Xynergy Holdings Announces Plans to Discontinue Current Testing of Its Hydro-X Assist Cell and to Refocus Efforts
April 22 2010 - 6:16PM
Marketwired
Xynergy Holdings, Inc. (the "Company") (PINKSHEETS: XYNH) Although
initial testing in the 2008 Toyota Yaris appeared to have yielded
positive results, the Company announced today that it has
discontinued testing of the Company's Hydro-X Assist Cell due to a
recently discovered flaw in the effects of the catalyst solution on
the engine. This discovery has resulted in voiding the
manufacturer's warranty and has flagged the Company's 2008 test
vehicle thereby preventing any further warranty issues from being
covered under its warranty policy. "This was a huge blow to our
research and development efforts, particularly after what appeared
to have been such successful road tests. Consumers may want to save
money on their gas bills, but certainly not at the expense of
voiding their vehicle's manufacturer's warranty," say Company CEO,
J.C. Ley.
Mr. Ley goes on to say, "Xynergy Holdings has had to change its
approach to this industry and the market it initially intended to
pursue. We believe that the direct to consumer market, with
vehicles still under warranty, is now completely out of the
Company's focus. Our intention is to eliminate the use of a
catalyst but we are not sure how that will affect the efficiencies
we are seeking." In the interim, the Company plans to seek
applications of the cell on out of warranty vehicles and to test a
newly designed cell on diesel engines. Similar to the initial cell,
tested back in 2009, the newly designed cell creates hydrogen on
demand. However, there are new design elements to the individual
parts making up the cell, and the cell itself has become much
larger.
According to Mr. Ley, "Should we be successful in our endeavors,
there seems to be an opportunity within the out of warranty
commercial market and engines utilizing diesel fuel." Asked about
the Company's future, Mr. Ley says, "The Company will continue to
research and test the new Hydro-X Assist cell technology. However,
while we hope to obtain positive results from the new cell with a
diesel engine, we cannot determine the success or viability of the
cell until after further testing and an analysis of additional
research and development costs. In the interim, we have also been
working diligently to identify acquisitions in a variety of fields
that can bring the Company immediate sources of revenue."
About Xynergy Holdings, Inc. Xynergy
Holdings, Inc. is committed to meeting the world's growing energy
needs while also promoting environmentally conscious business
practices, sustainability and commerce. Their focus is on promoting
global commerce within the realm of a global economy.
Safe Harbor This press release includes
statements that constitute "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995
(the "Reform Act"). Xynergy Holdings, Inc. claims the protection of
the safe-harbor for forward-looking statements contained in the
Reform Act. These forward-looking statements are often
characterized by the terms "may," "believes," "projects,"
"expects," or "anticipates," and do not reflect historical facts.
Specific forward-looking statements contained in this press release
include, but are not limited to: our successful integration of
diversified growth companies, impact of the company's expansion
plan, and new business development success, future financial
results, development and acquisition of new product lines and
services, the impact of competitive products or pricing from
technological changes, the effect of economic conditions and other
uncertainties. The forward-looking statements contained herein
involve risks and uncertainties that could cause actual results to
differ materially from the expectations contained in any such,
forward-looking statements. These risks include, but are not
limited to: failure to manage operating expenses or integrate new
companies and/or technologies, each of which could have a material
impact on our business, our financial results, and the company's
stock price. These risks and other factors are detailed in the
Company's filings with the U.S. Securities and Exchange Commission
and the Pink Sheets. Most of these factors are difficult to predict
accurately and are generally beyond the Company's control.
Forward-looking statements speak only as to the date they are made
and Xynergy Holdings, Inc. does not undertake to update
forward-looking statements to reflect circumstances or events that
occur after the date the forward-looking statements are made.
Contact: Xynergy Holdings, Inc. 305-819-0452
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