International Fuels News
Tuesday July 23, 2008 8:00 AM Eastern Time
IFT Signs Marketing and Distribution Agreement with Vision Oil Services (VOS)
VOS to Provide Services to IFT and Libya Oil Holdings Limited (LOH) Regarding LOH's Launch of a New Premium Diesel Product Additized with DiesoLIFT™ 10
ST. LOUIS, July 23, 2008 – International Fuel Technology, Inc. (IFT) (OTCBB: IFUE) announced that it signed an exclusive marketing and distribution agreement with VOS for the continent of Africa. The agreement is the product of many months of intensive effort by both IFT and VOS to successfully introduce DiesoLIFT™10 to African markets in conjunction with LOH as an additive to LOH’s diesel products for sale in its home and export markets.
The joint VOS/IFT marketing initiative recently culminated in a memorandum of understanding (MOU) being signed between IFT, VOS, LOH and Libya Africa Investment Portfolio, whereby LOH will launch a premium diesel fuel additized with DiesoLIFT™10 to be sold initially in five countries.
As an indication of its confidence in IFT management VOS purchased 2,000,000 shares of IFT common stock with an option to increase their share ownership stake. The details of this investment were covered in a form 8-K filed by IFT on June 9, 2008.
Dr. Ali Shamekh, Chairman and CEO of LOH, said, “We are confident that the collective efforts of LOH, VOS and IFT will be successful in launching a new premium diesel product in our markets.” Dr. Shamekh was previously quoted as saying “The ability of DiesoLIFT™10 to increase fuel economy and reduce harmful emissions will provide a substantial economic and environmental benefit to our customers and the environment.”
DiesoLIFT™10 is IFT’s proprietary fuel additive formulation for use with diesel fuel and bio-diesel fuel blends. The additive has been proven to increase fuel economy and reduce harmful emissions.
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