I'm posting this for FREEMAN, who was counseled, by the WTS, to give up a good position because it was working too closely with NASA.........
NOTE: please take the pedophile scandal seriously.........erieguy
Copyright 1996 PR Newswire Association, Inc.
PR Newswire
July 16, 1996, Tuesday
HEADLINE: COOPERATIVE AGREEMENT FOR NASA GENERAL AVIATION PROPULSION PROGRAM
DATELINE: RICHMOND, British Columbia, July 16
BODY:
The following statement was issued yesterday by John Robertson, President of Reg Technologies, Inc. (OTC Bulletin Board:
REG RF; Vancouver: RRE.V), on behalf of the Board of Directors of Reg Technologies, Inc.:
Reg Technologies, Inc. and its U.S. subsidiary REGI U.S., Inc. (OTC Bulletin Board: RGUS) wish to announce that we have agreed to a
cooperative agreement to participate with Global Aircraft Corporation in
the NASA GAP program. Global is currently preparing the NASA GAP proposal with the various
NASA government agencies and others. The proposal includes detailed
budgets, a technical program plan, and a commercialized plan for the
Rand Cam(TM) aviation engine. Also, a business plan for manufacturing
to arrange financing of the project and to prepare the final proposal to
be submitted July 23, 1996.
The GAP program concept would be based on a $8.5 million (US)
program which would consist of $5 million for Rand Cam engine
development. Global support would be targeted at $3.5 million for
design, construction and testing of the airplane which will serve as the
demonstration platform for our Rand Cam engine.
In return for Global's participation in the GAP program, management
of the GAP contract, contribution of significant aviation technology,
experience, NASA relationships and the $3.5 million contribution for
design, construction and testing of their airplane for the Rand Cam
engine. Global will receive a world wide unlimited license for aviation
applications of the Rand Cam engine. Reg/REGI will receive a 5% royalty
on all products under the license and 50% of royalties on sublicense
agreements. Reg/REGI will also share equally in all sublicenses fees
after Global has recovered all development and certification costs.
Reg/REGI has also granted Global an option to purchase a world wide
license for all marine engines over 100 HP on the following terms and
conditions:
-- Global will pay $5 million to Reg/REGI to purchase the said
world wide marine license. The $5 million is to be paid six months
after the successful testing of a 1000 SHP Rand Cam engine for 2,500
hours of continuous operation endurance test.
-- Global will arrange a $2.5 million temporary credit facility for
Reg/REGI to cover the matching funds required for the NASA GAP contract.
-- Global will pay Reg/REGI for the fabrication and testing of the
said marine engine. Reg/REGI shall provide all design and technical
support for engine development.
-- Reg/REGI shall receive a 5% royalty on all marine engines
produced under the license and 50% of all royalties from sublicenses.
Reg/REGI and Global shall share equally in all sublicense fees after
Global receives its development and certification costs.
Reg/REGI has agreed to issue Global a warrant for 100,000 shares of
REGI, U.S., Inc. to be issued upon award of the NASA GAP program. In
the event Global/REGI is not awarded the GAP contract, Global will
receive 50,000 shares of REGI for its contribution in preparing the said
proposal.
Reg/REGI believes that our participation with Global in the proposed
program will benefit Reg/REGI in several ways as set forth:
-- Bring Reg/REGI prestigious participation in a NASA High
Technology Program designed to define light aircraft engine technology
for the next decade and beyond.
-- Accelerate development of a new generation of aviation engines
which will generate profits for Reg/REGI and its stockholders.
-- Provide NASA technical support in the development of Rand Cam
engines which will be provided at no cost to Reg/REGI.
-- Provide access to government technical expertise and test
facilities that are not available to Reg/REGI at any cost except as a
participant in the GAP program.
-- Bring development of Rand Cam engine technology to a higher
level in a shorter time frame which will provide critical design and
manufacturing information for other applications.
-- NASA will provide one dollar of support for every dollar
Reg/REGI spends plus provide additional NASA technical support at no
cost to Reg/REGI.
-- Global will provide technology in expertise to design, build and
flight test an airplane, propeller and aero-cowl designed specifically
for the NASA GAP mission and for the Rand Cam engine. This will
maximize airplane performance which will in turn reflect well on the
engine.
-- Participation in the NASA GAP program will give Reg/REGI and the
Rand Cam engine high visibility international exposure which will assist
in selling the concept to other industries and applications.
On Behalf of the Board of Directors
John Robertson
President
NOTE: The Vancouver Stock Exchange has neither approved nor
disapproved of the information contained herein.
CONTACT: John Robertson, President of Reg Technologies, Inc., 604- 278-5996
(sounds like the wts fit right in, they're very into selling concepts.....
