Fuel Systems Solutions: Agreement to supply locomotive idle reduction equipment
Fuel Systems Solutions, Inc.'s subsidiary IMPCO(R) Ecotrans has secured its first significant agreement to supply locomotive idle reduction equipment in Europe. IMPCO(R) Ecotrans will initially supply 50 locomotive auxiliary power units (APU) by early autumn 2010, with installation expected to be completed before December 2010.
"This award demonstrates European recognition of IMPCO(R) Ecotrans' superior APU technology," said Matthew Beale, president, CFO and secretary. "We have long provided locomotive idle reduction equipment to our North American customers, generating fuel and emissions savings by eliminating the unnecessary locomotive idling that typically occurs in the absence of an APU. We believe there is additional potential for this technology in Europe and are exploring additional opportunities there."
Jaime Portaluppi, Director of Sales for IMPCO(R) Ecotrans in Kitchener, Ontario said, "With this sale, we are leveraging our North American experience that includes the installation of over 35,000 APUs for the transport truck industry and over 2,500 APUs to the rail industry."
"The US Department of Energy states that without idle reduction technology, the average freight locomotive will typically idle 3,000 hours per year with an average consumption of 4 gallons of diesel fuel per hour. The IMPCO(R) Ecotrans APU virtually eliminates this unnecessary idling by shutting down the locomotive engine while maintaining locomotive operating systems when the locomotive is in shutdown mode. This results in thousands of dollars in fuel savings annually and can prevent the emission of several toxic constituents including nitric oxide, sulfur dioxide, particulate matter and as much as 100 tons or more of greenhouse gasses annually per locomotive," Portaluppi concluded.
IMPCO(R) Ecotrans, a division of IMPCO Technologies, is based in Ontario-Canada providing turn-key solutions for mobile equipment and stationary engines, including industrial forklifts, sweepers, auxiliary power units/generators, and construction equipment and is dedicated to a better world through cleaner air.
This press release contains certain forward-looking statements that involve risks and uncertainties, including, without limitation, expressed or implied statements concerning the company's outlook for 2010, as well as its position in the market place, the success of products and the success and integration of recent acquisitions. Such statements represent only our opinions and predictions. 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 we cannot integrate the acquired assets into our business promptly and efficiently, that the patents or certifications acquired are insufficient or not useable by us, that expected sales do not materialize, that changes in emissions regulations may not significantly increase demand for the Company's products, the global economic downturn may reduce customers' demand for new automobiles and/or our products, original equipment automobile manufacturers do not adopt the Company's fuel systems as expected, that expected sales not based on long-term contracts will materialize, that changes in emissions regulations will not significantly impact demand for the Company's products, that reduction in oil prices will reduce the demand for our products and that currency fluctuations will reduce our revenue or financial condition. 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 the "Risk Factors" section of the Company's Annual Report on Form 10-K, for the year ended December 31, 2009. The Company does not undertake to update or revise any of its forward-looking statements or guidance even if experience or future changes show that the indicated results or events will not be realized.
About Fuel Systems Solutions
Fuel Systems Solutions (Nasdaq:FSYS - News) is a leading designer, manufacturer and supplier of proven, cost-effective alternative fuel components and systems for use in transportation and industrial applications. Fuel Systems' components and systems control the pressure and flow of gaseous alternative fuels, such as propane and natural gas, used in internal combustion engines. These components and systems feature the company's advanced fuel system technologies, which improve efficiency, enhance power output and reduce emissions by electronically sensing and regulating the proper proportion of fuel and air required by the internal combustion engine. In addition to the components and systems, the company provides engineering and systems integration services to address unique customer requirements for performance, durability and configuration. The company is composed of two operating subsidiaries: IMPCO Technologies and BRC. IMPCO Technologies is a leader in the heavy duty, industrial, power generation and stationary engines sectors. 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. Additional information is available at www.fuelsystemssolutions.com.
Matthew Beale, President, CFO, & Secretary
Fuel Systems Solutions, Inc.