track records developing products for companies like General Electric Co., General Motors and Cummins Power Generation. Danotek's products include Integrated Brushless Motors & Sensor-less Control, High Power Density Electric & Hybrid Electric Drive, Variable Speed Seal-less pumps for Fuel-Cell and HVAC system and up to 500 kW PM Generators for Wind Power and Standalone systems. Web site at www.danotekmotion.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.

    SOURCE Advanced Engine Technologies Inc.

    CONTACT: Jake Jundef, jjundef@jmprpublicrelations.com, or Soon Nguyen, snguyen@jmprpublicrelations.com, both of JMPR, Inc., both of JMPR, Inc., +1-818-992-4353, for Advanced Engine Technologies Inc.

    Web site: http://www.danotekmotion.com/

    Web site: http://www.ox2engine.com/


     
    April 22, 2004

    OX2 Engine Reaches New Performance Thresholds

    Advanced Engine Technologies Inc. Engineers Reach New Performance Levels in Development of the OX2 Engine

    LOS ANGELES, April 22 /PRNewswire-FirstCall/ -- Advanced Engine Technologies Inc. (BULLETIN BOARD: AENG) announced today that testing and developmental progress on the OX2 engine continues as scheduled. As presented at the company's annual shareholder meeting in Los Angeles, California in November 2003, the current OX2 engine continues to out perform each of its previous test engines in overall horsepower and torque.

    The latest of AET's engines is its design level #2, OX2 engine #4 (OX2#4), where AET's engineers report a maximum horsepower of 35.5 hp at 1065 RPMs while also achieving maximum torque of 193 ft. lbs. at 900 RPMs. These baseline performance results were achieved without the retro-fitting of the OX2's newly designed port plate, which provides modifications to the port shape and size. This new port design is expected to improve the performance of OX2#4 based upon the test results achieved during its testing on OX2 engine #2, where intake and exhaust air flow velocity dramatically improved performance overall.

    Also unveiled at the company's shareholder meeting was AET engineer's concept and design of an OX2 Generator prototype. This design utilizes a separate generator head driven by an OX2 engine. The Company has begun beta testing and will report on progress in the company's next development update.

    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 179 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. In addition, 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.

    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.

    Investor inquiries can be directed to the company at (310) 914-9599. To update the investment community and all interested parties about the progress of the OX2 engine, Advanced Engine Technologies has established a hotline at 310/323-2895. Additional information pertaining to the OX2 engine can be accessed through the company's Web site at http://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.

    SOURCE Advanced Engine Technologies Inc.

    CONTACT: Jake Jundef, jjundef@jmprpublicrelations.com, or Soon Nguyen, snguyen@jmprpublicrelations.com, both of JMPR, Inc., +1-818-992-4353, for Advanced Engine Technologies Inc.

    Web site: http://www.ox2engine.com/


     
    October 22, 2003

    Advanced Engine Technologies Announces Date for Annual Shareholder Meeting

    LOS ANGELES, Oct 22, 2003 /PRNewswire-FirstCall/ -- Advanced Engine Technologies, Inc. (OTC Bulletin Board: AENG - News) announced today that its Annual Shareholder Meeting would be held November 11, 2003, at 10:00 AM local time at the Hilton Hotel in Los Angeles. As outlined in the proxy statement, shareholders will have an opportunity to vote on the election of the Board of Directors for the coming year, and ratification of AET's independent auditors, Singer, Lewak, Greenbaum & Goldstein LLP for the fiscal year ending June 30, 2003.

    Upon completion of the formal portion of the meeting, AET's Chief Operating Officer, John Luft, will present development updates on the OX2 engines, which are being developed and tested at its engine development facilities in Australia and Gardena, California.

    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 125 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. In addition, 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.

    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.

    Investor inquiries can be directed to the company at (310) 914-9599. To update the investment community and all interested parties about the progress of the OX2 engine, Advanced Engine Technologies has established a hotline at 310/323-2895.

    Additional information pertaining to the OX2 engine can be accessed through the company's web site at http://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.

    SOURCE Advanced Engine Technologies, Inc.


     
    August 19, 2003

    Advanced Engine Technologies Reaches Development Milestone

    AET Engineers Prepare to Conduct First Beta Test on OX2 Generator Unit

    LOS ANGELES, Aug 19, 2003 /PRNewswire-FirstCall/ -- Advanced Engine Technologies Inc. (OTC Bulletin Board: AENG), announced today that it would be conducting the company's first beta testing of its revolutionary OX2 engine coupled with a stand-alone power generator. AET engineers will be using the longest running and most reliable OX2 design level II, Engine #2, for this development milestone. "The actual operation of an OX2 generator unit will give us tremendous insight into the demand and operational characteristic of this type of application," says John Luft, Chief Operating Office of AET. "The standby and supplemental power market segment is expected to be the OX2's first commercial application entry, followed by industrial, marine, aircraft and light duty equipment."

    AET engineers will begin testing the OX2 Gen-Set using a 10 KW generator. Upon its successful testing, a 20 KW generator will then be fitted for evaluation and testing with a commercial objective of operating a 30 KW generator.

    In addition, AET is continuing its validation testing of the latest of its OX2 design Level II engines, Engine #4. Utilizing an increased bore and shorten stroke, as well as other varied performance modifications, this design is expected to yield a marked improvement in overall engine performance. Early test results have shown an 18% improvement in engine torque while gaining over 50% improvement in horsepower. The final test results of the OX2 design level II Engines will be published upon completion of validation testing.

    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 125 pounds in normally aspirated form. The compact engine weighs 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 fuels including gasoline, diesel, natural gas, liquid propane, hydrogen or methane. In addition, 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.

    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.

    Investor inquiries can be directed to the company at (310) 914-9599. To update the investment community and all interested parties about the progress of the OX2 engine, Advanced Engine Technologies has established a hotline at (310) 323-2895. Additional information pertaining to the OX2 engine can be accessed through the company's Web site at http://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.

    SOURCE Advanced Engine Technologies Inc.

    Jake Jundef, jjundef@jmprpublicrelations.com, or Soon Nguyen, snguyen@jmprpublicrelations.com, both of JMPR, Inc., +1-818-992-4353, for Advanced Engine Technologies Inc.


     
    April 21, 2003

    Advanced Engine Technologies Realizes Performance Gains

    Improvements To OX2 Engine Porting Yield Gains In Horsepower And Torque

    LOS ANGELES, Apr 21, 2003 /PRNewswire-FirstCall via COMTEX/ -- Advanced Engine Technologies Inc. (OTC Bulletin Board: AENG) announced today that it has completed the first phase of OX2 Engine port re-engineering. AET engineers have successfully advanced the OX2 Engine's port shape and location from its earlier design. Through engine modeling, Flow bench analysis, and eventual real-time engine lab testing, AET engineers have been able to re-engineer the intake and exhaust port\shape and location on Design Level 2, OX2 Engine #2. This re-engineering has resulted in a 40% improvement in the OX2 engine's airflow or known as Volumetric Efficiency. This improvement has also yielded a 16% improvement in torque from 135 to 157 ft lbs, and a 23% increase in horsepower from 17 to 21 hp.

    "This improvement in porting will now allow the OX2 to breathe freely, and provide us with greater opportunities for performance improvements" says Carroll Shelby, President, AET. "In addition, this new porting configuration has increased the exhaust velocity by 400% this will prove to be very valuable in future turbo applications."

    AET has also started validation testing of its recently received Design Level 2, OX2 Engine #4. Utilizing an increased bore and shorten stroke, this design is expected to yield a marked improvement in overall engine performance.

    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 125 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. In addition, 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.

    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.

    Investor inquiries can be directed to the company at (310) 914-9599. To update the investment community and all interested parties about the progress of the OX2 engine, Advanced Engine Technologies has established a hotline at 310/323-2895. Additional information pertaining to the OX2 engine can be accessed through the company's Web site at http://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.

    SOURCE Advanced Engine Technologies Inc.

    Soon Nguyen or Jake Jundef of JMPR, Inc., +1-818-992-4353, for Advanced Engine Technologies Inc.


     
    December 17, 2002
     
    Advanced Engine Technologies Reveals Positive Progress on OX2 Engine Development at Annual Shareholder Meeting
     
    LOS ANGELES, Dec. 17 /PRNewswire-FirstCall/ -- Advanced Engine Technologies, Inc. (OTC Bulletin Board: AENG) conducted its Annual Meeting of Shareholders, which was held November 21, 2002 at the Hilton Hotel in Los Angeles. Shareholders voted on and approved several issues and proposals as outlined in the proxy statement, including the re-election of the Board of Directors: Carroll Shelby, Alexandria Phillips, Noel Homes, Richard Ronzi, Steve Manthey; and the ratification of independent auditors, Singer, Lewak, Greenbaum & Goldstein LLP for the fiscal year ending June 30, 2002.
     
    Upon completion of the formal portion of the meeting, AET's Chief Operating Officer, John Luft, presented development updates on the OX2 engines, which are being tested at its engine development facilities in Australia and Gardena, California.
     
    "Recent OX2 testing has been extensive and the results encouraging," says Chief Operating Officer John Luft. "We've initiated and completed tests on a number of internal parts and systems, including port seals, oil composition and viscosity, port plate design, cam profiling, exhaust tuning and turbo testing. In addition, we have just completed flow bench testing to determine intake and exhaust efficiency. The results of these tests have identified the necessary steps for porting design changes and are expected to greatly improve the efficiency and overall performance of the OX2 engine."
     
    During testing in the US, AET's most recently delivered OX2 Engine #5, delivered 160 lbs. ft. of torque and 24 horsepower at 800 rpm. When it suffered a minor piston failure, the fix uncovered hairline cracks in the piston plate. FEA (Finite Element Analysis) testing uncovered the need for design and metallurgy changes for this part. These redesign and production changes have been implemented and should have OX2 engine #5 back online during the first quarter of 2003.
     
    AET expects to begin beta testing the OX2 engine with a portable generator by mid-year 2003. This test will give AET and its shareholders it's first real look at the OX2's capabilities in a commercial application.
     
    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 125 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. In addition, 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.
     
    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.
     
    Investor inquiries can be directed to the company at (310) 914-9599. To update the investment community and all interested parties about the progress of the OX2 engine, Advanced Engine Technologies has established a hotline at 310/323-2895. Additional information pertaining to the OX2 engine can be accessed through the company's web site at
    http://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.
     
    /CONTACT: Soon Nguyen, or Jake Jundef, both of JMPR, Inc., +1-818-992-4353, for Advanced Engine Technologies, Inc.; or John Luft of Advanced Engine Technologies, +1-310-914-9599/
     

     
    August 5, 2002
     
    Advanced Engine Technologies Reports Testing Of a Turbocharged Version of The OX2 Engine

    LOS ANGELES, Aug. 5 /PRNewswire-FirstCall/ -- Advanced Engine Technologies, Inc. (OTC Bulletin Board: AENG) today announced that, following the successful test results of its normally aspirated OX2 internal combustion engine, it has initiated preliminary testing of a turbocharged version of the OX2 powerplant and the test results are positive. AET's OX2, design level two, engine #2, generating 145 KPA of boost, created 215 lb ft of torque, resulting in 30 horsepower at 735 rpm, an increase of 80 lb ft of torque and 13.2 horsepower over its previously tested normally aspirated version. The turbocharged OX2 engine ran smoothly and was considerably quieter than under normally aspirated conditions.

    "This latest testing, with the small compact turbocharger attached, has given us tremendous insight into the OX2's potential performance capabilities under turbocharged conditions," says Carroll Shelby, President, Advanced Engine Technologies. "We are very encouraged and excited about this new turbo OX2 performance milestone. However, we will continue to aggressively advance the performance and durability testing of the OX2 engine under normally aspirated conditions."

    The OX2 turbocharged engine, fitted with a Motec fuel system, was test mapped in increments. At startup, the turbocharged test engine initially achieved 120 KPA of boost, which was then advanced to 135 KPA of boost and finally, with boost increased to 145 KPA and placed under a load, it demonstrated the positive and encouraging increased performance numbers and reduced noise levels. AET plans to continue its upmapping test sequence on subsequent OX2 test engines.

    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 125 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. In addition, 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.

    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.

    Investor inquiries can be directed to the company at (310) 914-9599. To update the investment community and all interested parties about the progress of the OX2 engine, Advanced Engine Technologies has established a hotline at 310/323-2895.

    Additional information pertaining to the OX2 engine can be accessed through the company's 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.

    CONTACT: Lee Morrell of JMPR Public Relations, +1-818-992-4353, lmorrell@jmprpublicrelations.com, for Advanced Engine Technologies, Inc.; or John Luft of Advanced Engine Technologies, +1-310-914-9599


     
    May 6, 2002
     
    Advanced Engine Technologies Steps Up Testing of The OX2 Engine After Recent Positive Test Results

    LOS ANGELES, May 6 /PRNewswire-FirstCall/ -- Advanced Engine Technologies, Inc. (OTC Bulletin Board: AENG) today announced that it has successfully completed early phase testing of its innovative OX2 internal combustion engine. During testing, its OX2 test engine #2 created 135 lb ft of torque, resulting in 16.8 horsepower at 650 rpm -- one-third the typical idle speed of traditional internal combustion engines.

    "We are very encouraged and excited about the numbers we are seeing from our recent tests," says Carroll Shelby, President, Advanced Engine Technologies. "The OX2 test results were based on less than one-half the engine's throttle position and has powerful implications in the areas of reduced wear on engine parts and reduced fuel consumption, resulting in better fuel economy."

    The early phase testing also allowed AET to identify airflow issues with the OX2 block. Design modifications to the engine's inner block have been made to improve airflow and increase compression. The re-cast blocks will be retro-fitted to the current OX2 engines and are expected to result in increased overall power.

    The OX2 is a 4-stroke, 41.36 cubic-inch internal combustion engine 17 inches in diameter with a length 13 inches and a total weight of a 125 pounds. 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. The OX2 engine also has half the moving parts of other types of engines, which means less wear and tear and reduced maintenance costs.

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

    Investor inquiries can be directed to the company at (310) 914-9599. To update the investment community and all interested parties about the progress of the OX2 engine, Advanced Engine Technologies has established a hotline at 310/323-2895. Additional information pertaining to the OX2 engine can be accessed through the company's 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.

    SOURCE: Advanced Engine Technologies, Inc.

    CONTACT: Nicole Girkey or John Ewert of JMPR, Inc., +1-818-992-4353, for Advanced Engine Technologies, Inc.; or John Luft of Advanced Engine Technologies, +1-310-914-9599


    January 3, 2002

    Advanced Engine Technologies Inc. Updates Shareholders With OX2 Development Advancements

    LOS ANGELES, Jan. 3 /PRNewswire/ -- Advanced Engine Technologies, Inc. (OTC Bulletin Board: AENG - news) today announced that inventor and developer of AET's revolutionary OX2 engine, Steven Manthey, has joined the company's board of directors. Manthey will oversee on-going product and applications development of the OX2 engine.

    "We're excited to have Steven Manthey join our board of directors," John Luft, chief operating officer, AET, said. "Manthey's knowledge and insight of the OX2 engine will greatly assist AET in its on-going marketing and development efforts."

    Manthey joined the board by unanimous written consent prior to the company's annual shareholder meeting in November. At the same meeting, shareholders reelected board members, ratified and approved the annual audit and the board announced its annual business results. Following the formal portion of the meeting, shareholders toured the OX2's test facility and saw firsthand a run-time demonstration of the engine.

    The OX2 is a 4-stroke, 41.36 cubic-inch internal combustion engine 17 inches in diameter with a length 13 inches and a total weight of a 125 pounds. 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. The OX2 engine also has half the moving parts of other types of engines, which means less wear and tear and reduced maintenance costs.

    In recent months, AET has made progress in optimizing the OX2's fuel and ignition systems, resulting in increased torque. The company is currently engineering the most efficient and performance enhancing porting configuration and has made modifications to the cylinder ports improving the OX2's volumetric efficiencies thus allowing a greater airflow. As AET continues to make progress and reaches its performance and endurance testing thresholds, the company will validate the test results and subsequently published these results.

    "Our goal is to have the OX2 ready for commercial use within 18 to 24 months," Luft said. "We are advancing the OX2 one RPM at a time, we are assured that each step leads us to our objective, which is the commercialization of the OX2 engine."

    To update the investment community and all interested parties about the progress of the OX2 engine, Advanced Engine Technologies has established a hotline at (310) 323-2895. To view the OX2 engine or for additional information, click your browser to the company's Web site at http://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.

    SOURCE: Advanced Engine Technologies, Inc.


    November 5, 2001

    Advanced Engine Technologies Files Proxy Statement With SEC

    LOS ANGELES, Nov. 5 /PRNewswire/ -- Advanced Engine Technologies, Inc. (OTC Bulletin Board: AENG - news) today announced that it has filed a proxy statement with the Securities and Exchange Commission for its annual shareholder meeting. The meeting will be held at 10:00 A.M. on Tuesday, Nov. 20, 2001 at the Los Angeles Airport Hilton Hotel, Los Angeles. Shareholders will be asked to consider and vote on several issues and proposals as outlined within the proxy statement, including re-election of the board of directors. Upon completing the formal business portion of the meeting, AET will provide a working demonstration of the OX2 engine at its testing facility in Gardena, Calif. The proxy statement was mailed to all shareholders of record as of Oct. 24, 2001 on Oct. 25, 2001.

    Investor inquiries can be directed to the company at (310) 914-9599. To update the investment community and all interested parties about the progress of the OX2 engine, Advanced Engine Technologies has established a hotline at (310) 323-2895.

    Additional information pertaining to the OX2 engine can be accessed through the company's web site at http://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.

    SOURCE: Advanced Engine Technologies, Inc.


    September 25, 2001

    AET Moves Forward With OX2 Engine in Wake of Global Crisis

    LOS ANGELES, Sept. 25 /PRNewswire/ -- The Board of Directors, management and staff of Advanced Engine Technologies, Inc. (OTC Bulletin Board: AENG) send their prayers and support to the victims and family members of the terrorist attacks in New York, Washington, D.C. and Pennsylvania. As the United States investigates the incidents, it is possible this crisis may have an effect on world oil markets and supplies.

    The team at AET stand committed and dedicated in their continued efforts to develop and bring to the commercial market its innovative OX2 engine to help address the growing worldwide issue of depleting oil resources and dependence on fossil fuels to power the world's economy.

    "We believe that the OX2 will be one of many solutions corporate America can provide this great country, in the effort to reduce our reliance on foreign oil," Carroll Shelby, president and board member of AET, said.

    Information regarding the OX2 engine can be found at http://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 on its behalf.

    For further information, please contact Jason Wonacott or Josh Scneider of JMPR, Inc., +1-818-992-4353, for Advanced Engine Technologies; or John Luft of Advanced Engine Technologies, +1-310-914-9599.

    SOURCE Advanced Engine Technologies, Inc.

    CONTACT: Jason Wonacott or Josh Scneider of JMPR, Inc., +1-818-992-4353, for Advanced Engine Technologies; or John Luft of Advanced Engine Technologies, +1-310-914-9599


    July 11, 2001

    Advanced Engine Technologies Names John Luft as Vice President

    LOS ANGELES, July 11 /PRNewswire/ -- Advanced Engine Technologies (OTC Bulletin Board: AENG), manufacturer of the revolutionary OX2 lightweight internal combustion engine, has named John Luft as Vice President of Marketing and Business Development.

    In his new position, Mr. Luft is responsible for the day-to-day management and operations of AET. These responsibilities include; Liaison between the AENG's Board of Directors and the inventor, Steven Manthey, oversee all development and test engineering, oversee SEC, legal, and corporate matters, manage investor and shareholder relations, global brand development and positioning, manage all sales, marketing, public relations and advertising efforts. Mr. Luft reports directly to the AENG Board of Directors.

    Mr. Luft joins AENG after serving two years at SkyNet Holdings, Inc. as Sr. Vice President of Global Marketing and Sales and Business Development. During his tenure, he was responsible for managing the company's global branding, planning launch strategies for international markets and developing and implementing all of SkyNet's advertising and promotional initiatives. Previously, Mr. Luft spent 13 years with the Hilton Hotels Corporation. He served at the world headquarters as Director of Global and Strategic Partnership & Product Development where he was responsible for developing Hilton's "Hotel of the Future" project as well as helping to bring to market such innovations as branded business center kiosks, ConCierge Interactive, and virtual conferencing. Previously, he spent seven years as Hilton's corporate director of U.S. Marketing.

    Mr. Luft also worked for the Walt Disney Company as Director of Resorts/Attractions Marketing at the Walt Disney World (WDW) Resort in Orlando, Florida. In that capacity, Mr. Luft developed and executed the company's annual marketing plan strategy. He was responsible for resort revenues, regional, local, and national WDW Resort promotions and helped design and develop the WDW Resort web site.

    A graduate of the University of Southern California, Los Angeles, Mr. Luft holds a bachelors degree in Marketing and Speech Communications.

    Developed by Australian inventor Steve Manthey, the Advanced Engine Technologies' OX2 engine Weighs just 125 pounds, employs only three major moving parts, and is capable of producing the same torque as a V8 engine found in larger automobiles.

    Incorporated in 1996 to commercialize the OX2, Advanced Engine Technologies owns patents for the engine and has undertaken prototype development toward eventual commercialization.

    SOURCE: Advanced Engine Technologies, Inc.

    CONTACT: Jeff Perlman of JMPR, Inc., 818-992-4353, for Advanced Engine Technologies, Inc.


    May 15, 2001

    Advanced Engine Technologies Files SEC Statement Announcing Appointment of New Accounting Firm

    LOS ANGELES, May 15 /PRNewswire/ -- Advanced Engine Technologies, Inc. (OTC Bulletin Board: AENG) today announced the filing of an 8-K statement with the Securities and Exchange Commission pertaining to the appointment of Los Angeles-based Singer, Lewak, Greenbaum & Goldstein LLP as the company's accounting firm of record, replacing Neff & Ricci of Albuquerque, N.M. This change is consistent with the movement last year to Los Angeles of the company's headquarters and US based engineering activities.

    To ensure an accurate and smooth transition of this function, AET has also filed an extension with the SEC for the filing of its third quarter 10QSB. During this extension period, AET's stock symbol will include an "E," designating its extension filing status. For the extension period, the stock will be listed as "AENG.E."

    To update the investment community and all interested parties about the progress of the OX2 engine, Advanced Engine Technologies has established an information hotline at (310) 323-2895.

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

    This release may contain forward-looking statement 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 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 technological 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 Security 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.

    SOURCE: Advanced Engine Technologies, Inc.

    CONTACT: Jeff Perlman of JMPR, Inc., 818-992-4353, for Advanced Engine Technologies, Inc.


    March 12, 2001

    Advanced Engine Technologies Unveils New Web Site

    LOS ANGELES, March 12 /PRNewswire/ -- Advanced Engine Technologies, Inc. (OTC Bulletin Board: AENG) has started the development of its new Web site http://www.ox2engine.com/ established to provide the general public and the investment community with the latest news and information pertaining to the new OX2 internal combustion engine.

    Weighing just 125 pounds and employing only three major moving parts, the engine is capable of producing the same torque as a V8 engine found in larger automobiles. Developed in Australia by inventor Steve Manthey, OX2 employs an eight-cylinder barrel configuration, using a stationary head and cam plate, and rotating cylinder block and piston plates.

    While this new site is still under construction, its goal is to provide consistent technological updates, as well as reports on the engine's testing procedures. Additional information can be accessed through the company's information hotline: (310) 323-2895.

    SOURCE: Advanced Engine Technologies, Inc.

    CONTACT: Jeff Perlman of JMPR, Inc., 818-992-4353, for Advanced Engine Technologies, Inc.


    February 8, 2001

    Testing Focuses on Generator Applications in Wake of California Power Crisis

    LOS ANGELES, Feb. 8 /PRNewswire/ -- Advanced Engine Technologies, Inc. (OTC Bulletin Board: AENG) announced today that development of its OX2 internal combustion engine is moving toward its first commercial application, with testing of commercial generator prototypes scheduled for the second quarter of this year.

    The OX2's reduced size and weight, along with its fuel-efficient package, offers a cost-effective alternative in the face of recent stage 3 power alerts and threats of partial blackouts in California. As the state's largest utilities have been prevented from passing along power cost increases, it has become necessary for the state to buy supplemental power from outside sources.

    "The OX2 engine is significantly smaller and lighter than a normal internal combustion engine," says AET Director Richard Ronzi, recently elected to AET's board of directors following 38 years at Ford where he served as Director of Powertrain Research. "Our engine offers flexible fuel burning capabilities. It can burn a variety of fossil fuels, including natural gas, liquid propane gas or methane. In addition, the OX2 has half the moving parts of the typical internal combustion engine, making it a less expensive engine to manufacture and maintain." Ronzi continues, "The OX2 has several advantages over the gas turbine engines that are being over excitingly promoted."

    The 4-stroke OX2 is just 12.8 inches in diameter with a width of 6.9 inches and weighs a mere 120 pounds. With its higher power to weight ratio, multi-fuel capability, low emissions and fuel-efficiency, the OX2 has a practical and much needed application in the commercial and industrial generator markets. Additional applications may include marine, light duty farm and construction equipment, light aircraft, and as a possible long-term solution in the hybrid electric vehicle market, however the focus remains electrical generator applications in the near term.

    Racing legend Carroll Shelby currently serves as AET President and supervises the OX2s rigorous 16-point test and development plan. "Presently, we are in the performance testing phase," says Shelby, "we are advancing the OX2 engine's development so that we can produce the right amount of horsepower and torque, while achieving fuel and emission efficiencies that will allow us to be competitive. With Dick Ronzi now on board, he will take an active role in the oversight of the OX2's development plan."

    Shelby continues, "An internal combustion engine is more cost effective and more efficient than the gas turbine generator currently being hyped in the market. This positions the OX2 as the logical alternative."

    To update the investment community and all interested parties about the progress of the OX2 engine, Advanced Engine Technologies has established a hotline at 310/323-2895.

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

    This release may contain forward-looking statement 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 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 technological 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 Security 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.

    SOURCE: Advanced Engine Technologies, Inc.

    CONTACT: Jeff Perlman of JMPR, Inc., 818-992-4353, jperlman@jmprpublicrelations.com, for Advanced Engine Technologies, Inc.; or John Luft of Advanced Engine Technologies, Inc., 310-914-9599


    January 24, 2001

    Advanced Engine Technologies Shareholders Elect Board Members, Ratify Audit

    LOS ANGELES, Jan. 24 /PRNewswire/ -- Advanced Engine Technologies, Inc. (OTC Bulletin Board: AENG) shareholders elected the company's new Board of Directors and ratified the appointment of independent auditors for the recently completed fiscal year at its annual shareholder meeting, held December 28, 2000.

    Reelected to new terms on the company's board were Advanced Engine Technologies President and Director Carroll Shelby, Director and Treasurer Alexandria Phillips and Director Noel Holmes. Those executives are joined by newly elected Director Richard C. Ronzi, who recently retired after 38 years with Ford Motor Company.

    While at Ford, Mr. Ronzi held numerous titles, including Directors, Power Train Research; Executive Director, Engineering and Manufacturing Staff; Vice President/Chief Engineer, Ford New Holland; and Chief Engineer, Transmission/Driveline Engineering. Mr. Ronzi played a significant role in Ford's work with the orbital engine, Wankel engines, advanced gas turbines, Stirling engines and commercial truck direct Diesel engines.

    "Dick brings a tremendous discipline to the entire process, especially in research and development," stated Carroll Shelby. "We are honored to have him as a Board Director."

    Advanced Engine Technologies shareholders also ratified the independent auditors, Neff & Ricci, LLP, for the fiscal year ended June 30, 2000.

    During the meeting, shareholders discussed the OX2's progress, test plan and eventual commercial product launch with inventor Stephen Manthey, who was accompanied by an engine, as well as a cut-out model. To update the investment community and all interested parties about the progress of the OX2 engine, Advanced Engine Technologies has established an information hotline at (310) 323-2895.

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

    This release may contain forward-looking statement 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 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 technological 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 Security 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.

    SOURCE: Advanced Engine Technologies, Inc.

    CONTACT: Jeff Perlman of JMPR, Inc., 818-992-4353, for Advanced Engine Technologies, Inc.


    December 8, 2000

    Advanced Engine Technologies Files Proxy Statement With SEC

    LOS ANGELES, Dec. 8 /PRNewswire/ -- Advanced Engine Technologies Inc. (OTC Bulletin Board: AENG - news) today announced it has filed a proxy statement with the Securities and Exchange Commission for its annual shareholder meeting. The meeting will be held at 10 a.m. PT, on Thursday, December 28, 2000, at the Hilton-Los Angeles Airport, in Los Angeles, California. Shareholders will be asked to consider and vote on several issues and proposals as outlined within the proxy statement. The proxy statement shall be mailed to all shareholders of record, as of December 6, 2000, no later than Thursday, December 7, 2000.

    Investor inquiries can be directed to the company at (310) 914-9599. Additional information pertaining to the OX2 engine can be accessed through the company's Web site, http://www.ox2engine.com/.

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

    This release may contain forward-looking statement 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 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 technological 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 Security 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.

    SOURCE: Advanced Engine Technologies Inc.


    November 22, 2000

    Advanced Engine Technologies Implements Enhancements to OX2 Engine; Testing Resumes as Design, Performance Improvements Are Initiated

    LOS ANGELES, Nov. 22 /PRNewswire/ -- Advanced Engine Technologies, Inc. (OTC Bulletin Board: AENG) today announced that it has implemented a number of design and performance enhancements to its OX2 internal combustion engine.

    The modifications, made by inventor Steven Manthey, focus on changes to the engine's intake ports in an effort to improve performance at higher RPMs. Manthey, who will oversee testing at the University of California, Riverside's CE-CERT laboratory, will examine three different cam profiles as part of the refinement and development efforts that will involve three OX2 engines.

    "Initial testing of the OX2 engine has paved the way for new directions that AET can take in the process to further enhance performance," said Advisory Board Member Dr. Roberta Nichols, who recently joined the company's Board after spending 16 years as a manager in the development of alternate fuel vehicles at Ford Motor Company.

    AET also announced that automotive manufacturing and racing legend Carroll Shelby has agreed to serve as the company's president while the engine undergoes testing. Operational policies and decisions, however, will continue to be promulgated by AET's Board of Directors. Advanced Engine Technologies recently relocated its headquarters to 11150 W. Olympic Boulevard, Suite 1050, Los Angeles, California, 90064. Investor inquiries can be directed to the company at (310) 914-1843. Additional information pertaining to the OX2 engine can be accessed through the company's Web site, http://www.ox2engine.com/.

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

    This release may contain forward-looking statement 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 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 technological 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 Security 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.

    SOURCE: Advanced Engine Technologies, Inc.

    CONTACT: Jeff Perlman of JMPR, Inc., 818-992-4353, jperlman@jmprpublicrelations.com, for Advanced Engine Technologies, Inc.; or John Luft of Advanced Engine Technologies, 310-914-9599


    September 20, 2000

    Advanced Engine Technologies Names New Advisory Board Members

    LOS ANGELES (September 20, 2000) -- Advanced Engine Technologies, Inc. (OTC:AENG) has announced that former Ford Motor Company scientists Dr. Roberta Nichols and Dr. Joseph Norbeck have accepted offers from the Board of Directors to become members of the company’s non-voting advisory board. Dr. Nichols is retired from Ford Motor Company, where she worked as a manager in the development of alternative fuel vehicles for 16 years. She is presently working as an engineering/alternative fuel consultant on projects of interest to her. The author (or co-author) of more than 60 publications, Dr. Nichols is the holder of three patents for the Flexible Fuel Vehicle (FFV) and the recipient of numerous awards from engineering organizations. Dr. Norbeck, a former head of the Ford Motor Company chemistry department, is the founding director of the UCR Bourns College of Engineering Center for Environmental Research and Technology (CE-CERT). Starting with just four graduate students, no budget and no facilities, Norbeck built a functioning, funded research program dedicated to studying alternative-fuel vehicles, vehicle fuels, engine development and chemical pollutants. He has published more than 65 scientific papers on topics such as atmospheric modeling, vehicle emissions and advanced vehicle technology. AET expects that Dr. Nichols and Dr. Norbeck will continue to oversee and direct the ongoing OX2 internal combustion engine testing at the University of California at Riverside.

    Listed alphabetically, AET’s Board of Directors includes Mr. Noel Holmes, Mr. George Hunt, Ms. Alexandria Phillips, and Mr. Carroll Shelby. Mr. Shelby has agreed to serve as president of AET while the engine is being evaluated at the University. Operational policies and decisions, however, will continue to be promulgated by the Board of Directors.

    Advanced Engine Technologies recently relocated its headquarters to 1150 W. Olympic Boulevard, Suite 1050, Los Angeles, California 90064.

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

    This release may contain forward-looking statement 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 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 technological 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 the 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.


    July 24, 2000

    Advanced Engine Technologies' Internal Combustion Engine Continues to Live Up to Its Promise

    LOS ANGELES, July 24 /PRNewswire/ -- Advanced Engine Technologies, Inc. (OTC Bulletin Board: AENG - news) is continuing its efforts to develop and test the OX2 internal combustion engine, which shows every sign of living up to its promise.

    The OX2 engine is best described by Dr. Roberta Nichols, an engineering consultant for AET, as a ``free piston engine, with fewer parts than a reciprocating engine, its operation more like a two-stroke engine, which should have the same superior power-to-weight ratio. Because of its small size, it could be a good choice for generator-type applications, including the hybrid powertrain for a vehicle.''

    Dr. Nichols is retired from Ford Motor Company and presently working as an engineering/alternative fuel consultant on projects of interest to her. The author (or co-author) of more than 60 publications, Dr. Nichols is the holder of three patents for the Flexible Fuel Vehicle (FFV).

    Dr. Nichols' responsibilities as a manager at Ford Motor Company for 16 years included the development of alternative fuel vehicles. She worked for The Aerospace Corporation for nearly 20 years as well and is the recipient of numerous awards from engineering organizations.

    Listed alphabetically, AET's Board of Directors includes Mr. Noel Holmes, Mr. George Hunt, Ms. Alexandria Phillips, and Mr. Carroll Shelby. In addition, Mr. Shelby has agreed to serve as president of AET while the engine is being evaluated at the University. Operational policies and decisions, however, will continue to be promulgated by the Board of Directors.

    Advanced Engine Technologies recently relocated its headquarters to 1150 W. Olympic Boulevard, Suite 1020, Los Angeles, California 90064.


    July 5, 2000

    Advanced Engine Technologies Announces Completion of Three Lightweight Internal Combustion Engines

    LOS ANGELES, July 5 /PRNewswire/ -- Advanced Engine Technologies, Inc. (OTC Bulletin Board: AENG - news; AET) has announced the completion of three lightweight internal combustion engines in the United States and Australia.

    Working in conjunction with the University of California Riverside and world-renown expert Dr. Roberta Nichols, AET is conducting full-scale testing and development, and expects to report test results every 30 days. In addition, the company will provide a status report to shareholders on a monthly basis.

    Separately, AET also announced the resignation of Mr. Murray Bailey from its Board of Directors. Under a consulting agreement, Mr. Bailey will continue to work with the Board to realize the success of the OX2 engine project, which he helped to initiate through the establishment of AET in the United States.


    May 4, 2000

    Advanced Engine Technologies, Inc. (AET) Announces Delivery of Lightweight Internal Combustion Engine

    LOS ANGELES, May 4 -- Advanced Engine Technologies, Inc. (OTC Bulletin Board: AENG) (AET) has announced the delivery of a newly manufactured prototype OX2 engine to the University of California Riverside. Bourns College of Engineering, Center for Environmental Research and Technology (CE-CERT). The engine was built by Stephen Manthey and Advanced Engine Technology Pty. of Australia.

    The University is securing and establishing its testing and evaluation process. Dyno testing is scheduled to begin in June 2000. As the engine evaluation process proceeds, announcements by AET will be forthcoming.

    AET has also announced that world renowned expert, Dr. Roberta Nichols will represent the company in connection with the evaluation and testing of the engine at CE-CERT. The founding Director of CE-CERT is Dr. Joseph Norbeck. Drs. Nichols and Norbeck will be in charge of the OX2 Engine Development Program and will handle the coordination of all engineering and/or project development matters.

    Listed alphabetically, AET's Board of Directors includes Mr. Murray Bailey, Mr. Noel Holmes, Mr. George Hunt, Ms. Alexandria Phillips and Mr. Carroll Shelby. In addition, Mr. Shelby has agreed to serve as president of AET while the engine is being evaluated at the University. Operational policies and decisions however will continue to be promulgated by the Board of Directors.

    AET has recently relocated its headquarters to 11150 W. Olympic Blvd. Suite 1020 Los Angeles, Ca. 90064


    January, 2000

    Change in the Board of Directors

    AET is proud to announce that Mr. Noel Holmes and Miss Alexandria Phillips have been duly appointed to the Board of Directors of Advanced Engine Technologies, Inc.

    Mr. Noel Holmes is a native of Australia and spends a good deal of time in Southern California while maintaining a diverse international business and accounting practice.

    Miss Alexandria Phillips brings to AET her years of wide ranging experience and expertise as a tax advisor and financial consultant to Robert E. Petersen and all the Petersen entities. Miss Phillips resides in Southern California.

    AET is also pleased to announce that Mr. Joseph Norbeck – the highly respected director of CE-CERT and Yeager Families, Professor of Environmental Engineering at the University of California at Riverside – will be offering his advise to the board on this and other projects.

    Mr. Murray Bailey has resigned as the CEO/President in favor of an independent contractor relationship, and currently is an advisor to the Board.

    The full Board of Directors is presiding over the activities and directing implementation of the policies of Advanced Engine Technologies, Inc. The current Board of directors is comprised of: Mr. Carroll Shelby, Mr. Noel Holmes, Mr. George Hunt and Ms. Alexandria Phillips.


    July 21, 1999

    Radical New Engine Design to Undergo Evaluation at UCR Research Center

    A revolutionary new internal combustion engine will be evaluated at the University of California, Riverside (UCR) this summer as part of the campus' program to investigate advanced technology created by private industry. UCR Chancellor Raymond L. Orbach and officials of Advanced Engine Technologies, Inc., (OTC: AENG) of Albuquerque, N.M., announced the agreement today (Wednesday, July 21) at the Petersen Automotive Museum in Los Angeles. Weighing just 120 pounds with three moving parts, the OX2 engine is said to produce the same torque as a V8 engine found in larger automobiles. Advanced Engine Technologies, Inc. owns patents for the motor and has undertaken prototype development toward e ventual commercialization. The UCR College of Engineering-Center for Environmental Research and Technology (CE-CERT) will be provided prototype engines with which to evaluate its power, torque, steady-state emissions and fuel usage. Initial studies by Advanced Engine Technologies indicate the OX2 is very low in emissions, can operate on a variety of fuels, and can be adapted for uses ranging from automotive, aircraft and watercraft propulsion to stationary electrical generation and water pumping.

    Under an "honest broker" philosophy, CE-CERT has emerged as a national leader in the study and evaluation of air quality and alternative transportation technologies. A primary function of the center is that of an independent and objective scientific body capable of providing in-depth, valid evaluations of new environmental technologies for regulatory agencies and industry. "A critical role of the university is to look beyond what appears to be obviously applicable. Promising technologies like the OX2 engine deserve a thorough, independent evaluation. And we are grateful for the opportunity Advanced Engine Technologies has given our faculty and students to be part of a collaborative research program to explore the unconventional design characteristics of this new engine," said Joe Norbeck, CE-CERT director and Yeager Families Professor of Environmental Engineering at UCR. "We believe the OX2 engine provides the means for environmental change," said Advanced Engine Technologies, Inc. Founder/CEO Murray Bailey. "We were faced with a problem of commercializing this revolutionary technology and UCR has provided a solution to this. By way of cooperative research and development, we are now able to move forward and thank the university for its assistance in helping us bring this to fruition."

    Advanced Engine Technologies, Inc. will give the UCR Foundation 1 million shares of the company over a five-year period to support CE-CERT's endowment, the earned interest of which funds research on a variety of engine technologies for future applications. The gift establishes the company's bonafides and commitment to help launch a program at UCR in new engine development. To prevent any appearance of conflict of interest, the stock will be placed in an endowment account which will fund research, fellowship and scholarship support not related to OX2 research. Private corporations that may be interested in the technology wil l provide initial funding for OX2 evaluation and development.

    Advising CE-CERT on the research program will be an internationally recognized panel of outside experts from academia and industry chaired by Dr. Roberta Nichols, a retired Ford Motor Company executive, a member of the National Academy of Engineering and a fellow of the Society of Automotive Engineers. The first phase of OX2 research - expected to last about six months - will include evaluation to determine the torque, power, fuel economy and emissions potential of the engine. CE-CERT's advanced Vehicle Engineering group will carry out the research. If successful, Norbeck said a second phase of research will be aimed at technology improvement - including optimizing the engine desigggnn and fuel injection system - as well as testing the power plant in a variety of applications, such as vehicle propulsion and power generation. The technical staff of both CE-CERT and Advanced Engine Technologies will undertake that phase.

    The OX2 engine was conceived in Australia by inventor Steve Manthey. The engine is an 8-cylinder barrel configuration, using a stationary head and cam plate, and rotating cylinder block and piston plates. Each cylinder fires twice per revolution and two cylinders fire simultaneously, resulting in four times the output per revolution of a conventional four-stroke engine at the same displacement. The engine can be adapted to run any combustible gas or liquid as fuel.

    Advanced Engine Technologies was incorporated in 1996 to commercialize the OX2. Members of its Board of Directors include Bailey, automotive racing pioneer Carroll Shelby and George Hunt, who brings to the company 36 years of experience in the marine industry. Among the company's advisors and shareholders are Bobby Allison, former NASCAR champion and Daytona 500 winner; Smokey Yunick, one of the world's premier automotive mechanics and International Motorsports Hall of Fame member; Bob Teague, founder and owner of Teague Custom Marine, Inc.; and Eddie Lawson, four-time world motorcycle road racing champion.

    The OX2 evaluation program will join the many research projects underway at CE-CERT, a research center within The Marlan and Rosemary Bourns College of Engineering at UCR. Faculty members, staff scientists and students at CE-CERT develop new technologies to reduce air pollution and evaluate the impact of proposed environmental regulations. The center's wide-ranging research agenda encompasses developing autonomous vehicles, converting biomass such as yard waste into methanol, modeling how pollutants behav e chemically in the atmosphere and improving alternative-fueled vehicles and advanced transportation systems.

    "We are honored that Advanced Engine Technologies has confidence that our relatively new engineering college can build an internationally recognized program in advanced vehicle technology," said Satish K. Tripathi, dean of the Bourns College of Engineering at UCR. "In supporting this kind of research, the gift allows us to recruit renowned faculty and highly accomplished graduate students with the expertise to make this program even stronger."

    Media Contacts: Jack Chappell/Kathy Barton

    (909) 787-5185


    June 11, 1999

    World Rights

    AET successfully achieves it’s first objective, introducing the OX2 engine to industry and engine manufacturers, establishing an ongoing dialog with a number of parties interested in the OX2 Engine Technology. (A press conference addressing this issue is scheduled for July 1999.)

    AET, realizing the benefits of its recently acquired computer aided design capability has continued to evolve the OX2 engine technology, improvements in design has been significant enough to warrant the addition of a new patent application being filed.

    April 1999, AET completes a $2,000,000.00 private placement, providing AET with additional working capital and a means to better capitalize on future opportunities.

    May 1999, Advanced Engine Technologies, Inc. ("AET Inc.") entered into an agreement ("the Patent Assignment Agreement") under which OX2 Intellectual Property Inc. ("OX2IP") the owner of the worldwide patents and other intellectual property rights relating to the OX2 internal combustion engine ("the OX2 intellectual property") has assigned for a commercial consideration the OX2 intellectual property, patents and the worldwide rights thereof to AET Inc.

    AET Inc., prior to entering into the Patent Assignment Agreement, had a sub-license, to manufacture, distribute and market the OX2 internal combustion engine in the territories of the United States of America, Canada and Mexico ("the Sub-License") for a consideration of 15% royalty being paid on all AET Inc.’s income to OX2 Engine (Distribution) Ltd. ("OX2ED").

    OX2IP is owned and controlled by the same shareholders and directors as OX2ED, which is the company that previously possessed all licensing rights in relation to the OX2 engine and granted the Sub-License to AET Inc.. OX2ED’s licensing rights in respect of the OX2 engine were cancelled under the Patent Assignment Agreement.

    AET Inc. has now acquired all the rights in respect of the OX2 engine, except as shareholders in AET Inc. neither OX2IP, OX2ED, nor any other corporation or legal entity has any right or entitlement in relation to the OX2 engine intellectual property, eliminating in total any royalty rights previously held by OX2ED.

    OX2ED is the major shareholder in AET Inc. and along with OX2IP acknowledges the excellent progress of AET Inc. in pursuing the commercialization of the OX2 engine in the market place. AET Inc. has established strong business relationships with major corporations, in numerous industries. This acquisition will greatly assist AET Inc. in doing business with these corporations, as AET will now be able to provide full rights in respect of the OX2 engine on a worldwide basis.

    OX2IP acknowledges the excellent support and loyalty of the AET Inc. shareholders. The acquisition of the worldwide OX2 engine rights by AET Inc. greatly enhances shareholders investment in the company.


    December, 1998

    Company Progress

    Through the introduction of a computer aided design capability, AET has been able to accelerate the process of determining the design parameters for production models of the OX2 engine. A number of engines are currently being produced with engine components being manufactured under contract by specialist engineering companies. As production style engines are built, each will undergo a test program that will monitor all aspects of engine operation, demonstrating the full potential of the OX2 engine.

    In October 1996 AET entered into a Licensing Agreement with OX2 Engine (Distribution) LTD, hereinafter referred to as the "Grantor", for the right to manufacture, distribute and market the OX2 engine.

    Page two items 2.1, 2.1.1 and 2.1.2. of the Agreement deals specifically with the issuance of AET common shares to the Grantor. To date, 20,000,000 shares have been issued, however, the Agreement calls for an additional 19,000,000 shares to be issued after certain events take place.

    It is now the Grantor’s opinion that this issuance of additional shares could have a negative effect on AET’s ability to commercialize the OX2 engine. The Grantor feels that AET and its public shareholders could incur financial harm if these additional 19,000,000 shares were issued.

    In consideration for the excellent performance by AET in it’s effort to commercialize the OX2 engine and for the strong support shareholders of AET have given the company, the Grantor has made a decision to rescind that portion of the Licensing Agreement, calling for the future issuance of additional 19,000,000 shares.

    AET has received an executed amendment to the 1996 Licensing Agreement, effectively canceling AET’s commitment to issue the additional 19,000,000 shares as called for in article 2.1.2 of the Licensing Agreement between AET and the Grantor in consideration for a sum of $100 US.

    The amendment to the Licensing Agreement has been accepted by AET and the consideration of US$100 has been paid.


     
    November, 1998
     
    Company Progress
     
    Upon completion of the US demonstration tour, the company has been concentrating on consolidating its base in the US and responding to industry inquires generated by the tour. Requests for information cover a wide variety of potential applications for the OX2 engine.
     
    It is the company’s objective to respond to industry requests on a timely basis and to identify and enter into joint venture agreements with appropriate parties to develop the engine for specific applications. It is our belief that this will prove to be a cost effective and efficient method of commercializing the technology in an expeditious manner.
     
    To this end we have:
     
    Entered into a Joint Venture Agreement with Carroll Shelby
     
    Contracted for services of Mr. Paul Davenport
     
    Acquired state of the art computer system and CAD software


    October, 1998

    Development Hardware/Software

    AET has acquired Advanced Computer Hardware / Software combinations to support the testing, design, and engineering of the OX2 engine for adaptation for specific applications

    The software includes CADSI Design Works and is supported with Solid Works. This state-of-the-art capability is equal to the Highest of Industry Standards, and with it we expect to achieve AET’s strategy of simulated driven design, resulting in identification of critical design parameters early in the developmental process.

    This capability will provide visual review of designs through graphs, animation and color contours providing dynamic motion simulation of assemblies plus structural and thermal analysis.


    May 20, 1998

    Advanced Engine Technologies Enters Joint Venture With Carroll Shelby Enterprises

    HOLLYWOOD, Calif.--(BUSINESS WIRE)--May 20, 1998--"Emerging Company Report," the nationally syndicated television program which profiles emerging-growth companies, has learned Carroll Shelby, member of the automotive Hall of Fame, legendary racing driver and developer of the world-famous Shelby Cobra,Shelby Ford (NYSE:F) Mustangs and other high-performance automobiles, has entered into a joint-venture arrangement with Advanced Engine Technologies Inc. (OTC/BB:AENG). AENG, a Colorado company, owns the U.S. rights to promote and market a revolutionary new internal combustion engine, known as the OX-2. 

    The current prototype of the OX-2 engine has approximately 30 total parts. It is 12 inches in diameter, 10 inches wide and weighs less than 140 lbs. It has the capacity of 66.25 cubic inches. It operates on a full four-stroke system, however, it uses porting rather than valves. It has no camshaft, no distributor, no oil pump and no water pump. It requires about one cup of oil for lubrication and no part of the engine requires viscosity support. An eight-cylinder engine, the OX-2 has only three moving parts. Each piston fires twice every revolution of the output shaft and at no stage do they come into contact with the bores. Rev for rev, the 66-cubic-inch OX-2 is capable of producing more horsepower and torque than a 350-cubic-inch conventional engine. The purpose of the joint venture is to develop vehicles and engines to demonstrate the advantages of the OX-2 engine over conventional technology.

    "If the performance figures are correct, the OX-2 engine is the most significant advancement in combustion engine technology that I have seen in my lifetime," said Shelby, "and it has the potential to revolutionize the world's engine industry. "We recognize that a tremendous amount has been invested in present engine technology and that an alternate would need to be a vast improvement over what is currently available. We are also aware we need to show advantages over hybrid systems. We are confident this has been achieved with the OX-2 engine." At several demonstrations across the country, the OX-2 engine impressed industry representatives with its performance according to instrumentation, producing 170 ft./lbs. of torque at 1,250 RPM using 8.5 lbs. of gasoline per hour. These figures give a break specific of an unbelievable .21. At this stage of the company's development, it is not its intention to approach the automobile industry, as experience has shown it is difficult to introduce significant changes in technology from outside sources. It is believed, however, the OX-2 technology will be accepted by the auto industry when the environmental, emission and cost advantages are proven. The flexibility of the OX-2 engine is adaptable for use in generators, pumps, aircraft, marine and other applications.


    May 14, 1998

    U.S. Army Tank-Automotive & Armaments Command Considering Cooperative Research & Development Agreement with Advanced Engine Technologies

    LAS VEGAS--(BUSINESS WIRE)--May 14, 1998--Emerging Company Report, the national television program which profiles emerging-growth companies (http://www.emergingcompany.com) is producing their weekly program "On-Location" from the Las Vegas Money Show. News received from Advanced Engine Technologies, Inc. (OTC-BB:AENG - news) represents a major step forward for the company and reads as follows:

    The "Smokey Yunick" visit and Advanced Engine Technologies' engine demonstration to the Tank-Automotive Research, Development & Engineering Center's (TARDEC) National Automotive Center (NAC), part of the U.S. Army's Tank-Automotive & Armaments Command (TACOM), was extremely successful and a lot of follow-up is taking place. The experimental Australian OX-2 engine demonstration in TARDEC's building 212 dyno cell was so impressive to Army engineers that they are looking into the possibility of entering into a Cooperative Research & Development Agreement (or other contractual arrangement) with Advanced Engine Technologies (AENG). This was also received well by the press, which remained hours later than originally planned, obtaining reaction sound-bites from those in attendance.

    The National Automotive Center has a research partnership in place (called the Automotive Research Center -ARC) with numerous American universities -- including the University of Wisconsin, Madison campus -- that can perform joint research with AENG. Further information regarding Cooperative Research & Development Agreements is being provided to Murray Bailey and Greg Howland at AENG by the NAC.

    "Nightly Automotive News" on PBS-TV (Ch 56, Detroit) aired a "Smokey Yunick" interview at 7:25 PM on Monday, May 4, which had been taken at TACOM on April 30. The story about the OX-2 Australian engine demo at TACOM aired on PBS on May 5 at 7:25 PM.

    The OX-2 engine from Advanced Engine Technologies is a new-design eight-cylinder internal combustion engine, with only three moving parts, no valves and no crankshaft. The prototype, which weighs less than 140 pounds, is reported to generate the same horsepower and torque as a 350 cubic-inch V8. The company is currently on a tour throughout the USA, demonstrating the engine to a variety of interested parties and manufacturers. More information can be gathered at the company web site, http://www.oxtwo.com.

    Darb

    Mentor-Protege Program Manager/Project Engineer

    Johnson Engineering Corporation

    (281) 228-7652

    (281) 283-9520 Fax


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