10.7.2003: Meldung: IMPCO Technologies signs joint venture in Egypt
IMPCO products allow internal combustion engines to operate using gaseous fuels such as LPG gas and CNG. IMPCO, following its recent merger with BRC of Italy, a worldwide market leader in the Light Duty Vehicle sector, will have combined revenues approaching $125 million annually with 20 offices in 13 countries worldwide and is doing business in over 50 countries. AFG with IMPCO, will accelerate their market penetration and leading position in key areas throughout Egypt, and will add complimentary market, product diversification and technical knowledge.
Dr. Hassan Abdel-Kader Chairman and CEO of AFG s.a.e. stated, "Egypt""s vibrant NGV program will benefit from IMPCO""s worldwide expertise and product base to continue to develop natural gas systems for light and heavy duty vehicles, industrial, power generation, marine and rail traction. The abundant availability of natural gas in Egypt coupled with a good infrastructure, and an overriding need to improve air quality will provide a healthy business climate for many years to come."
Mr. Robert Stemmler, Chairman and CEO of IMPCO Technologies said, "Establishing a joint venture with AFG provides the right blend of IMPCO""s technology with AFG""s area knowledge, experience and leadership to continue to develop this important market with scope for expansion into surrounding countries. Egypt""s strategic need to fully utilize its natural gas resources coupled with a healthy vehicle and industrial manufacturing industry provides ideal scope for business growth."
IMPCO designs, manufacturers, markets and applies advanced alternative fuel products and systems for the automotive car, truck and bus markets and for the off road industrial markets including power generation, irrigation and material handling applications. Headquartered in Cerritos, California, IMPCO has offices throughout Asia, Australia, Europe, North America and Mexico. http://www.impco.ws/
BRC S.r.l. located in Cherasco, Italy, is a major global supplier of alternative gaseous fuel products and systems used in automobiles. They have four production facilities and six offices worldwide. BRC is widely known throughout the globe as one of the foremost leaders in automotive gaseous fuel technologies with a strong presence in over 50 countries. http://www.brc.it/
Certain matters discussed in this press release contain forward-looking information that involves risks and uncertainties that could cause actual results to differ materially from current trends. These and other such risks are discussed in the section of the Company""s eight-month transition report on Form 10-K for the period ended December 31, 2002 entitled risk factors and other documents filed with the Securities and Exchange Commission.
Dale Rasmussen, Investor Relations of IMPCO Technologies, Inc.,