WASHINGTON, Feb. 28 /PRNewswire/ -- Rep. Christopher Cox (R-CA), Chairman
of the Homeland Security Committee, announced that he has secured $2 million
in the FY 2005 Defense Appropriations Bill for Irvine-based Quantum Fuel
Systems Technologies Worldwide's U.S. Army Mobile Hydrogen Infrastructure
program. Quantum (Nasdaq: QTWW) is recognized as a world leader in hydrogen
fuel systems.
This program will help the Army address the fuel requirements for fuel
cells by developing the supporting hydrogen refueling infrastructure. This
program will leverage Quantum's experience and the significant investments
currently being made by major automakers, technology companies, and the
Department of Energy toward development of fuel cells for commercial
applications. The program will evaluate the various opportunities that exist
to generate hydrogen on-site via Quantum's hydrogen refueling systems,
including using available solar and wind-generated electricity for
electrolysis of water or through reformation of hydrocarbon fuels.
The funds will be used to deploy and demonstrate Quantum's patented mobile
hydrogen refueling systems to support hydrogen-powered fuel cell applications
operating in remote locations. Quantum was recently awarded a significant
U.S. Patent for mobile and transportable hydrogen refuelers as announced on
February 15, 2005. This program is in addition to the refueling and vehicle
contracts previously awarded to Quantum by the Army.
Alan Niedzwiecki, President and CEO of Quantum, praised Congressman Cox
for his support, "The Armed Services are currently in the process of
revolutionizing their combat strategies and systems, focusing on improving
energy efficiency and stealth operations, two requirements well-served by
hydrogen and fuel cells. Fuel cell technology is currently being developed
for military use as auxiliary power units and for vehicle propulsion, both of
which offer great benefits to the Army's transformation strategy in reducing
the size of the deployed logistics footprint and the signature of future Army
platforms. This funding that Congressman Cox secured will play a critical
role in helping to achieve these goals."
About Quantum
Quantum is a leading designer, integrator and manufacturer of packaged
fuel systems for fuel cells, hybrids and alternative fuel applications in the
transportation, fuel cell stationary power generation and hydrogen refueling
infrastructure markets. Leveraging its core competencies in ultra-light
weight composite fuel storage, fuel injection, fuel metering, electronic
controls, OEM-level systems integration, and years of OEM production
experience, Quantum also designs and manufactures hybrid and fuel cell
vehicles.
Quantum is a Tier 1 OEM supplier and has product commercialization
alliances with General Motors, Sumitomo and IMPCO. Quantum's customer base
includes General Motors, Toyota, Opel, Hyundai, Suzuki, Ford, Sunline, Yamaha,
AeroVironment, and the U.S. Army.
Quantum's website: http://www.qtww.com.
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 revenues and cash from operations in
future periods and expected future 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 refueling systems that meet the market's requirements; the level and
success of the Company's development and commercial programs for refueling
systems, particularly shifts in demand for hydrogen products from OEM
customers; fluctuations in orders from the Company's customers; 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, 2004. 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
Cathy Johnston
Director of Communications and Corporate Support
+1-949-399-4548
cjohnston@qtww.com
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SOURCE Congressman Cox (R-CA)
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Related links:
http://www.qtww.com
CONTACT:
Dale Rasmussen, Investor Relations,
+1-206-315-8242, or Cathy Johnston, Director of Communications
and Corporate Support, +1-949-399-4548 cjohnston@qtww.com, both
for Congressman Cox (R-CA)
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