Quantum Technologies Closes Phase 1 of Trout Creek Wind Farm Sale
LAKE FOREST, Calif., Sept. 20, 2013
LAKE FOREST, Calif., Sept. 20, 2013 /PRNewswire/ --Quantum Fuel Systems
Technologies Worldwide, Inc. (QTWW), a global leader in natural gas storage
systems, integration and vehicle system technologies, announced today that its
wholly owned subsidiary, Schneider Power Inc. and certain of Schneider Power
Inc.'s wholly-owned subsidiaries, closed Phase 1 of the previously announced
sale of Schneider Power's 10 Megawatt (MW) Trout Creek wind farm development
project (the "Trout Creek Project") on September 18, 2013.
As previously announced, the sale of the Trout Creek Project will occur in two
phases. The Phase 1 closing resulted in the purchaser acquiring 74.9% of the
ownership interests in the Trout Creek Project for an aggregate purchase price
of Canadian Dollar (CAD) $1,207,959, of which CAD $966,916 was paid in cash
and CAD $241,403 was paid by the purchaser's assumption of certain Trout Creek
Project liabilities. The closing of Phase 2 of the transaction is projected
to be completed in 18 to 24 months, subject to the project achieving
commercial operation. The Phase 2 transaction, if completed, would provide
additional cash proceeds of approximately CAD $1.1 million in exchange for the
purchaser acquiring the remaining 25.1% of the ownership interest in the Trout
Pursuant to the terms of the definitive agreements, the purchaser will be
solely responsible for all development costs and expenses related to the Trout
"We continue to make strides in monetizing Schneider Power wind farm assets,"
stated Brian Olson, President and Chief Executive Officer of Quantum. Mr.
Olson continued, "As previously announced, it remains our intent to complete
the disposition of all of Schneider Power's operating assets and development
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 release, other than those that are historical statements of fact, 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.Examples of forward looking statements included in
this release include our projection of when the Phase 2 closing will occur the
amount of proceeds we expect to receive from the Phase 2 closing if and when
it closes. 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 including whether the Trout Creek wind farm is able
to achieve commercial operation. 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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