Further to Hy-Drive's public statement(s) on January 4, 2006, Hy-Drive advises of the following developments:
On February 17, 2006, Hy-Drive Technologies Ltd. ("Hy-Drive"), Dynamic Fuel Systems Inc. ("Dynamic"), Greenbriar Holdings Limited ("Greenbriar") and Global Tech Environmental Products Inc. ("Global Tech") (hereinafter "Plaintiffs"), appeared before Madam Justice Mesbur in the parties action against Canadian Hydrogen Energy Company Ltd. ("CHEC").
Hy-Drive hereby advises its shareholders and the public that the Court has postponed the hearing date for the Plaintiff's interlocutory injunction from February 22 to March 22, 2006 but that the interim relief previously granted remains in effect.
The interim injunction granted to the Plaintiffs in December 2005 continues to be in effect restraining CHEC from being able to:
(1) Dispose, assign, transfer or otherwise encumber any of its
assets utilizing any patent applications and/or registrations,
trade mark applications and/or registrations or agreements
prior to this date, manufacturing equipment, office equipment
(the "Assets") save and except the sale of inventory and
production of any hydrogen unit for use in association with any
combustion engine, provided CHEC maintain a complete accounting
of all sales and costs; and
(2) Disclose to any third party any technology or confidential
information associated in any manner with the Assets.
The Plaintiffs have joined forces to promote the field of technology for hydrogen devices for use in association with internal combustion engines and to restrain CHEC from, among other things, exploiting assets which are alleged to have been unlawfully acquired from Global Tech.
HY-Drive remains vigilant in the protection of its valuable confidential information, technology, intellectual property and business and continues to enforce its rights against third parties.
About Hy-Drive
Hy-Drive is an energy technology firm that has developed a proprietary, patented hydrogen generating system. The Hy-Drive system generates and injects hydrogen gas into a regular internal combustion engine, enhancing the combustion process by allowing fuel to burn more efficiently and completely. In previous extensive customer trials and tests, the Hy-Drive system has demonstrated significant performance enhancements, including reduced emissions, increased torque/horsepower, fuel savings and extended engine life. These benefits, specifically fuel economy and reduced emissions provide customers with greater productivity overall, as their engines operate more efficiently, with improved cycle times and less carbon build-up. For further information, visit www.hy-drive.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Hy-Drive to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the speculative nature of the hydrogen-based energy and power technology industry, which is affected by numerous factors beyond Hy-Drive's control; the existence of present and possible future government regulation; the significant and increasing competition that exists in the hydrogen-based energy and power technology industry; the early stage of Hy-Drive's business and therefore it is subject to the risks associated with early stage companies, including uncertainty of revenues, markets and profitability and the need to raise additional funding; the fact that Hy-Drive is a party to litigation involving claims against it for damages in substantial amounts, which, if decided unfavorably against Hy-Drive, would have a material adverse effect on Hy-Drive and its business, as well as those factors discussed in the section entitled "Risks and Uncertainties" in Hy-Drive's management's discussion and analysis for the nine months ended September 30, 2005. Although Hy-Drive has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Hy-Drive does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
The TSX Venture Exchange has in no way passed upon the merits of the
proposed transaction and has neither approved nor disapproved the
contents of this press release. The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this release.
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For further information: Investor Relations: Hy-Drive Technologies Ltd., (905) 542-3024 ext 300, (905) 542-0820 fax or Glen Akselrod, Bristol Capital Ltd. or Tom Brown, President and CEO; Media Relations: Andre Fuochi, GCI Group, (416) 486-7227, afuochi@gcigroup.com