Company Advances Energy Efficiency Technologies and Related Business Developments
MORGAN HILL, CA--(Marketwire - May 15, 2009) - Save The World Air, Inc. (
During the quarter the company received proceeds in excess of $630,000 in investment capital through a series of notes from investors. Capital received is for the general development of the company and its technologies.
Additionally, on April 29, 2009, the Company received from Temple University a written extension to its May 29, 2009 agreement for funds due to Temple. The Company expects that all payments regarding past due amounts, with the exception of the prescribed payments, will be renegotiated on or before May 29, 2009.
Mr. Cecil Bond Kyte, Chairman and CEO of Save The World Air, Inc., stated, "We are pleased with all of the support we have garnered from our investors and partners. The technology and business developments that we have accomplished over the past several quarters will add tremendous value as we move forward."
"During the quarter we announced many exciting milestones, including CARB approval for the MagChargR™ Product and a related purchase order from Magnum Force," continued Mr. Kyte. "Additionally, we have recently been in discussions with potential customers and partners with regards to the manufacture and deployment of the ELEKTRA™ product. The next step, in the near future, will be to release data on the effectiveness of the ELEKTRA product, its time to market and other business developments regarding the roll out of this Technology."
Mr. Kyte concluded, "We are enthusiastic about the prospects for this Company and the enormous potential for our technologies. As a significant shareholder and investor myself, I am motivated to see this company grow significantly and in increasing shareholder value for all of our stakeholders."
The Company's 10Q filing can be reviewed at: http://www.sec.gov.
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 including a company Fact Sheet, logos and media articles are available at: http://www.irthcommunications.com/clients_ZERO.php, and at: http://www.magchargr.com.
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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.