Quantum to Hold Annual Stockholder Meeting on Thursday, July 25, 2013
CEO will Report on Favorable Progress in Business Including Announcing Record
Natural Gas Tank Revenues for the 2nd Quarter and Six-Month Period ending June
30, 2013 and significant reduction of operating losses.
LAKE FOREST, Calif., July 23, 2013
LAKE FOREST, Calif., July 23, 2013 /PRNewswire/ --Quantum Fuel Systems
Technologies Worldwide, Inc. (the "Company") (NASDAQ: QTWW), a global leader
in natural gas storage systems, integration and vehicle system technologies,
will hold its 2013 Annual Meeting of Stockholders on Thursday, July 25, 2013
during which W. Brian Olson, the Company's President and Chief Executive
Officer, will provide a business update including the favorable progress being
made on CNG tank and system revenues and the tank manufacturing expansion.
During the business update portion of the meeting, Mr. Olson will announce
that the Company expects to report results for the second quarter period
ending June 30, 2013 reflecting that: (i) the number of tanks shipped during
the quarter exceeded 1,200 units, which represents a record level of quarterly
shipments, more than doubling the units shipped in the prior year quarter,
(ii) the number of tanks shipped in the first half of 2013 exceeded 2,000
units, (iii) overall revenues of its continuing operations for the quarter
reached $6.0 million, which includes record levels of CNG tank and storage
system sales, and (iv) operating losses of its continuing operations decreased
by over 50% compared to the prior year quarter.
Mr. Olson will also discuss the Company's overarching business goal in 2013
which is to reach positive operating income by the end of this calendar year
and set the course for sustainability. At the center of this goal is the
Company's progress in completing its tank manufacturing expansion and reaching
12,000 unit annual capacity in the fourth quarter of calendar 2013. This
capacity will enable production levels to meet growing demand and a revenue
base sufficient for the Company to reach positive operating income.
Finally, Mr. Olson will emphasize the foundation built to date and leveraging
this foundation to maximize on the opportunities in front of the Company, as
well as forging relationships and strategic avenues to take the Company to new
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. Forward looking statements contained in this release include
whether the Company will reach positive operating income and increase its tank
manufacturing capacity to 12,000 units by the end of the 2013 calendar year
and whether revenue from tank sales alone is sufficient for the Company to
reach operating profitability. 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 events.
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.
©2013 Quantum Fuel Systems Technologies Worldwide, Inc.
Advanced Technology Center
25242 Arctic Ocean Drive, Lake Forest, CA 92630
Phone 949-399-4500 Fax 949-399-4600
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.
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