22.9.2004: Meldung: IMPCO/BRC Targets 750,000 Wheel Taxis in India
In an effort to reduce air pollution and improve India"s energy self-sufficiency, the government has mandated that all of these vehicles in major cities convert to propane or natural gas fuel or be replaced with new vehicles in a phased manner. India has an abundance of natural gas reserves and the government has undertaken a massive infrastructure program to ensure availability of the fuel in all of the major cities. With CNG and LPG at roughly half the cost of gasoline, the vehicle owners can save money on fuel and the government can improve their balance of payments with the rest of the world by reducing the amount of gasoline they are forced to import.
The conversion of 3 and 4 wheelers has begun in New Delhi and Mumbai, the two largest cities in India. To date over 200,000 3 wheelers and 4 wheelers have been converted, substantial numbers using IMPCO products. Conversion programs have begun in 12 major cities. The vehicles, which are converted to alternative fuel allow their owners to enjoy a savings of over $1.50 per gallon in fuel costs versus gasoline.
Brad Garner, Vice President and COO of IMPCO Technologies said, "IMPCO products needed to convert these vehicles are manufactured in India by our joint venture company, Minda IMPCO, allowing us to offer competitive pricing. IMPCO"s strong brand and quality recognition and our ability to offer local technical support and manufacturing will ensure that IMPCO product will attain a major share of this conversion business."
IMPCO designs, manufactures, markets and supplies advanced alternative fuel systems and related products to original equipment manufacturers and to the aftermarket for the mobile, industrial, power generation, and stationary engines market place. Headquartered in Cerritos, California, IMPCO has offices in Asia, Europe, Australia and South and North America. More information can be found at IMPCO"s web site, http://www.impco.ws
Regarding Minda IMPCO Limited:
Minda IMPCO Limited is a joint venture agreement with Minda Industries, Ltd. headquartered in Delhi, India. Minda Industries, Ltd., is an automotive OEM supplier with over US $50 million in annual revenues. The company manufactures and markets OEM grade switches, locks, lamps, horns, instrument panels and wiring harnesses for major auto, motorcycle and commercial vehicle OEMs in India. Minda Grouphas seventeen manufacturing plants in India and market their products via technically trained sales forces to automotive OEMs. They are TS16949, ISO 14001 and OHSAS certified and sell their products in the aftermarket and to all the main OEMs in India e.g. Maruti, Tata Motors, Bajaj, TVS, M&M to name a few.
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 revenues in future periods. 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. Readers should consider the risk contained in the section entitled "Management"s Discussion & Analysis of Financial Conditions on Results of Operations - Risk Factors" in its Annual Report on Form 10-K for the period ended December 31, 2003. 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 further information please contact:
Dale Rasmussen, Investor Relations, IMPCO Technologies Inc.,
+1-206-315-8242, fax +1-206-315-8301, email@example.com