eCarfly Announces Significant Government Funding Estimated To Be Provided From Fleet Trials - Final Stock Purchase Agreement Under Review Wednesday March 7, 12:16 pm ET
DALLAS--(BUSINESS WIRE)--eCarfly, Inc. (Pink Sheets:ECFL - News) is pleased to announce today that the merging company, Terra Fuel Technologies (TFT), expects significant government funding from successful fleet trials with high profile organizations like previously announced, Waste Management. Government funding for implementation of Co-Fuelling Engine Technology would provide immediate revenue gains for Terra Fuel Technologies. eCarfly and TFT are currently reviewing the final stock purchase agreement to conclude the merger between both companies. Signed stock purchase agreements would move the merger process into its finishing phases and would allow eCarfly to begin profit sharing of described contracts. ADVERTISEMENT
Section 742 of the Energy Policy Act of 2005, authorizes the U.S. Environmental Protection Agency (EPA), in consultation with DOE, to administer a competitive grant program for modernizing fleets and retrofitting diesel trucks. Grants will be awarded with preference to state or local governments that allocate funds for major hauling operations, particularly at ports. A 50% cost share is required. Trucks being replaced must be model year 1998 or older. EPAct of 2005 authorizes $20 million in 2006, $35 million in 2007, $45 million in 2008, and such sums as necessary for 2008-2010.
Section 754 of the Energy Policy Act of 2005, directs DOE to accelerate efforts to ensure that diesel vehicles meet Tier 2 standards. The goal is to improve combustion and after-treatment technologies and enable diesel technologies by 2010.
Section 757 of the Energy Policy Act of 2005, directs DOE to work with engine manufacturers and fuel injection manufacturers to test biodiesel in advanced diesel fuel engines, determine impacts of different biodiesel blendstocks, and study the emissions and warranty impacts of different blendstocks. EPAct 2005 authorizes $5 million each year from 2006-2010.
With the aforementioned knowledge of the government's intent to make positive changes in the world's pollution situation, Terra Fuel Technologies would potentially receive numerous contracts to rapidly install their Co-Fuelling Engine Technology into many large diesel fleets for the government as well as large corporations. In addition to government funding, many vehicle manufacturers are currently providing funds to research and develop means of using alternative fuel sources and engine modifications to enhance their performance levels in diesel engines. The TFT technology meets these requirements by increasing torque and overall engine performance while reducing emissions at the same time.
"We are very excited that the Stock Purchase Agreement is under review. We have received verbal confirmation that there are no issues within the agreement and it is intended to be signed accordingly. Through many extensive hours of research and negotiations, we have finally reached conclusive agreements with TFT," stated Desmond Milligan.
"Any type of government funding would only amplify the possibilities for TFT and eCarfly. We believe that the technology held by the TFT provides an incomparable resolution to many of the world's emissions concerns. Successful Fleet testing with described organizations will provide a confidence level for other carriers and organizations nationwide that the TFT Co-Fuelling Engine Technology is a market leader in emissions solutions," stated Desmond Milligan, CEO of eCarfly, Inc.
eCarfly Announces Merger with Terra Fuel Technologies To Be Finalized By Wednesday, March 14th, 2007
DALLAS, Mar 07, 2007 (BUSINESS WIRE) -- eCarfly, Inc. (Pink Sheets:ECFL) announced today that they have scheduled have the merger finalized by Wednesday, March 14th, 2007. Press will be released the morning of Thursday, March 15th, 2007 to inform shareholders of specific merger conclusions.
Confirmation has been received that both eCarfly and Terra Fuel Technologies (TFT) are in agreement that the merger will be completed by Wednesday of next week. Final merger details have been submitted and will be sent through legal departments by both organizations to bring the merger to close.
Concluded merger details will include:
-- Revenue Forecasts
-- Additional Contract Details
-- Stock Purchase Agreement Details
-- Forward-Looking Statements
The concluded merger will create one unified organization between eCarfly and TFT that will focus primarily on bringing the Co-Fuelling Technology to the world's most recognized vehicle management and automobile manufactures, as well as government agencies nationwide.
"The merger between our two companies is finally set to be concluded. We have exhausted many efforts to ensure that this process reaches a conclusive state, and are excited that we are merging with a company that recognizes the benefit of utilizing eCarfly's automotive experience. Press will be released the morning of March 15th to update our shareholders of this positive conclusion to many months of anticipated results. We are excited that our shareholders will finally be rewarded for all their support and long-term patience. We expect that acquiring an asset of this caliber will result in highly positive market reflection," stated Desmond Milligan, CEO of eCarfly, Inc.
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If they were an existing company that has done WORK in the past, you would think there would be some evidence of them on the web. Hell, my name is on the web a million times for the piddly stuff I do. So A COMPANY??? not being on the web. I sold and probably should have done this dd BEFORE I bought, but I am always learning.
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