Quantum Technologies Closes Sale of Providence Bay Wind Farm to Leader Resources --Enters into Non-Binding Letter of Intent for Bahamas Wind Farm Project
LAKE FOREST, Calif. and TORONTO, May 14, 2013 /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 its wholly owned subsidiary Schneider Power Inc., has completed the sale of its 1.6 Megawatt (MW) Providence Bay operational wind farm to Leader Resources for a purchase price of CAD $406,000 and the assumption of approximately CAD $1.1 million of bank debt and certain other project related liabilities.
Schneider Power also recently entered into a non-binding letter of intent to sell its 1.0 MW development project in the Bahamas that is expected to close in the next several months.
The Company previously announced it entered into a separate non-binding letter of intent with an unrelated third party for the sale of Schneider Power's 10.0 MW Trout Creek wind farm development project and certain other Schneider Power development projects and also received formal offers and letters of interest for Schneider Power's 10.0 MW Zephyr operational wind farm.
"We are pleased to begin closing these wind farm transactions that is providing the Company cash and reducing the associated debt with these wind farm projects," stated Brian Olson, President and Chief Executive Officer of Quantum. "The Company remains committed to disposing all of Schneider Power's operating assets and development projects in order to generate meaningful cash proceeds and reduce the amount of debt on our balance sheet."
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 whether the parties to the Trout Creek and Bahamas non-binding letters of intent can agree upon the definitive terms, whether the transactions contemplated by the Trout Creek and Bahamas non-binding letters of intent are completed,, whether Schneider Power's assets can be monetized within the expected time frame, if at all, and the amount of proceeds received from such sales. 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.
Advanced Technology Center, 25242 Arctic Ocean Drive, Lake Forest, CA 92630
Phone 949-399-4500 Fax 949-399-4600
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.