|By Marketwired .||
|April 9, 2014 12:40 PM EDT||
BOYNTON BEACH, FL -- (Marketwired) -- 04/09/14 -- Puradyn Filter Technologies Incorporated (OTCQB: PFTI) has been selected by a large military contractor and producer of military generators to provide bypass oil filtration systems for use on generator sets as part of an award to the contractor by the U.S. Military.
This single contract is projected to provide an estimated 750 units for production beginning in late 2014 and extending over a three-year fulfillment period with a total contract value of approximately $300,000. Puradyn will be supplying, through its local distributor, a next-generation product to enhance oil filtration capabilities.
Kevin G. Kroger, President and Chief Operating Officer, Puradyn, said, "We are proud to have been selected by this military contractor to provide bypass oil filtration systems for their contract award and to be, once again, the preferred choice when safe oil drain extensions are required. The new military specification for sustainment requirement now calls for a minimum oil drain interval of 750 hours. This requirement also comes with a stipulation of 'no degradation' with respect to engine performance or life cycle.
"This award for the Puradyn System is the latest in a line of small military-based supply orders which began in 2006 when our systems were installed on trucks, still in use today, supplied by Freightliner for foreign military sales, and again in 2008, when our bypass oil filtration systems were mounted on the JERRV line of MRAP vehicles."
Kroger concluded, "Our technology will help not only to meet the new requirements for safe extension of oil drain intervals, but will also help in achieving Military Command's directive to reduce sustainment material for equipment being used in military operations. By meeting this directive, we also assist in reducing logistical issues of handling oil. We are privileged to do anything we can to support the readiness and mobility of our troops."
About Puradyn Filter Technologies Incorporated
Puradyn (OTCQB: PFTI) designs, manufactures and markets the Puradyn Oil Filtration System, the most effective bypass oil filtration product on the market today. It continuously cleans lubricating oil and maintains oil viscosity to safely and significantly extend oil change intervals and engine life. Effective for internal combustion engines, transmissions and hydraulic applications, the Company's patented and proprietary system is a cost-effective and energy-conscious solution. Puradyn equipment was selected as the manufacturer used by the US Department of Energy in a three-year evaluation to research and analyze the performance, benefits and cost analysis of bypass oil filtration technology.
STATEMENTS IN THIS PRESS RELEASE WHICH ARE NOT HISTORICAL DATA ARE FORWARD-LOOKING STATEMENTS WHICH INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES OR OTHER FACTORS NOT UNDER THE COMPANY'S CONTROL, INCLUDING BUT NOT LIMITED TO THE POSSIBLE INABILITY TO RAISE CAPITAL FUNDS, LACK OF PROTECTION FROM INTELLECTUAL PROPERTY, VULNERABILITY BECAUSE OF MANUFACTURING A LIMITED NUMBER OF PRODUCTS, DEPENDENCE ON DISTRIBUTORS, ORDERS PREVIOUSLY STATED IN THIS PRESS RELEASE MAY NOT MATERIALIZE, AND THE POSSIBILITY THAT THE PRODUCTS DO NOT MEET CUSTOMERS' NEEDS, WHICH MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM THE RESULTS, PERFORMANCE OR OTHER EXPECTATIONS IMPLIED BY THESE FORWARD-LOOKING STATEMENTS. THESE FACTORS INCLUDE, BUT ARE NOT LIMITED TO, THOSE DETAILED IN THE COMPANY'S PERIODIC FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION.
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