Shares of International Fuel Technology Inc. (ITF) (OTCBB: IFUE) are up 9 cents, nearly 22 percent, to 51 cents this morning, moving on volume of 1.5 million. The flux comes after this morning’s announcement Schnuck Markets Inc. has bought IFT’s fuel additive, DiesoLIFT 10, for use in its distribution fleet.
As a fuel performance enhancement company, IFT developed DiesoLIFT 10 as part its focus of providing its technology to industrial facilities using liquid hydrocarbon-based fuels. DiesoLIFT 10 is applicable to over-the-road, rail, marine and stationary power generations.
According to the statement released today, the sale to Schnuck comes after a fourth-month field trial in which IFT proved the efficiency of the DiesoLIFT 10. During the trial, the additive improved fuel economy by more than 6 percent in Schnucks fleet of about 100 trucks.
“With such a large fleet, we are constantly seeking ways to reduce fuel consumption, cut back on emissions, and make our fleet more efficient,” said Steve Carroll, Schnuck director of transportation, in the press release. “IFT’s DiesoLIFT technology has provided a significant boost to our fleet’s overall fuel economy, which translates to immense savings on our annual fuel costs that can then be passed on to our customers. IFT’s products have also been easy to implement and fit perfectly with Schnuck’s ongoing commitment to having one of the most fuel-efficient fleets in the country.”
Paul Lee, IFT director of North American Road Transportation, said the company is working on other products revolving around centrally-fueled fleets in North America, which are expected to generate revenue to ITF this year.
“Our goal is to deliver the multiple benefits and cost savings provided by IFT technology to as many end users as possible,” said Lee.
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