ALGONA, Iowa — Nov. 26, 2007 — Hydrogen Engine Center, Inc., (OTC BB: HYEG), a developer of systems and processes used in the design, manufacture and distribution of alternative fuel internal combustion engines, engine controls and generator systems, today announced a series of steps to expand advanced technology development while simultaneously accelerating the delivery of alternative energy solutions to the global market.
HEC leadership noted that traditional, oil-based energy markets continue to experience pricing and supply concerns, and that these factors are expected to open alternative energy market opportunities earlier than previously forecasted. HEC is in a position to take fullest advantage of this situation. To do this, the company has adopted a four-point strategic plan:
-- Licensing of energy technology, built upon HEC's current and growing patent portfolio;
-- Expand HEC work in utilizing our non-polluting power solutions in transforming renewable energy sources such as wind and solar power into mainstream power sources;
-- The development and expansion of Green Corporate Partnerships to accelerate solutions for delivering near-zero emissions, fuel burning technology to customers worldwide;
-- The expanded utilization of industrial by-product hydrogen, to power industrial facilities globally.
Vanderbrook commented, "This expanded four-point strategy is designed to deliver real value and solutions to the market. We are approaching a tipping point where alternative energy is becoming the preferred source of power throughout almost every customer sector. I believe HEC is poised to help provide valuable solutions that reduce oil dependency, reduce greenhouse gases, and take demand off the strained power grid. This alignment helps HEC to move even more rapidly to develop and deliver reduced carbon energy solutions. I am proud to take the helm of Hydrogen Engine Center as chief executive officer."
The common denominator of this accelerated strategy is HEC's advanced technology - integrated into solutions that deliver real world power systems to customers. This technology enables engines to burn cleanly, and relies on fuels that are readily available from a multitude of domestic sources.
Ted Hollinger, founder and chairman of HEC, will head up the HEC Advanced Carbonless Energy Technology Group (ACETG). Hollinger will direct worldwide programs to leverage the company's current patents.
He will also identify additional leading edge technology the company can develop and license. Hollinger will also expand and grow synergistic development projects with members of HEC's network of innovation partners. Tapan Bose, who also heads HEC's Canadian business, will join Hollinger in this endeavor. Hollinger commented, "HEC is in a very strategic position. We have begun and are ready to help the global market reduce its dependence on oil. Our technology allows customers to burn fuels such as ammonia, hydrogen, and other biofuels. These are reduced emissions fuels that countries can source domestically. The newly announced ACETG will help bring this technology to global customers. I am excited and proud to launch this expanded global mission within HEC."
In concert with this announcement, Don Vanderbrook has been named CEO of HEC; he had been COO. Hollinger and the Board of Directors of HEC jointly commented, "We are very fortunate that Don Vanderbrook is on our team. Don's transition to the CEO position will be seamless. Don has a track record of success in the power generator sector, and he has brought strong industry experience to HEC." As CEO, the company's global finance, marketing, sales and manufacturing teams will be under his direction. Both Hollinger and Vanderbrook will report to the company's board of directors. The Board has authorized two new seats and will elect a board chair on a rotating basis from among its members.
Hydrogen Engine Center, Inc. is working to develop a world-wide market for reliable, site-specific, renewable power generation and alternative-fuel internal combustion engines for the industrial...
The company appointed Jan Rowinski to the position.