ST. LOUIS--(BUSINESS WIRE)--International Fuel Technology, Inc. (IFT) (OTCBB:IFUE) announced today that it has signed a technology evaluation agreement with SINOPEC, the largest oil company in China and the fifth largest corporation in the world. China is also the second largest global consumer of oil. The rising oil consumption, when added to the extensive reliance on coal for power generation, has created a serious deterioration in China’s air quality.
SINOPEC will evaluate IFT’s DiesoLiFT™ 10 fuel additive. This breakthrough proprietary fuel technology has consistently demonstrated both in the lab and in the field that it not only increases fuel economy but also reduces harmful emissions.
“The maturation of IFT and the growing acceptance of the efficacy of our technology are generating more and more interest from larger companies,” said Dr. Sergio C. Trindade, IFT’s Director of Science and Technology. “We are pleased that after months of discussions and information exchange SINOPEC decided to move forward with IFT.”
“The growing demand for oil and the ever-increasing environmental pressures and pollution abatement initiatives make DiesoLiFT™ 10 an ideal technology to address these issues. Use of our additive in China’s diesel fuel stream would reduce both fuel consumption and harmful atmospheric emissions, including particulate matter,” concluded Dr. Trindade.
“The opportunity to work with a company of SINOPEC’s size and stature is a milestone event for IFT,” said Jonathan Burst, IFT’s Chairman and CEO.
About International Fuel Technology
IFT is a fuel performance enhancement company focused on providing its technology to large, industrial consumers of diesel fuel and bio-diesel fuel blends in the rail, stationary power generation and road transport industries.
IFT has two primary product lines, DiesoLiFT™ 10 and the PerfoLiFT™ BD-Series.
DiesoLiFT™ 10 is IFT’s proprietary fuel additive formulation for use with diesel fuel and bio-diesel fuel blends. The product has been scientifically proven to provide a significant improvement in fuel economy and a reduction in harmful emissions. In addition, DiesoLiFT™ 10 increases fuel lubricity, provides detergency benefits and co-solves normal amounts of free water, which collectively reduce maintenance costs for the end user. The product is easy to use, only splash blending is needed, and its use has been proven to have no effect on fuel composition, make-up or standard specification.
The PerfoLiFT™ BD-Series is a series of fuel additive formulations specifically developed to provide superior oxidation stability and deposit formation control to bio-diesel and bio-diesel fuel blends.
Safe Harbor Statement
Some statements contained in this release may be forward-looking within the meaning of the safe harbor clause of the Private Securities Litigation Reform Act of 1995 including, but not limited to, statements as to commercialization of the Company’s products and business development activities. Editors and investors are cautioned that such forward-looking statements involve risks and uncertainties that may cause the Company’s actual results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to, the Company’s ability to generate revenues and other factors as described in the Company’s literature and filings with the Securities and Exchange Commission.
Further information on DiesoLiFT™ and the PerfoLiFT™ BD-Series may be found at IFT’s website at: www.internationalfuel.com.