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Ionic Fuel Technology Awarded Five-Year Maintenance Contract from Agfa-Gevaert N.V.
Division of U.S. Based Armstrong International Places Initial Order
ESSEX, England, May 30 /PRNewswire/ --
Ionic Fuel Technology, Inc. (OTC Bulletin Board: IFTI) announced today it signed a five-year burner maintenance contract with Agfa-Gevaert N.V (BXS: AGF) covering more than 40 boilers. Agfa-Gevaert N.V. is a public Belgium company involved in the production of photographic material and is located in Antwerp, Belgium.
The contract has an estimated value of $30,000 per year and requires the Company to maintain burners on over forty boilers. The Company will also recommend the installation of the IFT System, when appropriate, to reduce energy costs and carbon dioxide (CO(2)) emissions. IFT Systems have been installed on two of Agfa-Gevaert's largest boilers reducing fuel expense by 2 to 3 percent and CO(2) emissions by approximately 1,600 tons per year. The rental income from these two IFT Systems will be approximately $45,000 per annum.
The Company also received its first order from Armstrong Service's European Division to install an IFT System as part of a contract awarded to Armstrong by Akzo Nobel (AEX: AKZ; Nasdaq: AKZOY). The value of this purchase order is approximately $45,000. Armstrong Service is part of Armstrong International, a private company based in Orlando, Florida providing products, engineering analysis, turnkey installation services and utility system asset purchase capabilities to optimize steam systems worldwide. Additional information about Armstrong International can be obtained from their website, http://www.armstrong-intl.com.
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