Quantum Fuel Systems Technologies Discusses its Strategic Plans to Provide the
Heavy Duty OEM Market Complete CNG Storage Systems
LAKE FOREST, Calif., May 7, 2014
LAKE FOREST, Calif., May 7, 2014 /PRNewswire/ -- Quantum Fuel Systems
Technologies Worldwide, Inc. (NASDAQ: QTWW), a global leader in natural gas
storage systems, integration and vehicle system technologies, announced its
strategic direction to service the heavy duty OEM market segment, in addition
to other market segments, with natural gas storage systems. The Company
recently announced a major long-term supply agreement with a major
transportation company under which the Company will supply compressed natural
gas (CNG) fuel storage tanks and module systems. This new relationship is an
early indicator of the Company's ability to provide the industry with fully
integrated systems and at the same time diversify its existing customer base
by leveraging its core expertise in advanced tank technologies and systems
integration and being a one-stop-shop for OEMs and fleets for complete CNG
fuel systems. The Company indicated that this strategy is the culmination of
a careful and thought out plan over the past several months and is based on
the Company's desired direction, feedback from market participants seeking
lower cost solutions, the Company's technology advantages, and experience and
capabilities of its personnel.
The Company has demonstrated its ability to develop cost-effective modules and
systems around its industry leading tank technology for various vehicle
applications, including heavy duty trucks. During 2013, the Company
introduced rail mounted storage systems for both medium duty and heavy duty
trucks, and in March 2014 it introduced an innovative light-weight back-of-cab
(BOC) storage system that was first showcased at a major truck exposition by
Peterbilt. These adaptable fuel storage module systems provide exceptional
cost, weight and capacity per DGE (Diesel Gallon Equivalent) advantages
compared to other competitive products.
Based on these product introductions, the Company has received strong interest
for its BOC system and other derivative system configurations based on
combining the Company's rail mounted systems with its BOC system. The Company
is currently expanding its tank and CNG storage system production capacity for
both rail mounted and BOC systems to meet third quarter production readiness.
The Company will continue to provide key customers pre-production units
leading up to the meaningful production levels targeted in the second half of
calendar 2014. The Company will also continue to leverage specific
relationships to assemble and install these systems on vehicles in facilities
and with companies already located next to OEM customers.
"We are currently positioned to take full advantage of our core strengths and
provide complete fuel storage modules to the heavy duty and medium duty truck
industry and provide exceptional value to our targeted customers," commented
Brian Olson, President and CEO of Quantum. "We anticipate that the
combination of our advanced tank technology and integration expertise, which
we believe is unmatched in the industry, will drive significant levels of
product orders from new customers in the coming months and that we are well
positioned to be a significant supplier of fuel storage systems to the heavy
duty trucking industry."
The Company further stated in response to a recent announcement by Agility
Fuel Systems, that Agility has an existing purchase order in place with the
Company and both parties have communicated their intent to honor these
arrangements and extend the purchase arrangement at least through December 31,
2014 to ensure uninterrupted deliveries to the existing customer base.
About 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. Examples of forward looking statements included
in the press release include our anticipation that our combination of our
advanced tank technology and integration expertise will drive significant
levels of product orders from new customers in the coming months. 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. Such risks include the growth of the CNG market, market
acceptance of the Company's product and our ability to successfully compete as
a supplier of complete CNG systems. 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:
Quantum Investor Relations
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.
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