CERRITOS, Calif., April 26, 2006 (PRIMEZONE) -- IMPCO Technologies, Inc. (Nasdaq:IMCO) today announced the appointment of Douglas R. King as an independent director to its board, filling a board vacancy created by the resignation of Donald Simplot.
An accounting industry veteran with more than 30 years of experience, King most recently served as the managing partner of the San Francisco office of Ernst & Young LLP. His career experience with the firm includes significant client and operational responsibilities across the Pacific Northwest region, as well as serving in Ernst & Young's Salt Lake City and Tulsa offices.
"The appointment of Doug King highlights the company's commitment to strong corporate governance and the benefits of a proactive and diverse board of directors -- qualities particularly important to a global organization operating within the alternative fuel systems industry where economic, political and environmental considerations are market drivers. We are gratified that Doug has agreed to serve on our board and look forward to benefiting from his expertise and counsel," said Mariano Costamagna, president and chief executive officer of IMPCO Technologies.
Costamagna noted that King, who was appointed as a director following the recommendation of the company's nominating and corporate governance committee, is expected to be appointed to serve on the company's audit committee.
In addition to IMPCO, King currently serves on the boards of Marvel Technology Group (Nasdaq:MRVL) and SJW Corporation (NYSE:SJW).
About IMPCO Technologies
IMPCO designs, manufactures, markets and supplies advanced product and systems to enable internal combustion engines to run on clean burning gaseous fuels such as natural gas, propane and biogas. IMPCO is a leader in the heavy duty, industrial, power generation and stationary engines sectors. Headquartered in Cerritos, California, IMPCO has offices throughout Asia, Europe, Australia and North America. Additional information is available at IMPCO's website, http://www.impco.ws.
About BRC Gas Equipment
BRC produces a complete range of systems for converting vehicles to gaseous fuel to meet market requirements. BRC is a leader in the light duty and automobile alternative fuel sectors and has established alliances with several major automobile manufacturers for OEM projects. Headquartered in Cherasco, Italy, BRC has offices throughout Asia, Europe and South America. Additional information is available at BRC's web site, http://www.brc.it.
Some matters discussed in this press release are forward-looking statements that involve risks and uncertainties. Actual results could differ materially from those discussed in any forward-looking statement. Those forward looking statements include statements relating to our intended focus on our core business operations and markets, the expected growing interest in our alternative fuel products, the expected broad economic, political, and environmental initiatives supporting alternative fuel products on a global basis, the potential benefits of a proactive and diverse board of directors, and our intent to capitalize on the significant opportunities available to IMPCO as the company's strategic plan is implemented. Factors that could cause or contribute to such differences between our expected future results and actual results include, but are not limited to, prevailing market and global economic conditions; changes in environmental regulations that impact the demand for the company's products; the company's ability to manage its leverage and address operating covenant restrictions relating to its indebtedness; the company's ability to negotiate and comply with waivers pertaining to existing loan covenant defaults; the company's ability to design and market advanced fuel metering, fuel storage and electronic control products; the company's ability to meet OEM specifications; and the level and success of the Company's development programs with OEMs. 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 "Management's Discussion & Analysis of Financial Condition and Results of Operation - Risk Factors" section of the Company's Annual Report on Form 10-K, for the year ended December 31, 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.