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/C O R R E C T I O N -- MCE-5 DEVELOPMENT SA/
Lyon. France (ots/PRNewswire) - In the news release, "MCE-5 DEVELOPMENT S.A. has Already Raised 10.3 Million Euros of the 18 Million That it is Seeking" issued on 4 Oct 2010 06:30 GMT, by MCE-5 DEVELOPMENT SA over PR Newswire, we are advised by a representative of the company that in the second sentence of the first paragraph the year mentioned should be 2010, and not 2001 as originally incorrectly issued. Complete, corrected release follows:
An independent French company, MCE-5 DEVELOPMENT has been carrying out innovative R&D for over 10 years to develop its fuel-efficient gasoline engine, the MCE-5 VCRi. To date, over 55 million euros of investment have made it possible to materialize this engine project, to which another 10.3 million euros will be added in October 2010, raised by the company's historic private shareholders and new qualified investors.
The success of the capital increase is due to the renewed participation of its historic shareholders but also to the interest of new investors. Michel Mulliez, the largest shareholder and a director of MCE-5 DEVELOPMENT since 2002, considers "this innovative project as the realization of a visionary idea that will go down in automotive history [...], overcoming the problems of current technology [...], today, the results achieved fully justify the risks taken and the technical results guarantee commercial success [...]".
The automotive industry must, now more than ever, face constraints linked to environmental, energy, and economic stakes. MCE-5 VCRi technology can provide an answer: MCE-5 VCRi, a variable compression ratio gasoline engine that significantly reduces fuel consumption and CO2 emissions, by up to 45%. It combines the technological advances made on both Diesel engines and gasoline engines.
Since its beginnings, MCE-5 DEVELOPMENT has been backed in all its investments by French institutions whose main mission is to foster innovation, as well as by private and industrial investors. The company currently has roughly 350 shareholders.
The 10.3 million euros raised during the last capital increase will provide significant financial independence to this company [D1] that employs a staff of nearly 40 people, including thirty engineers, and that works closely with over 60 partner companies throughout France and Europe. Its CEO Jean-Francois Roche, a shareholder and director of MCE-5 DEVELOPMENT, underscores that "many of our 350 shareholders consider that their investment in the share capital of MCE-5 DEVELOPMENT represents above all a commitment to a long-term project, in the framework of a technological, economic and human adventure. Some invested when the company was created 10 years ago, when the project was still in its early stages, sensing its visionary nature [...], today, the results delivered by the engines on the test bench and by the demo car have proven them right and are drawing new investors. As a result, MCE-5 DEVELOPMENT is opening up to these new investors, with an additional aim: to widen the already extensive network made up by its current shareholders".
The first prototype vehicle was very well received by French journalists when presented in mid-September 2010. With the backing of a consortium of 12 European companies, essentially Tier-1 OEMs, the current short-term focus of the project is the commercialization of the technology to carmakers in order to begin the mass production of the MCE-5 VCRi engine by 2016-2017.
Website : http://www.vcr-i.com
ots Originaltext: MCE-5 DEVELOPMENT SA
Im Internet recherchierbar: http://www.presseportal.ch
CONTACT: MCE-5 DEVELOPMENT S.A.: Press contact: Madeline VASSAUX
-firstname.lastname@example.org, Direct line : +33-4-72-00-42-30 - mobile
:+33-6-45-50-71-43. MCE-5 DEVELOPMENT S.A. - Immeuble Le Danica, 21
avenue,Georges Pompidou 69486 Lyon Cedex 03 - France