Results of a recent Board of Directors Meeting, outlining management and Board changes, with the future direction of the company.
GREENEVILLE, TN, USA, December 7, 2017 — Hydrogen Engine Center, Inc. (HYEG) reports that on November 28, 2017, it submitted updated corporate information and financials on the OTC Marketing Website, https://www.otcmarkets.com/home under trading symbol “HYEG”. The information submitted includes audited financials for the years ended December 31, 2015, and December 31, 2016. Reviewed financials for the 9-month period ended September 30, 2017 were submitted on December 5, 2017.
On October 25, 2017, a Meeting of the Board of Directors for the Hydrogen Engine Center, Inc. (HEC) and HEC-TINA, Inc. (HEC-TINA) was held at the corporate offices in Greeneville, TN. William (Bill) Ayres a Board member has now officially accepted the management position as Interim President and Chief Executive office of both corporations. Pedro Blanc, the Chairman of the Board and Treasurer was elected as Chief Financial Officer. It was agreed that the companies will now focus only on the commercialization of the TINA Power module, which will include a commercial engine generator system supplied by Cooper Corporation Pvt. Ltd. http://www.coopercorp.in. These proven natural gas engine generator systems will be converted to operate on hydrogen fuel produced by the TINA electrolyzer in power modules from renewable energy sources. Two engine generators have been purchased and are scheduled to arrive the week of December 4 for installation in two existing power modules to be shipped to Southeast Asia. These modules will be the first renewable energy systems in Southeast Asia to be able to produced electricity from solar and hydrogen internal combustion 24 hours per day and 7 days per week.
Both Vic Cordell and Allen Jones have resigned from the Board of Directors. Mr. Cordell’s resignation was effective October 10, 2017. Mr. Jones has also resigned as Chief Financial Officer. His resignations were effective September 15, 2017. In November of 2015, Allen Jones who had retired after a successful 43-year career as a banker agreed to be Chief Financial Officer and was elected to the board, where he committed to work for a period of two years. His primary focus was to direct a long over due updating financials, tax filings and an updated audit. All tax filings and financials are now up to date as of September 30 and his 2-year commitment will over at the end of November. Although he has resigned as a Director and as Chief Financial Officer, he has agreed to remain as a financial consultant to assist during the upcoming 2017 annual audit process. With the updating of the current financials and audits, HEC will be able to start filing timely Quarterly and Yearly reports to the OTC PINK. We are submitting our Quarterly report ended September 30, following the OTC PINK Guidelines and will file an annual report for 2017.
HEC-Tina is continuing discussions with Ted Hollinger regarding completing development of existing HEC projects such as the “closed loop engine” and the development of new high efficiency engine technologies. HEC and HEC-TINA are currently discussing research arrangements with Ted to allow him to continue the development of existing projects and Intellectual Property including patents initiated by HEC and HEC-TINA.
Hydrogen Engine Center, Inc., and its subsidiary, HEC-TINA, Inc. integrates Intellectual Property and commercial power systems into “Power Modules” to produce renewable electricity for sale to customers for use and distribution of clean energy. Any carbon-free renewable energy source including wind or solar can provide electricity for hydrogen production and storage. Excess electricity is used to operate an electrolyzer to produce hydrogen fuel, which is stored and can be used in an internal combustion engine/generator system on demand. HEC-TINA technologies provides the ability to deliver electricity 24 hours per day and 7 days a week to customers and partners in remote or rural power generation markets. The hydrogen fuel source is produced by the electrolysis of water, using energy from any source of energy including wind, solar, hydroelectric, or other renewable sources. Principal offices have moved to a larger facility owned by HEC located at 203 Old Wilson Hill Road, Greeneville, TN 37745
Visit www.hydrogenenginecenter.com or in the US dial 423-278-2952 for more information.
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