LAKE FOREST, Calif., Sept. 20, 2013 /PRNewswire/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (QTWW), a global leader in natural gas storage systems, integration and vehicle system technologies, announced today that its wholly owned subsidiary, Schneider Power Inc. and certain of Schneider Power Inc.'s wholly-owned subsidiaries, closed Phase 1 of the previously announced sale of Schneider Power's 10 Megawatt (MW) Trout Creek wind farm development project (the "Trout Creek Project") on September 18, 2013.
As previously announced, the sale of the Trout Creek Project will occur in two phases. The Phase 1 closing resulted in the purchaser acquiring 74.9% of the ownership interests in the Trout Creek Project for an aggregate purchase price of Canadian Dollar (CAD) $1,207,959, of which CAD $966,916 was paid in cash and CAD $241,403 was paid by the purchaser's assumption of certain Trout Creek Project liabilities. The closing of Phase 2 of the transaction is projected to be completed in 18 to 24 months, subject to the project achieving commercial operation. The Phase 2 transaction, if completed, would provide additional cash proceeds of approximately CAD $1.1 million in exchange for the purchaser acquiring the remaining 25.1% of the ownership interest in the Trout Creek Project.
Pursuant to the terms of the definitive agreements, the purchaser will be solely responsible for all development costs and expenses related to the Trout Creek Project.
"We continue to make strides in monetizing Schneider Power wind farm assets," stated Brian Olson, President and Chief Executive Officer of Quantum. Mr. Olson continued, "As previously announced, it remains our intent to complete the disposition of all of Schneider Power's operating assets and development projects."
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 release, other than those that are historical statements of fact, 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. Examples of forward looking statements included in this release include our projection of when the Phase 2 closing will occur the amount of proceeds we expect to receive from the Phase 2 closing if and when it closes. 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 including whether the Trout Creek wind farm is able to achieve commercial operation. 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:
Brion D. Tanous
CleanTech IR, Inc.
©2013 Quantum Fuel Systems Technologies Worldwide, Inc.
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SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.