Quantum-Tecstar Forms New Company With Unique Performance to Produce Specialty Vehicles
IRVINE, Calif., Jan. 25 /PRNewswire-FirstCall/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) today announced that its subsidiary, Tecstar Automotive Group, has formed a new company with Unique Performance (Unique) of Fort Worth, Texas to produce high-performance specialty vehicles. Under the terms of the agreement, Tecstar will own 50.1% of the new company, to be named "Unique Performance Concepts," and will design and manufacture the specialty vehicles. Unique will, in turn, market the vehicles through its extensive distribution channels to new car dealerships throughout the United States. The first specialty vehicle to be manufactured by this new company will be a Special Edition 2006 Ford Mustang designed by famous automotive designer and TV personality, Chip Foose. The new Ford Foose Stallion Mustang will be sold through Ford dealerships. The new company also plans to develop and produce several new special edition vehicle platforms, leveraging the strong, complementary industry skills of Quantum-Tecstar and Unique. The first Foose Stallion Mustang, Serial # 0001, was sold this weekend for $155,000 at the prestigious Barrett Jackson Collector Car Auction in Scottsdale, Arizona, which aired live on the Speed Channel, Saturday, January 21, 2006. Alan Niedzwiecki, President and CEO said, "This is the first of several near-term, high margin, revenue-enhancing opportunities Quantum anticipates to complete over the course of the next few months. These opportunities are the result of our initiatives to utilize our competencies in limited volume production and advanced technology for near-term revenue growth. Our highly specialized skill set in turning concepts into limited volume production is in growing demand worldwide for applications ranging from hybrid electric vehicles, to alternative fuel vehicles, including natural gas, propane, and hydrogen, to fuel cell vehicles, as well as for mainstream automotive and ultimate high-performance specialty vehicles." "We are very pleased to be working with premier specialty vehicle manufacturer Unique Performance," added Mr. Niedzwiecki. "Quantum and Unique have a like mindset to produce only the highest quality vehicles and to establish a strong recognizable brand. In addition to working closely with Chip Foose, the new company will work with racing legend Carroll Shelby and AC, formerly of the UK, to develop other high profile vehicle platforms to be sold through auto dealerships throughout North America." Other Recent News Quantum recently announced securing $6.95 million in congressional funding for programs to develop next generation hybrid electric vehicles for the U.S. Department of Defense. About Quantum Quantum and its subsidiary, Tecstar Automotive Group, are leaders in powertrain engineering, system integration, and manufacturing of packaged fuel systems and accessories for specialty vehicles and applications including fuel cells, hybrids, alternative fuels, hydrogen refueling, new body styles, mid-cycle vehicle product enhancements and high performance engines and drive trains for OEMs and consumers of aftermarket parts and accessories. Quantum also designs and manufactures hybrid and fuel cell vehicles. Quantum has product commercialization alliances with General Motors, AM General, and Sumitomo. Quantum's customer base includes General Motors, Toyota, Opel, Hyundai, Suzuki, Ford, DaimlerChrysler, AeroVironment, and the U.S. Army. More information can be found about Quantum's products and services at www.qtww.com. Forward Looking Statements Except for historical information, the statements, expectations, and assumptions contained in the foregoing press release are forward-looking statements. Such forward-looking statements include, but are not limited to, the Company's expectations regarding expected future revenues and operating results; future opportunities for Quantum; the Company's ability to fulfill orders in the future; and other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management. Such statements are subject to a number of risks and uncertainties, and actual results could differ materially from those discussed in any forward-looking statement. Factors that could cause actual results to differ materially from such forward-looking statements include, among other factors, prevailing market conditions; the Company's ability to design and market automotive products; the Company's ability to meet customer specifications and qualification requirements; availability of component parts and raw materials that meet the Company's requirements; and the Company's ability to source alternative materials and suppliers. Reference should also be made to the risk factors set forth from time to time in the Company's SEC reports, including but not limited to those contained in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2005. The Company does not undertake to update or revise any of its forward-looking statements even if experience or future changes show that the indicated results or events will not be realized. For more information regarding Quantum, please contact: Dale Rasmussen Investor Relations Email: DRasmussen@qtww.com +1-206-315-8242 (C) 2005 Quantum Fuel Systems Technologies Worldwide, Inc. Advanced Technology Center 17872 Cartwright Road, Irvine, CA 92614 Phone 949-399-4500 Fax 949-399-4600
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.
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