Hy-Drive Announces New CEO

Hy-Drive Technologies Ltd. (HGS-V)

MISSISSAUGA, ON, Sept. 22 /CNW/ - Hy-Drive Technologies Ltd. Executive Chairman of the Board, Daniel R. Doucette, is excited to announce the appointment of Robert Bucher as President & Chief Executive Officer effective September 27, 2010.

Mr. Bucher comes to Hy-Drive with a substantial amount of public CEO and growth-stage company experience, having previously been the CEO of three publicly-listed TSX and NASDAQ companies - Adept Technology, Norsat International, and Sustainable Energy Technologies. Each of these companies grew sales and technology, improved profitability, raised growth financing as required, and delivered substantial value to investors under Mr. Bucher's leadership.

Mr. Bucher brings more than 24 years of executive level experience with major US and Canadian technology companies, including leadership positions at Measurex and Honeywell, each a global leader in systems and products for industrial sectors, including energy and utilities, process and capital goods manufacturing. Over his career, Mr. Bucher has successfully grown annual revenues in excess of $240 million.

Most notably, Mr. Bucher's relevant experience includes:

    
    -   CEO of Adept Technology, Inc. (NASDAQ: ADEP), a robotics and control
        system technology company, where Mr. Bucher doubled revenue to
        $60 million and doubled margins to more than 50%, establishing
        positive profitability and becoming the most profitable company in
        its segment.

    -   CEO of Norsat International, Inc. (TSX: NII), where he established
        next generation satellite multi-media and television systems raised
        expansion financing on public markets and acquired substantial
        Canadian government R&D funding. Under Mr. Bucher, Norsat obtained
        Top 100 Tech Company Status, as well as, Top 10 in overall stock
        appreciation on the TSE.

    -   CEO of Sustainable Energy Technologies (TSX Venture: STG), where he
        helped raise strategic capital and establish an international and
        Ontario Green Energy Act strategy for the launch of the Company's
        solar product line. The company was also named to the TSX Venture 50
        (one of only 3 cleantech companies to do so) earlier this year.

    -   Mr. Bucher holds a BS degree in Engineering Physics and Biomedical
        Engineering and graduated from the University of Guelph, Canada. He
        has also completed an executive business program at Stanford
        University Graduate School of Business
    

"With his extensive expertise in new product launches and growth of technology businesses, Rob will make an immediate contribution to the advancement and further commercialization of Hy-Drive's Hydrogen Generating System ("HGS(TM)")," stated Dan Doucette, Executive Chairman. "In addition, Rob's experience with start-ups, corporate turnarounds, mergers and acquisitions and financing will substantially enhance the leadership of our existing Management team."

"I am excited to be joining the Hy-Drive team as President & CEO at this pivotal time in its history. The company has developed a proven leading edge control system for the injection and management of hydrogen in engines in order to improve fuel economy and reduce undesirable emissions. The opportunity to accelerate its commercialization and create substantial expansion of its unique technology in such a timely and relevant sector will be gratifying in many ways," stated Mr. Bucher.

As appropriate for the position and pursuant to the Company's stock option plan, Mr. Bucher's compensation package will include issued options to purchase 1,000,000 common shares at $1.00 per share which will vest in four different tranches and expire ten yeas after the date of the grant. The first tranche will vest immediately; the second, third and fourth tranches are all subject to performance conditions as outlined in Mr. Bucher's contract. The second tranche vesting in 12 months from date of issuance, the third tranche vesting in 18 months from the date of issuance and the final tranche vesting immediately upon performance conditions met.

Dan Doucette will continue as Chairman of the Board and will relinquish his role as Executive Officer upon Mr. Bucher's appointment.

About Hy-Drive

Hy-Drive is a technology firm that has developed a proprietary, patented hydrogen generating system. Hy-Drive's Hydrogen Generating System ("HGS(TM)") generates and injects hydrogen gas into a regular internal combustion engine, enhancing the combustion process by allowing fuel to burn more efficiently and completely. For more information, please visit www.hy-drive.com.

Cautionary Note Regarding Forward-Looking Statements:

This press release contains certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with the Company's business, and the economic environment in which the business operates. Forward-looking statements contained in this press release are not statements of historical fact may be deemed to be forward-looking statements including but not limited to, statements about future development of Hy-Drive's products, commercial production in 2010, future working capital requirements, and validation of Hy-Drive's products, and can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", "thinks", or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved" and similar expressions to the extent that they relate to the Company or its management. These forward-looking statements are not historical facts, but reflect the Company's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed in the section "Risks and Uncertainties" below.

Although Hy-Drive has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Hy-Drive does not undertake to update any forward-looking information that is incorporated by reference herein, except in accordance with applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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For further information: Daniel R. Doucette, Hy-Drive Technologies Ltd., Tel: [phone], [email protected]