IRVINE, Calif., May 10, 2012 /PRNewswire/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (the "Company") (Nasdaq: QTWW), announced today that it has entered into a credit arrangement with Bridge Bank, National Association (Nasdaq: BBNK), providing the Company a working capital line of credit of up to $10.0 million. The revolving line of credit accrues interest at Bridge Bank's prime rate plus 2% (subject to a floor of 5.25%), is available for immediate drawdown, subject to a current asset borrowing base, financial covenants and other restrictions. Quantum was advised by Advanced Equities in this transaction.
Alan P. Niedzwiecki, the Company's president and CEO stated, "We are pleased to begin our commercial banking relationship with Bridge Bank, and we look forward to Bridge Bank's continued support as we focus on growing our business."
Kevin McBride, vice president of Bridge Bank's Technology Banking Division added, "We're thrilled to have been selected by Quantum Technologies as their preferred credit provider, and we look forward to being their financial partner as they continue to expand and grow their operations."
Quantum Fuel Systems Technologies Worldwide, Inc., a fully integrated alternative energy company, is a leader in the development and production of advanced propulsion systems, natural gas vehicle storage technologies, and alternative fuel vehicles. Quantum's wholly owned subsidiary, Schneider Power Inc., and affiliate, Asola Solarpower GmbH, complement Quantum's emerging renewable energy presence through the development and ownership of wind and solar farms, and manufacture of high efficiency solar modules. Quantum's portfolio of technologies includes electronic controls, hybrid electric drive systems, natural gas and hydrogen storage and metering systems and alternative fuel technologies that enable fuel efficient, low emission hybrid, plug-in hybrid electric, fuel cell, and natural gas vehicles. Quantum's powertrain engineering, system integration, vehicle manufacturing, and assembly capabilities provide fast-to-market solutions to support the production of hybrid and plug-in hybrid, hydrogen-powered hybrid, fuel cell, natural gas fuel, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum's customer base includes automotive OEMs, dealer networks, fleets, aerospace industry, military and other government entities, and other strategic alliance partners.
About Bridge Bank, N.A. Bridge Bank, National Association, is a full-service professional business bank headquartered in Silicon Valley, and with offices located nationwide. The bank is dedicated to meeting the financial needs of small, middle market and emerging technology businesses. Bridge Bank provides its clients with a comprehensive package of business banking solutions delivered through experienced, professional bankers. Bridge Bank's Technology Banking Division serves venture-backed and non-venture-backed companies from inception through IPO, and offers products including growth capital, equipment and working capital credit facilities and treasury management solutions along with a full line of international banking services. For additional information, visit www.bridgebank.com.
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. 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 can be found about the products and services of Quantum at http://www.qtww.com/ or you may contact:
©2012 Quantum Fuel Systems Technologies Worldwide, Inc. 17872 Cartwright Road, Irvine, CA 92614 Phone 949-399-4500 Fax 949-399-4600
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.