Thursday September 4, 6:30 am ET
Advanced Technology and Product Development Centers are Combined Into its Lake Forest California-Based Vehicle Integration Center
IRVINE, Calif., Sept. 4 /PRNewswire-FirstCall/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (NasdaqGM: QTWW), a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles, today announced that it has completed the consolidation of its two California-based operational facilities into one location based in Lake Forest, California. The Lake Forest campus, totaling approximately 100,000 square feet, includes the Company's existing propulsion system development operations, vehicle integration and prototype center, state-of-the-art emissions and dynamometer laboratory, and now includes all technology and product development, engineering and advanced research, and compressed tank manufacturing and assembly.
"Quantum is a leader in engineering and advanced propulsion system technologies for hybrid and alternative fueled vehicles, bringing new concept and production-intent vehicles to market, and serving as a tier-one supplier to automotive OEM's in commercializing advanced 'clean' vehicle technologies such as the Fisker KARMA," commented Alan Niedzwiecki, President and Chief Executive Officer of Quantum.
"We are pleased to announce this move today as a critical step toward achieving our stated goals, and want to reinforce the positives of this move as strategic and tactical changes that both bolster and augment our current business operations, and allow us to respond cost-effectively to the growing demand from our customer base for quick-to-market solutions. The integration of these operational segments streamlines the operational movement of the company in a way that allows us to align and increase the efficiency of our supply chain environment, business process operations and management, and key corporate metrics alike, making our company lighter, and more nimble, and ultimately one step closer to profitability," said Mr. Niedzwiecki.
About Quantum:
Quantum Fuel Systems Technologies Worldwide, Inc., a fully integrated alternative energy company, is a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles. Quantum's portfolio of technologies includes advanced lithium-ion battery systems, electronic controls, hybrid electric drive systems, hydrogen storage and metering systems, and alternative fuel technologies that enable fuel efficient, low emission hybrid, plug-in hybrid electric, fuel cell, and alternative fuel vehicles. Quantum's powertrain engineering, system integration, vehicle manufacturing, and assembly capabilities provide fast-to-market solutions to support the production of hybrid and plug-in hybrid, hydrogen-powered hybrid, fuel cell, alternative fuel, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum's customer base includes automotive OEMs, dealer networks, fleets, aerospace industry, military and other government entities, and other strategic alliance partners.
Quantum has also formed a new company with Fisker Coachbuild, LLC, which is called Fisker Automotive, Inc. Fisker Automotive will offer a range of environmentally friendly premium cars, incorporating Quantum's proprietary high-performance plug-in-hybrid electric vehicle architecture, known as "Q-Drive," into a unique chassis that will enable optimizing the performance and vehicle dynamics.
Quantum is a member of the Russell 3000 Index and the Russell Global Index.
More information can be found about Quantum's products and services at http://www.qtww.com.
Forward Looking Statements
Except for historical information, the statements, expectations, and assumptions contained in the foregoing press release are forward-looking statements. Such forward-looking statements include, but are not limited to, the Company's expectations regarding expected future revenues and operating results; future opportunities for Quantum; the Company's ability to fulfill orders in the future; and other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management. Such statements are subject to a number of risks and uncertainties, and actual results could differ materially from those discussed in any forward-looking statement. Factors that could cause actual results to differ materially from such forward-looking statements include, among other factors, the Company's ability to consolidate operations and general economic conditions. Reference should also be made to the risk factors set forth from time to time in the Company's SEC reports, including but not limited to those contained in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2008. The Company does not undertake to update or revise any of its forward-looking statements even if experience or future changes show that the indicated results or events will not be realized.
For more information regarding Quantum, please contact:
At the Company:
Dale Rasmussen
Investor Relations
DRasmussen@qtww.com
1-206-315-8242
Investor Relations:
RedChip Companies, Inc.
Sanford Diday
1-800- 733-2447, Ext. 115
info@redchip.com
http://www.redchip.com
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100
Maitland, FL 32751
(800) 733-2447
Fax: (407) 644-0758
info@redchip.com
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