Fuel Systems' IMPCO Automotive Receives AT&T Order for Dedicated Ford CNG Vehicles
NEW YORK, June 28, 2013 (GLOBE NEWSWIRE) -- Fuel Systems Solutions, Inc. (Nasdaq: FSYS) announced that its IMPCO Automotive division, a Gaseous Fuels QVM of Ford Motor Company, recently received an order from AT&T to convert 650 MVP Ford F350 trucks to run on dedicated CNG fuel systems. These 650 chassis cab one tons are equipped with Ford's gaseous prepped 6.2L engine and will leave IMPCO Automotive's Union City, IN high volume production facility with 25GGE of CNG before transportation for the utility body installation. The order will be managed using the Ship-Thru capability as a Gaseous Fuels Qualified Vehicle Modifier (QVM) which IMPCO recently obtained.
Mariano Costamagna, Fuel Systems' CEO, said, "As a Ford QVM recently awarded of Ship-Thru capability, we are thrilled to receive this order, which demonstrates large fleets' recognition of the benefits of CNG as a clean and less expensive alternative to gasoline and affirms the early stage expansion of the gaseous fuels market in the US. The order emerged from IMPCO's US development efforts and its commitments to provide US customers with high level alternative fuel products."
IMPCO Automotive's gaseous fuel systems are designed and validated through utilization of internal engineering OEM expertise. The entire gaseous fuel system adheres to IMPCO Automotive's strict quality, durability, and safety testing requirements to ensure a superior and safe product to the end customer. These specific conversions will occur throughout the third and fourth quarter of this year.
This press release contains certain forward-looking statements that involve risks and uncertainties, including, without limitation, expressed or implied statements concerning the Company's outlook, as well as its position in the market place, and the success of products. Such statements represent only our opinions and predictions. The Company's actual results may differ materially. Factors that may cause the Company's results to differ include, but are not limited to, the unpredictable nature of the developing alternative fuel US automotive market, customer dissatisfaction with the Company's products or services, the inability of the Company to deliver its products on schedule, a further slowing of economic activity, potential changes in tax policies and government incentives and their effect on the economic benefits of our products to consumers, the continued weakness in financial and credit markets, the growth of non-gaseous alternative fuel products and other new technologies, the price differential between alternative gaseous fuels and gasoline, and the repeal or implementation of government regulations relating to reducing vehicle emissions. Readers also should consider the risk factors set forth in the Company's reports filed with the Securities and Exchange Commission, including, but not limited to, those contained in the "Risk Factors" section of the Company's Annual Report on Form 10-K, for the year ended December 31, 2012. The Company does not undertake to update or revise any of its forward-looking statements.
About Fuel Systems Solutions
Fuel Systems Solutions (Nasdaq: FSYS) is a leading designer, manufacturer and supplier of proven, cost-effective alternative fuel components and systems for use in transportation and industrial applications. Fuel Systems' components and systems control the pressure and flow of gaseous alternative fuels, such as propane and natural gas, used in internal combustion engines. These components and systems feature the Company's advanced fuel system technologies, which improve efficiency, enhance power output and reduce emissions by electronically sensing and regulating the proper proportion of fuel and air required by the internal combustion engine. In addition to the components and systems, the Company provides engineering and systems integration services to address unique customer requirements for performance, durability and configuration. Additional information is available at www.fuelsystemssolutions.com.