Diamond Material May See Use As Fuel Cell Membrane
PHOENIX--(BUSINESS WIRE)--Feb. 28, 2001--Rhombic Corporation (OTCBB:NUKE) announced today that it plans to commence in March 2001, a development program of its revolutionary diamond material and diamond electrolyte membrane (DEM).
This groundbreaking technology will potentially replace the polymer electrolyte membrane, a key component of current fuel cells. In addition this program will further the creation of the Rhombic Nanotube hydrogen storage vessel. These two technologies will form integral components of the Rhombic diamond fuel cell system.
Management anticipates that a diamond electrolyte membrane (DEM) will be completed in Columbia, Missouri during the third quarter of this year. Rhombic's efforts during the next 18 months will be focused on developing its proprietary DEM fuel cell system.
The diamond fuel cell system with all of its proprietary components is designed to offer inherent advantages over current PEM fuel cell stacked systems. Important advantages include dramatic cost reductions, increased life span, weight and size reduction, permitting widespread replacement of internal combustion engines for transportation, power generation and other applications.
In the Freedonia Industrial study (May 2000) it is projected that the US market for fuel cells and related products will rise better than four fold through 2004 to $2.4 billion of which $1.2 billion represents fuel cell stacked systems. Robin Griffiths, chief technical analyst of HSBC Securities Inc. in New York indicates he is "incredibly bullish" on the fuel cell sector (Globe and Mail, February 2001).
After a thorough investigation of its technologies, Rhombic has completed its business plan for 2001. Information on the DEM Fuel Cell Project and other exciting Rhombic technologies will be available shortly on the Company's updated web page.
Management in an effort to increase and maintain current and future shareholder investor relationships, has appointed with immediate effect Strategic Initiatives, represented by Mr. Charles Fabiano with a background in chemical engineering and customer service under SEC guidelines.
Rhombic trades on the Frankfurt Stock Exchange and the Hamburg Stock Exchange under the symbol "919335" and on the OTC Bulletin Board under the symbol "NUKE".
Forward Looking Statements. This Release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Forward-looking statements usually contain the words "estimate," "anticipate," "believe," "plan," "expect," or similar expressions, and are subject to numerous known and unknown risks and uncertainties. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this Release, including the above matters and in the Company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.
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