Cgf Nikkei 225 Ppns (AMEX:PFT)
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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.