Spokane, WA (GLOBE NEWSWIRE) - REGI U.S., Inc. (“REGI” or “RGUS” or "the Company") (OTC:RGUS)
The Board of Directors, REGI U.S., Inc. and its wholly owned subsidiary, RadMax Technologies, Inc., are pleased to announce continued progress in the development of the RadMax prototype, proof-of-concept gas expander with integrated electricity generation capability.
Three iterations of the expander design have evolved during the past several months resulting from continual materials, sealing methods and individual component testing. Design improvements include low friction vane and rotating seal designs which have outperformed expectations. Encouraging results from testing have led to the filing of three new provisional patents with several others still being considered.
Components for the latest design modifications are currently being fabricated in our prototype shop. Electricity generating components design and testing is being conducted separately and concurrently. Testing of electricity generation to date has shown a good correlation to computer simulations.
Testing of further design improvements with electricity generating components integration to reach our initial goal of 65% device efficiency is expected to continue through the first quarter of 2018. We believe 70 – 80% device efficiency is achievable based on the laboratory validation of our expander and electricity generation predictive performance models.
Targeted applications for the electricity producing RadMax gas expander are the large commercial markets for air conditioning, refrigeration, natural gas distribution and other applications where throttling valves are commonly used, such as the Petrochemical Industrial sector. Electricity generation integration is also a major objective for RadMax internal and external combustion engines for portable, stationary, backup and emergency power generation. We have begun initial inquires to prospective industry co-development partners in these areas.
Proving the concept of the RadMax gas expander is an important building step in the further development of RadMax compressors and the RadMax external combustion engine applications with lessons learned directly applicable to these products. Development of these products will be accelerated once the gas expander proof-of-concept project is completed.
We will be exhibiting our technology at the POWER-GEN International 2017 Exhibition and Conference in Las Vegas, NV on December 5 – 7. We encourage our investors to follow our progress on our website radmaxtech.com.
About REGI U.S., Inc.
RadMax Technologies, Inc., the wholly owned subsidiary of REGI U.S., Inc., is developing for commercialization multiple improved axial vane type rotary devices using our Patented RadMax™ Rotary Technology. This Technology allows for revolutionary designs of lightweight and high efficiency engines, compressors pumps and other devices. One current prototype, The RadMax™ engine, has only two unique moving parts, the vanes (up to 12) and the rotor, compared to the 40 moving parts in a simple four-cylinder piston engine. This innovative design makes it possible to produce up to 24 continuous power impulses per one rotation that is vibration-free and extremely quiet. The RadMax™ engine also has several capabilities allowing it to operate on fuels including gasoline, natural gas, hydrogen, propane and diesel. For more information, please visit radmaxtech.com
Statements in this press release regarding the business of REGI U.S, Inc. (the “Company”) which are not historical facts are "forward-looking statements" that involve risks and uncertainties, including management's expectation on closing the second tranche of the private placement, certain of which are beyond the Company's control. There can be no assurance that such statements will prove accurate, and actual results and developments are likely to differ, in some case materially, from those expressed or implied by the forward-looking statements contained in this press release. Readers of this press release are cautioned not to place undue reliance on any such forward-looking statements.
Forward-looking statements contained in this press release are based on a number of assumptions that may prove to be incorrect, including, but not limited to: the impact of competitive products and pricing, the Company's dependence on third parties and licensing/service supply agreements, and the ability of competitors to license the same technologies as the Company or develop or license other functionally equivalent technologies; financing requirements; changes in laws, rules and regulations applicable to the Company and changes in how they are interpreted and enforced, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in the United States, industry conditions, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange, stock market volatility and market valuations of companies with respect to announced transactions. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements, including those described in REGI U.S., Inc.’s financial statements, management discussion and analysis and material change reports filed with the United States Securities and Exchange Commission at www.sec.gov, and REGI’s Form 10-KSB annual report filed with the United States Securities and Exchange Commission at www.sec.gov. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive therefrom.
Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward- looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
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SOURCE: REGI U.S., Inc.