Systems Solutions: Supply deal with General Motors
New York,- Fuel Systems Solutions, Inc.'s (Nasdaq:FSYS) IMPCO Automotive unit has supplied its compressed natural gas (CNG) system for GM's largest-ever order of 1,200 Chevrolet Express CNG dedicated cargo vans. The vans were produced at IMPCO's world-class OEM installation center in Union City, Indiana and will be deployed at AT&T service centers nationwide.
"This large order, an exciting step in Fuel Systems' partnership with GM, demonstrates trends beginning to emerge in the U.S. marketplace as both OEMs and fleets commit to alternative fuels," said Matthew Beale, Fuel Systems' Co-President. "Fuel Systems' technology leadership and unique product capabilities make IMPCO Automotive the ideal partner in this regard. With both dedicated and bi-fuel CNG systems, we provide cost-effective solutions that offer fleet customers' a range of choice as they seek to lower their fuel costs and carbon emissions. This highly significant order illustrates Fuel Systems' market leadership and marks another milestone in the evolution of this exciting new market."
Each Chevrolet Express CNG van is covered by GM's three-year, 36,000 mile new vehicle limited warranty and five-year, 100,000 mile limited powertrain warranty. The vans also meet all Environmental Protection Agency (EPA) and California Air Resources Board (CARB) emission certification requirements, and are fully compliant with applicable motor vehicle safety standards.
About Fuel Systems Solutions
Fuel Systems Solutions (Nasdaq:FSYS) 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 and recently established a U.S. Automotive division. 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.
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 2012, as well as its position in the market place. 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 our ability to integrate recently acquired businesses and to realize the expected synergies; economic uncertainties caused by political instability in certain of the local markets we do business in; the potential growth of non-gaseous alternative fuel products and other new technologies; currency rate fluctuations and devaluations; our ability to realign costs with current market conditions; unanticipated litigations; potential changes in tax policies and government incentives and their effect on the economic benefits of our products to consumers; the weakness in financial and credit markets and the economy; and the repeal or implementation of government regulations relating to reducing vehicle emissions. 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, 2010. 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.
Investor Relations Contacts:
Carolyn M. Capaccio