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.
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
More information can be found about Quantum's products and services at
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:
(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.