Cyclone Power Technologies, Inc. reported earnings results for the nine months of 2009. From a business standpoint The company generated $102,000 in revenue in the first nine months of 2009, not inclusive of $425,000 of deferred revenue from non-refundable license and development fees that the company will recognize upon the delivery of prototype engines to licensees. The company incurred $1.8 million in operating losses since January.

Cyclone Power Technologies Inc. filed an international patent application under the Patent Cooperation Treaty (PCT) on its production prototype Waste Heat Engine (WHE). The PCT application constitutes the first step in obtaining patent protection for the WHE in each of the 142 contracting nations. Cyclone's WHE is able to convert wasted heat from sources such as ovens, furnaces and engine exhaust into mechanical energy and electricity. This process of cogeneration--also called combined heat and power (CHP)--can result in substantial savings to the end user and help reduce greenhouse gas emissions. The WHE is capable of producing up to 16HP through its 6-cylinder radial design, but weighs a mere 18 lbs and is only 14 inches in diameter. The WHE can also run on heat obtained from renewable fuel sources such as biomass and solar energy. Currently, the company is completing its Biomass-to-Power prototype system, which burns dry vegetation and uses the WHE to convert thermal energy into usable electricity. With respect to solar thermal power, Cyclone believes that the WHE will ultimately be able to deliver electricity to residential consumers at a price more economically viable than current photovoltaic arrays.

Cyclone Power Technologies Inc. has signed a Letter of Intent with Great Wall Alternative Power Systems Ltd. to advance the development and production of Cyclone's heat-regenerative external combustion engine in China. Under the terms of the Letter of Intent, Great Wall Alternative Power Systems (GWAPS) will invest capital, assets and know-how necessary for a development program aimed at making certain of the Cyclone engine systems ready for production, sales and marketing in China within the next 12 to 24 months. These investments will include: legal and financial structuring, intellectual property protection, recruitment and management of skilled personnel, and securing of facilities, hardware and software for engineering, manufacturing and testing the engine systems.