puraDYN Files Compliance Plan with AMEX
06 Junho 2005 - 4:59PM
Business Wire
puraDYN Filter Technologies Incorporated (AMEX:PFT) announced today
that in accordance with the notice of non-compliance received from
the American Stock Exchange on April 28, 2005, it has filed its
proposed plan of compliance within the deadline set by AMEX. The
Company's common stock continues to be listed on the American Stock
Exchange. Joseph V. Vittoria, Chairman, stated, "We believe the
plan we have submitted to the AMEX addresses the issues of
non-compliance and outlines our strategy in resolving these issues.
We are hopeful that the AMEX will accept the plan and that our
stock will continue to be listed on the Exchange." Vittoria
continued, "We are now proceeding to finalization of the current,
targeted equity raise and with our reduced overheads, we can now
concentrate on growing the company's revenue through the many
evaluations that are currently in place. "A number of investors
recognize that while the Company may be facing liquidity issues, we
do produce an asset needed by every type of company that uses a
high volume of engine oil and whose bottom line is impacted by the
rising cost of oil. "These same investors recognize that we are
committed to achieving the goals set forth in our business plan and
have remained supportive of the challenges we face in bringing our
product to the marketplace." About puraDYN Filter Technologies
Incorporated PuraDYN (AMEX:PFT) designs, manufactures and markets
the puraDYN(R) Bypass Oil Filtration System, the most effective
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 targeting
an annual $13 billion potential industry. The Company has
established aftermarket programs with several of the transportation
industry leaders such as Volvo Trucks NA, Mack Trucks, PACCAR; a
strategic alliance with Honeywell Consumer Products Group,
producers of FRAM(R) filtration products; and continues to market
to major commercial fleets. PuraDYN(R) equipment has been certified
as a 'Pollution Prevention Technology' by the California
Environmental Protection Agency and was selected as the
manufacturer used by the US Department of Energy in a three-year
evaluation to research and analyze 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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