IRVINE, Calif., Jan. 4 /PRNewswire-FirstCall/ -- Quantum Fuel Systems
Technologies Worldwide, Inc., (Nasdaq: QTWW) today announced that its
Alternative Mobility Vehicle (AMV) and Mobile Hydrogen Infrastructure (MHI)
programs are allocated to receive a total of $6.95 million in funding under
the fiscal year 2006 Appropriations Bill for the Department of Defense, signed
into law by President Bush on December 30, 2005. These programs follow on
Quantum's successes with the U.S. Army, wherein Quantum developed and
demonstrated the "Aggressor AMV," a high performance light-duty off-road fuel
cell hybrid vehicle, and the recently completed "HyHauler MHI," a
transportable hydrogen refueling station designed for rapid refueling of
military vehicles and silent watch power generators.
In line with Quantum's new initiatives in hybrid electric drive
technology, the military AMV program will develop an advanced second
generation (Aggressor II) high performance light-duty off-road hybrid electric
vehicle platform incorporating special undisclosed modifications, based on the
results of and feedback from the U.S. Army's testing and evaluation of the
Aggressor. The propulsion system for this next phase of AMV development will
be an advanced internal combustion engine hybrid electric drive system, which
would provide a cost-effective, near-term solution and provide common shared
vehicle architecture with future fuel cell applications of the vehicle.
Several pre-production prototypes will be developed and built for testing and
evaluation by selected military commands to assess mission suitability,
supportability, performance objectives, and guidance on final vehicle
configuration.
The objective of the MHI program is to demonstrate the capability of
Quantum's HyHauler transportable hydrogen refueling stations to meet emerging
hydrogen fuel demand as hydrogen and fuel cell technologies are deployed
throughout the military as part of the 21st Century Base initiative. This
demonstration program is expected to include supporting the deployment of
hydrogen internal combustion engine administrative vehicles as well as fuel
cell vehicles.
"Quantum's military business and our strategic initiatives in hybrids
continue to gain momentum. Our funding for Defense related programs will more
than triple this year to almost $7 million, up from $2 million in 2005.
Having been allocated $6.95 million for production intent military programs is
a tremendous success for the company and a strong indicator of more to come.
The high quality and performance of the advanced vehicles and refueling
stations Quantum developed previously for the US Army and our capability for
limited volume production of vehicles through our Tecstar business unit were
instrumental in the significant increase of the 2006 Defense Appropriations
Bill allocation for Quantum programs," said Alan Niedzwiecki, President and
CEO of Quantum.
"We believe that the AMV and MHI programs offer innovative solutions to
meet the mission of the national defense effort while reducing the fuel
logistic burden," added Mr. Niedzwiecki. "We credit and applaud the
tremendous support of the members of the California delegation for these
important programs, especially Chairman Jerry Lewis, Senator Dianne Feinstein
and Congressman Buck McKeon."
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
http://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 and
refueling 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
+1-206-315-8242
Andy Abele
Executive Director, Strategic Development
+1-949-399-4527
aabele@qtww.com
(C) 2006 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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Related links:
http://www.qtww.com
CONTACT:
Dale Rasmussen, Investor Relations,
+1-206-315-8242, or Andy Abele, Executive Director, Strategic
Development, +1-949-399-4527, aabele@qtww.com, both of Quantum
Fuel Systems Technologies Worldwide, Inc.
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