Quantum Announces Expanding Orders for its CNG Storage System from its Commercial Alliance with Wheeltime Network - Orders are from existing customer members and 3 new members of WheelTime's Expansive Nation-wide Network
LAKE FOREST, Calif., July 21, 2014 /PRNewswire/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ: QTWW), a global leader in natural gas storage systems, integration and vehicle system technologies, today announced that it has received approximately $600,000 in purchase orders over the past several weeks for its light weight natural gas storage systems from the Wheeltime network.
The WheelTime Network is comprised of 18 member networks with a reach into over 180 installation and service locations nationwide. Quantum has been the exclusive supplier of compressed natural gas storage systems to the WheelTime Network for aftermarket system conversions and is now expanding the relationship to include system installs on new OEM level trucks. Installations of these systems are performed at the WheelTime locations. Under an arrangement that began over two years ago, Quantum and WheelTime have been training and educating the network locations on installs, maintenance and service. As this relationship expands, the program has the potential of including all member locations and can provide the industry the needed support for ongoing service needs.
"We are excited to be expanding this relationship with additional orders and especially to include additional WheelTime members and locations," said Mr. Brian Olson, President and CEO of Quantum. "We are working closely with WheelTime on setting up new locations with installation and service training and providing turnkey system solutions to the medium and heavy duty truck industry. Our goal is to have this relationship reach all 50 states by leveraging their expansive geographic footprint and trucking industry prowess," continued Mr. Olson.
About Quantum: Quantum Fuel Systems Technologies Worldwide, Inc. is a leader in the innovation, development and production of natural gas fuel storage systems and the integration of vehicle system technologies including engine and vehicle control systems and drivetrains. Quantum produces one of the most innovative, advanced, and light‐weight compressed natural gas storage tanks in the world and supplies these tanks, in addition to fully‐integrated natural gas storage systems, to truck and automotive OEMs and aftermarket and OEM truck integrators. Quantum provides low emission and fast‐to‐market solutions to support the integration and production of natural gas fuel and storage systems, hybrid, fuel cell, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum is headquartered in Lake Forest, California, and has operations and affiliations in the United States, Canada, and India.
Forward Looking Statements: This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements included in this report, other than those that are historical, are forward looking statements and can generally be identified by words such as "may," "could," "will," "should," "assume," "expect," "anticipate," "plan," "intend," "believe," "predict," "estimate," "forecast," "outlook," "potential," or "continue," or the negative of these terms, and other comparable terminology. Various risks and other factors could cause actual results, and actual events that occur, to differ materially from those contemplated by the forward looking statements. Risk factors include the growth of the CNG market and acceptance of the Company's products. The Company undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.
More information about the products and services of Quantum can be found at http://www.qtww.com/ or you may contact:
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SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.