SAN MARCOS, Calif., Jan. 22, 2013 (GLOBE NEWSWIRE) -- Omnitek Engineering Corporation (OTCBB:OMTK) today announced the U.S. Environmental Protection Agency (EPA) has approved the company's submission for its diesel-to-natural gas conversion technology for the widely operated line of heavy-duty Navistar DT466E and DT530E engines under specific and rigorous criteria related to the agency's Outside Useful Life definition.
The Navistar DT466E and DT530E engines were produced in 130 different configurations from 1996 through 2003, representing an estimated addressable market of 1.5 million potential conversions. Industry sources estimate the total number of heavy-duty diesel trucks in the USA exceeds eight million and the large majority of these trucks could benefit from Omnitek's patented technology.
"Approval of our technology by the EPA represents a significant milestone for the company and we anticipate tremendous domestic demand to convert diesel truck and bus engines to operate on liquefied natural gas (LNG), compressed natural gas (CNG) or renewable biogas," said Werner Funk, president and chief executive officer of Omnitek Engineering.
He noted that Omnitek's technology has been utilized outside the United States since 2001, with more than 5,000 engine conversions currently in operation.
"During the 20-year life span of diesel engines, routine overhauls are required and service budgets established in advance. By converting these diesel engines to operate on natural gas during a routine engine overhaul, truck operators can realize a significant return on investment, with much lower fuel costs and cleaner combustion," Funk said. He emphasized the cost benefits of conversions versus new engine replacement, as well as the limited availability of new natural gas truck and bus engines to meet pent-up and future demand.
"We are continuing to focus on appointing dealers and authorized installers to support anticipated demand for conversions, and look forward to significant domestic growth from the build-out of our domestic conversion centers across the United States," Funk said.
He added that the company expects to obtain EPA approval for other diesel engine models to address the anticipated increasing demand from trucking fleets that operate with other diesel engine models.
About Omnitek Engineering Corporation
Omnitek Engineering Corp. develops and sells proprietary diesel-to-natural gas conversion systems and complementary products, including new natural gas engines that utilize the company's technology -- providing global customers with innovative alternative energy and emissions control solutions that are sustainable and affordable.
Some of the statements contained in this news release discuss future expectations, contain projections of results of operations or financial condition or state other "forward-looking'' information. These statements are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from those contemplated by the statements. The forward-looking information is based on various factors and is derived using numerous assumptions. Important factors that may cause actual results to differ from projections include, among many others, the ability of the Company to raise sufficient capital to meet operating requirements, completion of R&D and successful commercialization of products/services, patent completion, prosecution and defense against well-capitalized competitors. These are serious risks and there is no assurance that our forward-looking statements will occur or prove to be accurate. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," and variations of such words and similar expressions are intended to identify such forward-looking statements. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
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