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Signs an agreement in principle to form a Preferred Supplier relationship
with a leading tier one automotive powertrain supplier.
TORONTO, June 7, 2004 /CNW/ - CVET Power Corp. (CPC), an innovation
company devoted to the commercialization of revolutionary technology
for a continuously variable electronic transmission for the transportation
industry, announces that it has signed an agreement in principle
to form a preferred supplier relationship with a leading tier one
automotive powertrain company for the supply of the CVET mechanical
subsystem and its components. In conjunction with a Preferred Supplier
Agreement the companies intend to collaborate and apply their respective
capabilities and resources to advance the commercialization of the
CVET system for passenger vehicles. The companies plan to commence
their activities together by developing a production intent version
of the CVET system with the tier one supplier being responsible
to build and test the CVET's mechanical subsystem and provide design
input related to manufacturability and suitability for passenger
vehicle applications.
Mr. Ervin Weisz, CPC President & CEO commented on the announcement, "This
represents an important step forward in advancing the commercialization of the
CVET system. We are extremely pleased to have signed this agreement with a
large tier one supplier that is a recognised leader in powertrain components
and system. The supplier's experience in highly engineered powertrain
components and systems combined with their industry contacts and their
engineering, testing and manufacturing capability will enable CPC to proceed
quickly to bring the CVET to market."
Mr. Weisz added, "We are currently proceeding with the validation and
testing of our prototype CVET unit. Following this initial validation step, we
will develop, build and validate our first production intent CVET unit
specifically for the passenger vehicle market. To accelerate our time to
market, we will continue to pursue other collaborative relationships with
recognised industry leaders that can contribute expertise in key areas of CVET
such as the electronic and electromechanical powertrain systems."
About CVET Power Corp.
CVET Power Corp. (CPC) is developing and commercializing revolutionary
new and patented technology for a continuously variable electronic
transmission (CVET) with benefits that have the potential to redefine the
transportation industry. The CVET system is more fuel efficient, less
expensive, smaller and lower in weight than conventional automatic, manual and
mechanically operated continuously variable transmissions. CVET has broad
application in the vast field of transportation and may be used with
conventional internal combustion engine, hybrid, fuel cell and electric
powered vehicles. The immediately addressable market for CVET in the passenger
vehicle market alone is in excess of $30 billion. CVET Power Corp. is
currently performing validation tests of the initial CVET prototype unit and
will subsequently develop, build and commercialize a production intent version
specific for the passenger vehicle market.
For further information, please visit the company's Web site at
www.cvetpower.com.
Forward Looking Statements
The foregoing press release contains forward-looking statements including
those related to the development of markets, expected business prospects,
future market and revenue potential, improvements in technology, customer and
supplier relationships, financial prospects; all of which are subject to
important risks and uncertainties. Actual results could differ materially from
those projected as a result of these risks and should not be relied upon as a
prediction of future events. Factors which could cause results or events to
differ from current expectations include, but are not limited to, the
availability of funding, existing and future relationships with suppliers and
customers, the results of commercial and technical development activities,
technological risk and uncertainly, general industry and market conditions,
availability of qualified personnel, and reliance on industry partners. CVET
Power Corp. undertakes no obligation to update any forward-looking statement
to reflect events or circumstances after the date on which such statement is
made, or to reflect the occurrence of unanticipated events.
For further information: Ervin Weisz, President & CEO, CVET Power
Corp., 1271 Denison Street, Markham, Ontario, (905) 470-2900 ext.
101, eweisz@cvetpower.com.
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