Polygenic Power Systems Inc. ("PPS") will be responsible for Ethanoil's interest in its recently announced Fuel Cell Program, the purchase of which is expected to be finalized in the days ahead.

PPS will manage all aspects of the Fuel Cell Program including in-house and institutional research and development, grant applications, and management of the multiple projects associated with the program. In addition, PPS will be responsible for the marketing of the fuel cell, fuel cell hybrid power systems and any related technologies. Ethanoil anticipates strong OEM and retail interest in the power systems developed by PPS.

Ethanoil and Gas President John Davenport commented, "Our partner in Polygenic Power Systems has already received expressions of interest in these technologies from Europe and the Far East. We are actively and prudently developing the corporate structure necessary to quickly advance the Fuel Cell Program once the acquisition is completed and to provide a seamless transition of ownership of the technologies. Polygenic is now ready to take over the program and to advance all aspects of it, including developing opportunities that are already presenting themselves."

Ethanoil and Gas Corporation (EGCP) is an independent energy company focused on the development of conventional and alternative energy assets. Ethanoil and Gas is focused on the development of long-term, sustainable energy solutions through the cultivation of innovative strategies that directly respond to the most recent developments in the energy and technology sectors.