TORONTO--Hy-Drive Technologies Ltd. announced today that it, along with Martinrea International Inc. (TSX: MRE - News) have reached a settlement with Canadian Hydrogen Energy Company Ltd. (CHEC) with respect to a number of lawsuits between the parties and others. The no-cost, no-fault settlement agreement brings resolution to the lawsuits which had previously been launched involving the three corporations.

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"I am pleased that these lawsuits have been brought to an amicable resolution" said Tom Brown, President and CEO of Hy-Drive. "The market for hydrogen injection is large enough for multiple competitors and healthy competition will help this market mature for the benefit of consumers."

Frank Carino, CEO of CHEC was also pleased with the resolution. "CHEC is happy to put these lawsuits behind it and is looking forward to continuing to build the hydrogen injection marketplace."

The settlement, subject to certain conditions, achieves a full and final resolution of the following proceedings: Ontario Court Actions 05-CV-283080-PD1 (main action), 05-CV-286203PD1 (counter-claim) and No. 07-CV-326771-PD1. In addition, the parties have agreed to participate in the marketplace for the benefit of consumers. Moreover, Hy-Drive has agreed to actively withdraw from and cease its participation in the Greenbriar action 05-CL-6201 that included arrangements with Dynamic Fuels, Greenbriar and Innovative Hydrogen Soluitons; and has further agreed to release CHEC from all claims made against CHEC therein and CHEC has also released Hy-Drive.

About Hy-Drive

Hy-Drive is an energy technology firm that has developed a proprietary, patented hydrogen generating system. The Hy-Drive system generates and injects hydrogen gas into a regular internal combustion engine, enhancing the combustion process by allowing fuel to burn more efficiently and completely. The result is reduced harmful emissions, reduced greenhouse gas emissions and operator fuel savings. For further information, please visit www.hy-drive.com.

About Canadian Hydrogen Energy Company

Canadian Hydrogen Energy Company Ltd. and its founders have been working with hydrogen based technologies to since 1979. In 2004, CHEC launched the Hydrogen Fuel Injection (HFI) System, ready for the commercial trucking industry. The CHEC HFI system injects hydrogen gas into a regular internal combustion engine achieving reduced harmful emissions, greenhouse gas emissions and operator fuel savings through a network of 140 Certified Installations Centres across North America. For further information, please visit http://www.checHFI.com