June 28th, 2005
Hy-Drive Completes Financing for Hydrogen Injection System – To Improve Performance of Combustion Engine
Hy-Drive Technologies Ltd. (TSX-V: HGS) has completed
$2.6 million (Canadian) in financing as a result of the sale of about 4.0 million Units at 64 cents a unit. Hy-Drive plans
to use the funding to help accelerate the introduction of its G2 Hy-Drive System, which are currently being assembled according
to Tom Brown, President of Hy-Drive. "We are currently assembling the first 100 of our latest generation, commercial-ready
units and with the proceeds of this financing, will be investing in inventory as well as the tooling and equipment required
to increase production levels to meet expected future sales."
The Hy-Drive system is used to generate and inject hydrogen
gas into a standard combustion engine. The reported benefits of the technology include reduced emissions, increased horsepower,
fuel savings and extended engine life.
