Fuel Systems Solutions, Inc. (ticker: FSYS, exchange: NASDAQ Global Market (.O))
News Release -
Fuel Systems Solutions Adds Korean Industrial Forklift Customer
Introduces New Low Emissions 3.0 Liter GM Engine; More Stringent Power Generation System
SANTA ANA, Calif., April 3, 2008 (GLOBE NEWSWIRE) -- Fuel Systems Solutions, Inc. (Nasdaq:FSYS) today announced a new customer and expansion of its forklift business with a contract to provide Hyundai Heavy Industries Co., Ltd. with components and systems to enable 2.0 liter internal combustion engines to operate on liquefied petroleum gas. Terms of the new contract were not disclosed.
The 2.0 liter engine utilized in Hyundai forklifts has been certified by the Environmental Protection Agency (EPA) and the California Air Resources Board (CARB). The Hyundai forklifts will be imported and sold to industrial customers in the United States. Fuel Systems Solutions will serve as the manufacturer of record and supervise engine conversions performed at certain facilities associated with Hyundai's original equipment manufacturing operation in Korea.
The company also announced the introduction of a 2008 low emissions fuel system utilizing General Motor's 3.0 liter engine and designed for various off-highway industrial applications. This fuel system is certified to operate at emissions levels that approach Tier 4 standards scheduled to take effect in January 2010. The new low emissions fuel system provides industrial customers with the benefits of utilizing "fleet averaging" provisions in order to comply with CARB emissions standards.
Fuel Systems Solutions also said it has introduced a new power generation fuel system that operates within the mid-power range, meeting or exceeding the more stringent emissions regulations for stationary engines that take effect on July 1, 2008.
"The addition of Hyundai Heavy Industries as a customer, as well the introduction of new products with more stringent emissions levels, demonstrates our continued success in leveraging our industry position and technology within the gaseous fuels market -- developed over the past fifty years, said Mariano Costamagna, president and chief executive officer of Fuel Systems Solutions.
Fuel Systems Solutions is a holding company currently comprised of two operating subsidiaries, IMPCO Technologies and BRC Gas Equipment. Additional information is available at www.fuelsystemssolutions.com. IMPCO designs, manufactures, markets and supplies advanced products and systems to enable internal combustion engines to run on clean burning gaseous fuels such as natural gas, propane and biogas. IMPCO is a leader in the heavy duty, industrial, power generation and stationary engines sectors. Headquartered in Santa Ana, California, IMPCO has offices throughout Asia, Europe, Australia and North America. Additional information is available at www.impcotechnologies.com. BRC produces a complete range of systems for converting vehicles to gaseous fuel to meet market requirements. BRC is a leader in the light duty and automobile alternative fuel sectors and has established alliances with several major automobile manufacturers for OEM projects. Headquartered in Cherasco, Italy, BRC has offices throughout Asia, Europe and South America. Additional information is available at www.brc.it
This press release contains certain forward-looking statements that involve risks and uncertainties, including, without limitation, expressed or implied statements concerning the company's sales expectations derived from any new customers; any newly introduced fuel systems; and any expected compliance with more stringent emissions regulations in future periods. Such statements are only predictions, and the company's actual results may differ materially. Factors that may cause the company's results to differ include, but are not limited to: risks that the company's new customers do not purchase its fuel systems as expected or that the fuel systems do not meet future emissions regulations. Readers also should consider the risk factors set forth in the company's reports filed with the Securities and Exchange Commission, including, but not limited to, those contained in "Management's Discussion & Analysis of Financial Condition and Results of Operation - Risk Factors" section of the company's Quarterly Report on Form 10-Q, for the quarter ended September 30, 2007. 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.
CONTACT: Maier & Company, Inc.
Gary S. Maier