Cycclone Magnetic Engines Acknowledges The Australian Securites And Investment Commision Acquiesce To Allegations Of Corruption

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Oct 06, 2014, 08:00 ET

LISMORE, Australia, Oct. 6, 2014 /PRNewswire/ -- Cycclone Magnetic Engines Inc. acknowledges today that the Australian Securities and Investment Commission (ASIC) has accepted the allegations of corruption posted on the company web site. The company has posted detailed allegations of corruption and evidence on the company web site for over 3 months and has more to post.

CYCCLONE MAGNETIC ENGINES ACKNOWLEDGES THE AUSTRALIAN SECURITES AND INVESTMENT COMMISION ACQUIESCE TO ALLEGATIONS OF CORRUPTION (PRNewsFoto/Cycclone Magnetic Engines Inc.)

In 2007 then Chairman, Oliver Douglas and CFO Jon McArthur attempted a takeover of the company and failed in their bid, it was then found in the Federal Magistrates Court that Douglas and McArthur had breached the law after taking $514,000.00 dollars of shareholder funds out of company bank accounts. The ASIC conspired with Douglas and McArthur, covered up their illegal activity and let them keep the shareholder money stolen illegally. The ASIC then filed court action to have Cycclone liquidated to further cover their actions.

Substantial allegations and evidence posted include evidence of the ASIC fraudulently altering company accounts to make their case. In one situation the ASIC changed the company book entries from a "Mack truck" to a "luxury Mercedes car".

"For over 5 years our web site was very heavily scrutinized by the ASIC. Whenever we posted any new information we would receive contact within hours from the ASIC with threats if the information was not taken down. We have now posted the real story with the evidence and have not heard a peep from the ASIC. One can now safely assume that they accept what is published."
Bob McClelland, President, Cycclone Magnetic Engines Inc. [email protected]

About Cycclone Magnetic Engines Inc.

Formed in Nevada in 2004, Cycclone Magnetic Engines Inc. is one of the most controversial engine development companies on the planet. Cycclone Magnetic Engines Inc. is a private Nevada company with operations in Australia engaged in the design and development of engines.

Safe Harbor Statement
Statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Risk factors that could cause actual results to differ materially from those projected in forward-looking statements include, but are not limited to, general business conditions, managing growth, and political and other business risks. Cycclone Magnetic Engines undertakes no duty to update these forward-looking statements.

Photo - http://photos.prnewswire.com/prnh/20141003/150310

SOURCE Cycclone Magnetic Engines Inc.