LOS ANGELES, Nov. 20 /PRNewswire-FirstCall/ -- Advanced Engine Technologies, Inc. (OTC:AENG) announced today that its Annual Shareholder Meeting would be held, Wednesday, December 20, 2006, at 11:00 AM local time at the AET Development offices in Gardena, California. As outlined in the proxy statement, shareholders will have an opportunity to vote on the election of the Board of Directors for the coming year. Upon completion of the formal portion of the meeting, AET's Chief Operating Officer, John Luft, will present development updates on the OX2 engines, which are being developed and tested at its engine development facilities in Australia and Gardena, California. In addition, a running demonstration of the OX2 will be conducted following the close of the meeting. The OX2 is a 4-stroke, 1.1-liter internal combustion engine that is 17 inches in diameter with a length of 13 inches and a total weight of 175 pounds in normally aspirated form. The compact engine weighs 75 percent less than and is half the size of traditional internal combustion engines. In addition, it offers the flexibility of being able to run on a variety of fossil fuels including gasoline, diesel, natural gas, liquid propane or methane. In addition, with far fewer moving parts than traditional engine designs, the OX2 engine could offer the further advantages of significantly enhanced operation and maintenance costs and a longer useful life. With its expected higher power-to-weight ratio, multi-fuel capacity and anticipated low emissions and fuel efficiency, the OX2 has a practical and much needed application in the commercial and industrial generator markets. Additional future applications may include marine, light-duty farm and construction equipment, light aircraft, and the hybrid electric vehicle market. However, the near term focus remains electrical generator applications. Investor inquiries can be directed to the company at (310) 914-9599. To update the investment community and all interested parties about the progress of the OX2 engine, Advanced Engine Technologies has established a hotline at 310/323-2895. Additional information pertaining to the OX2 engine can be accessed through the company's web site at http://www.ox2engine.com/. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This release may contain forward-looking statements involving risks and uncertainties that may cause actual future events or results to differ materially and adversely from those described in the forward-looking statements. Important factors that may cause such a difference for AET include, but are not limited to, whether our engine products are made viable, whether a market for our products develops, our ability to retain key management, our ability to hire and retain the technical personnel necessary to build our products, the availability of funding for future operating requirements, our ability to effectively predict or react to rapid technology changes that could render our products obsolete, product development delays, dependence on suppliers, our potential exposure to product liability and other tort claims if our products fail, our ability to protect our intellectual property, intellectual property disputes, and other factors. AET cautions that the foregoing list of important factors is not exclusive. AET disclaims any obligation to revise or update any forward-looking statement that may be made from time to time by or on its behalf. DATASOURCE: Advanced Engine Technologies, Inc. CONTACT: Stephanie Rice of JMPR, Inc., +1-818-992-4353, for Advanced Engine Technologies, Inc.; or John Luft of Advanced Engine Technologies, +1-310-914-9599 Web site: http://www.ox2engine.com/

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