28.4.2004: Impco Technologies, Inc.: Benefit From Recent Supreme Court Rulings in India
Wednesday April 28, 12:08 am ET
CERRITOS, Calif., April 28 / -- IMPCO Technologies, Inc. (Nasdaq: IMCO - News) announced today the Supreme Court of India has recently dismissed an application by the Bombay Bus Owners Association seeking an extension of the January 31, 2004 deadline to convert eight-year and older diesel commercial vehicles to operate on Compressed Natural Gas (CNG). Approximately 24,000 vehicles will be affected.
Similar initiatives are also being enacted and enforced throughout India in a bid to fight the devastating pollution in their major cities. The Gujarat Motor Vehicles Regulation being enforced by the government mandates that nearly 50,000 auto rickshaws, 1000 State owned buses and 600 Municipal buses must be converted to CNG or propane within 3 years. Massive investment is being undertaken throughout India to provide the refueling infrastructure needed to support the mandated conversion to CNG & propane as well as the move to Natural Gas powered electrical generation. For example, in Delhi, all newly registered buses and many other commercial vehicles can only be registered if they operate on clean burning CNG.
These initiatives are all based on Article 21 of the Indian Constitution, which confers on a person the right to pollution free air, and also aim to secure India"s energy independence and improve their balance of payments with respect to energy acquisition and consumption.
IMPCO has the largest selection of alternative fuels equipment for diesel applications in the world that enable diesel and petrol engines to run on natural gas and propane. Through their joint venture, Minda IMPCO Ltd. with MINDA, the largest OEM supplier of auto components in India, IMPCO is well placed to assume a market leading position in this fast developing market. IMPCO has been doing business in India since 1994. The potential market for IMPCO"s products in India exceed a total of $900 million.
IMPCO designs, manufactures, markets and supplies advanced alternative fuel systems and related products for the mobile, industrial, power generation, and stationary engines market place. Headquartered in Cerritos, California, IMPCO has facilities in Asia, Europe, Australia and South and North America. More information can be found at IMPCO"s web site. www.impco.ws. IMPCO also operates under the BRC brand name through its 50% ownership agreement with MTM Srl headquartered in Cherasco, Italy.
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.
For further information contact Mr. Dale Rasmussen, Investor Relations: