STWA Completes First Installment Payment to Temple University
MORGAN HILL, CA--(Marketwire - January 28, 2009) - Save The World Air, Inc. (
Cecil Bond Kyte, Chairman of Save The World Air, Inc., commented, "Satisfying the outstanding license agreement issues with Temple was the Company's highest priority over the last several months. We have now completed our first of three installments and are continuing to move ahead with our plans for commercializing this technology and bringing products to market."
Steve Nappi, the University's Director of Tech Transfer Operations, said, "We are very pleased that Cecil and his team have satisfied the first tranche of payments to the University. Temple is looking ahead to a long term, mutually beneficial relationship."
The extension pertains to the four licensing agreements issued to STWA from Temple, beginning July 1, 2004.
The 'Cure Period' extension expires on March 31, 2009 and is contingent upon the company meeting its obligations under the new payment schedule. The Company issued an 8K filing previously, which details the four agreements and the new payment schedule.
About Save The World Air, Inc.
Save The World Air, Inc. develops and licenses patented and patent pending flux field pollution control and performance improvement technologies, including the ELEKTRA, ZEFS and MKIV, which have been scientifically tested and proven to significantly reduce harmful exhaust emissions, improve performance and enhance fuel economy. The products have been engineered to serve as either stand alone pollution control systems or can be used (in conjunction with catalytic converters) to create a more effective total pollution control system that not only reduces harmful emissions, but also decreases greenhouse gases, improves fuel efficiency and boosts performance.
More information is available at: www.stwa.com.
Safe Harbor Statement
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from any future results described within the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release.
Released January 28, 2009