August 2, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — The common stock shares of Advanced Engine Technologies, Inc. (OTC: AENG) have been reverse split one-for-20.

Advanced COO John Luft said, “We believe the reverse stock split will facilitate long term growth and increase shareholder value.” He added that the goal was to provide AET with the treasury stock needed to raise additional capital in the public and private sectors to complete development and subsequent commercialization of the OX2 engine.”

As of the reverse stock split, over 43 million shares or options to purchase shares had been issued out of the 50 million shares authorized by AET’s Articles of Incorporation. This left AET with an insufficient number of treasury shares available to the company to issue so as to raise working capital.

AET shareholders will receive one new share of AET common stock for every twenty shares held with fractional shares being rounded up.

The reverse split, which was approved by AET shareholders on July 23, will reduce the number of shares of outstanding common stock from around 33.885 million shares as of November 11, 2009, to around 1,694,250 shares, based upon a reverse stock split ratio of 1-for-20.

Rights to exercise previously granted, but not yet exercised, stock options will also be adjusted based upon the 1-for-20 ratio, said the company.

California-based Advanced Engine Technologies provides the OX2, a 4-stroke, 1.1-liter internal combustion engine that the company claims is half the size and three-quarters the weight of traditional internal combustion engines.

The engine can run on a range of fossil fuels including gasoline, diesel, natural gas and liquid propane gas.

Advanced Engine believes the OX2 has a practical application in the commercial and industrial generator markets. Additional future applications may include marine, light-duty farm and construction equipment, light aircraft and hybrid electric vehicles.

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