http://www.google.com/url?sa=t&source=web&cd=3&sqi=2&ved=0CCwQFjAC&url=http%3A%2F%2Fwww.blutipower.com%2Fwp-content%2Fuploads%2FPR-Apr-14-11-MTI-Licensing-Final.pdf&rct=j&q=blutipower%20mining%20equipment&ei=ViQBTpLSHcG30AHA9tGKCg&usg=AFQjCNGQ30KXJHkr049VSS05aYZplqoBow&cad=rjaHy-Drive Technologies Ltd. (HGS-V)
Mississauga, ON, April 14, 2011 (Canada NewsWire via CNW Newswire)
blutip Power Announces Major Groundbreaking Licensing Agreement
MTI Purchases Manufacturing & Licensing Rights for HGS
blutip Power TechnologiesTM (“blutip Power”) , a division of Hy-Drive Technologies Ltd. (TSXV: HGS) todayannounced that its mining partner, Mining Technologies International Inc. (“MTI”) have agreed to purchase an exclusive Manufacturing & Marketing Rights Agreement for the company’s patented Hydrogen Generating System (HGS®).
The Agreement will see MTI pay $2,000,000 to blutip PowerTM, in quarterly instalments, in exchange for the exclusive manufacturing and global distribution licensing rights for Hy-Drive’s Hydrogen Enhanced Diesel Combustion technology - for use with direct-driven rolling equipment applications in the surface mining, underground mining, tunnelling, construction mining and off-highway market sectors.
As a result of this agreement MTI will be licensed to manufacture and supply the current Hy-Drive HGS and all of its associated sub-assemblies, to the worldwide off-road heavy equipment market, as defined above. "In December we announced our plan to re-organize our channels of distribution to better meet customer needs, as we intended to aggressively expand our product offering. This agreement is another important step of our re-alignment," stated
Robert Bucher, President & CEO, Hy-Drive Technologies Ltd. “For many years MTI has been very supportive of Hy-Drive and its H2 technology. This commitment is yet another indication of their willingness to work alongside us; providing us the necessary capital to advance our
technology with them and expand into new, exciting markets,” he continued.