Quantum Strikes Agreement to Reduce Facility Costs by $2.3 million
Early Exit from Former Corporate Facility to Result in Substantial Savings
LAKE FOREST, Calif., June 5, 2013
LAKE FOREST, Calif., June 5, 2013 /PRNewswire/ --Quantum Fuel Systems
Technologies Worldwide, Inc. (NASDAQ: QTWW), a leader in natural gas,
alternative fuel systems and clean propulsion vehicle technologies, today
announced that it has signed an amendment to an existing long-term lease
agreement with regard to its former corporate headquarters located at 17872
Cartwright Road, Irvine, California, that pulls forward the lease expiration
date by 21 months to January 31, 2014 and reduces the base rent obligations
due under the revised agreement for the remainder of the amended lease term
(the "Lease Amendment"). Quantum expects to realize future cost savings of
approximately $2.3 million in scheduled rent and other obligations as a result
of the Lease Amendment. Quantum's current corporate headquarters and primary
business operations are located at its advanced technology campus located in
Lake Forest, California, which include design and manufacture of world-leading
carbon-composite natural gas storage tanks and clean propulsion vehicle design
and system integration.
"We are pleased to have effectively addressed this significant legacy
obligation which is in line with our efforts to eliminate underutilized
facilities and control our operating costs," said Brad Timon, Chief Financial
Officer and Treasurer of Quantum.
Quantum Fuel Systems Technologies Worldwide, Inc. is a leader in the
innovation, development and production of natural gas fuel storage systems and
the integration of vehicle system technologies including engine and vehicle
control systems and drivetrains. Quantum produces one of the most innovative,
advanced, and light‐weight compressed natural gas storage tanks in the world
and supplies these tanks, in addition to fully‐integrated natural gas storage
systems, to truck and automotive OEMs and aftermarket and OEM truck
integrators. Quantum provides low emission and fast‐to‐market solutions to
support the integration and production of natural gas fuel and storage
systems, hybrid, fuel cell, and specialty vehicles, as well as modular,
transportable hydrogen refueling stations. Quantum is headquartered in Lake
Forest, California, and has operations and affiliations in the United States,
Canada, and India.
Forward Looking Statements:
This press release contains forward looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. All statements included
in this report, other than those that are historical, are forward‐looking
statements and can generally be identified by words such as "may," "could,"
"will," "should," "assume," "expect," "anticipate," "plan," "intend,"
"believe," "predict," "estimate," "forecast," "outlook," "potential," or
"continue," or the negative of these terms, and other comparable terminology.
Various risks and other factors could cause actual results, and actual events
that occur, to differ materially from those contemplated by the forward
looking statements. The Company undertakes no obligation to update the
information in this press release to reflect events or circumstances after the
date hereof or to reflect the occurrence of anticipated or unanticipated
More information about the products and services of Quantum can be found at
http://www.qtww.com/ or you may contact:
Brion D. Tanous
CleanTech IR, Inc.
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.
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