13.2.2006: Meldung: Quantum Fuel Systems Technologies Worldwide, Inc. Acquires Regency Conversions, Inc.
IRVINE, Calif., Feb. 10 -- Quantum Fuel Systems Technologies Worldwide, Inc., today announced that its subsidiary, Tecstar Automotive Group, has acquired Texas based Regency Conversions, Inc., a special vehicle manufacturer, for 1.8 million shares of Quantum common stock and $3.3 million in cash. Regency, is one of the largest vehicle converters in North America, producing approximately 5000 vehicles annually which are sold through 250 automobile dealerships throughout the continental U.S. Regency"s unaudited revenues for calendar year 2005 were in excess of $40 million.
Regency will supplement Tecstar"s current second stage vehicle manufacturing and aftermarket parts business by offering additional distribution channels directly to automotive dealers, and significantly broadens Tecstar"s customer base beyond OEMs. As a result of the acquisition, the integration of Tecstar"s manufacturing and engineering expertise into Regency will enable Regency to further improve its product offerings and enter additional new vehicle markets requiring OEM level engineering and validation.
Alan Niedzwiecki, President and CEO said, "We are honored to have Regency join the Quantum-Tecstar team and participate with us in our aggressive plan to accelerate the growth of our business. The acquisition is the next step in a series of opportunities to build near-term, high-margin, revenue-enhancing business for Quantum. These opportunities are the result of our initiatives to utilize our competencies in limited volume production and advanced technology for near-term revenue growth. Our unique capabilities and experience in turning concepts into limited volume production is in growing demand worldwide for applications ranging from hybrid electric vehicles, to alternative fuel vehicles, including natural gas, propane, and hydrogen, to fuel cell vehicles, as well as for mainstream automotive and ultimate high- performance specialty vehicles."
Quantum and its subsidiary, Tecstar Automotive Group, are leaders in powertrain engineering, system integration, and manufacturing of packaged fuel systems and accessories for specialty vehicles and applications including fuel cells, hybrids, alternative fuels, hydrogen refueling, new body styles, mid-cycle vehicle product enhancements and high performance engines and drive trains for OEMs and consumers of aftermarket parts and accessories. Quantum also designs and manufactures hybrid and fuel cell vehicles.
Quantum has product commercialization alliances with General Motors, AM General, and Sumitomo. Quantum"s customer base includes General Motors, Toyota, Opel, Hyundai, Suzuki, Ford, DaimlerChrysler, AeroVironment, and the U.S. Army.
More information can be found about Quantum"s products and services at www.qtww.com and Regency at www.regencyvans.com.
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Source: Quantum Fuel Systems Technologies Worldwide, Inc.