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Cyclone Power Technologies Retains Auditors to Prepare Financials for SEC Registration

Dépèche transmise le 8 septembre 2009 par Business Wire

Cyclone Power Technologies Retains Auditors to Prepare Financials for SEC Registration

POMPANO BEACH, Fla.--(BUSINESS WIRE)--Cyclone Power Technologies (Pink Sheets: CYPW) has retained the CPA firm of Mallah, Furman & Company P.A. to audit the company’s financial statements for the periods ended December 31, 2008 and 2009, in compliance with GAAP and accounting regulations of the Securities and Exchange Commission.

Management believes that commencement of this audit constitutes a critical first step towards the company becoming a fully reporting registrant under the federal securities laws and, ultimately, moving its common stock to a national exchange or trading market.

“We believe that the greater stability offered by listing our shares on a broader stock exchange will help build shareholder confidence and value,” stated Frankie Fruge, Cyclone’s COO and Director. “That has been our mission from the beginning, and now that our company has grown and our technology has advanced, we are determined to continue along that path.”

Established in 1960, Mallah Furman is one of South Florida’s largest accounting firms, which provides full service accounting, consulting and strategic financial services to individuals and businesses in a broad spectrum of industries and disciplines. Cyclone’s account there will be overseen by Joe S. Berkovits, CPA and Michael G. Valencia, CPA – whose firm, Berkovits & Company, LLP, recently merged with Mallah Furman. Mallah Furman is a member of the PCAOB (Public Company Accounting Oversight Board).

Cyclone will continue to retain its current accountants, Baum & Co., who will assist and support Mallah Furman in the process of preparing the company’s financial statements for audit.

CORPORATE PROFILE

Cyclone Power Technologies is the developer of the award-winning Cyclone Engine – an eco-friendly external combustion engine with the power and versatility to run everything from portable electric generators and garden equipment to cars, trucks and locomotives. Invented by company founder and CEO Harry Schoell, the patented Cyclone Engine is a modern steam engine, ingeniously designed to achieve high thermal efficiencies through a compact heat-regenerative process, and to run on virtually any fuel - including bio-diesels, syngas or solar - while emitting fewer greenhouse gases and irritating pollutants into the air. Currently in its late stages of development, the Cyclone Engine was recognized by Popular Science Magazine as the Invention of the Year for 2008, and was presented with the Society of Automotive Engineers’ AEI Tech Award in 2006 and 2008. Additionally, Cyclone was recently named Environmental Business of the Year by the Broward County Environmental Protection Department. For more information, visit www.cyclonepower.com.

Safe Harbor Statement

This release contains certain "forward-looking" statements, as well as historical information, involving risks and uncertainties, which are covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we can give no assurance that the expectations reflected in these forward-looking statements will prove to be correct. Forward-looking statements include those that use forward-looking terminology, such as the words "anticipate," "believe," "estimate," "expect," "intend," "may," "project," "plan," "will," "shall," "should," and similar expressions, including when used in the negative. Although we believe that the expectations reflected in these forward-looking statements are reasonable and achievable, these statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. Additionally, the company’s actual or future results may differ materially from those anticipated depending on a variety of factors, including continued acquisition and maintenance of favorable license arrangements, success of market research identifying new product opportunities, successful introduction of new products and continued product innovation, sales and earnings growth, and general economic conditions. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements attributable to us are expressly qualified in their entirety by these and other factors. Cyclone Power Technologies does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results, reflect events or circumstances or to changes in its expectations, except as may be required by law.