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Thu, Sep 11, 2003

Energy & Engine Tech Corp Acquires STCs and Starts New Venture With RPM Mgmt LLC

Energy & Engine Technology Corporation has entered into a business venture with RPM Management, LLC (RPM) of Camano Island, Wa. to pursue aircraft re-manufacturing, liquid cooled engine aircraft upgrades, and turbocharger retrofit systems. The initial step for the venture calls for the purchase by EENT of certain Turbocharger and Aero Commander STCs and related assets for a purchase price of 900,000 shares of EENT restricted stock. RPM Management will also become a consultant to EENT for a term of one year. 
The acquisition allows EENT to further the second part of its business plan for its aviation subsidiary Wind Dancer Aviation Services, which is the development and marketing of turbo normalizing kits and installation of the STC-covered parts on general aviation aircraft, to a market of over 10,000 aircraft in the US alone. Historically, competitive kits have sold in the $25,000 to $42,000 range. This step out allows EENT's aviation division to support its existing customer base with a full range of general aviation upgrades and services and will generate increased business through STC parts production and installations as customer demand builds.

EENT's Wind Dancer, which commenced operation as the FBO at Stevens Field in Pagosa Springs, CO in December, 2002, is poised for significant growth due to the acquisition. Initially, the FBO will supply parts to existing aircraft customers. Wind Dancer is now able to supply to customers parts to be installed either at their local FBOs or at Wind Dancer. The next step will be to put the redesigned kits based on revisions to the STCs back into production with improvements, with the first design revision to be for the Twin Commander 500B, U and S models.

Wind Dancer also stands to benefit from the ongoing major improvements at Stevens Field, which are being spearheaded by the FAA. Phase I of the improvements, which consisted of purchasing land and completing improvements to 500 feet of runway at the far end of the Field, is finished. The Project has commenced Phase II, which consists of the balance of the rebuild of the runway to allow aircraft up to 70,000 pounds to land and take off, brings the total Project cost to approximately $16,000,000.

EENT is a Plano, Texas - based concern which, among other things, develops and markets auxiliary power generators for the long haul trucking industry. Its Wind Dancer Aviations Services business provides fueling and maintenance for general aviation aircraft through its location in Pagosa Springs, Colorado. The second phase of Wind Dancer's business is to develop and market products deriving from general aviation aircraft STCs.



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