SANTA ANA, Calif., Dec. 13, 2006 (PRIME NEWSWIRE) -- Fuel Systems Solutions, Inc. (Nasdaq:FSYS) today announced the introduction of its Sequent Direct Injection system that enables the conversion of gasoline-powered direct injection vehicles to operate on liquified petroleum gas.
The company's BRC Gas Equipment subsidiary, located in Cherasco, Italy, introduced the new system at the 31st International Automobile Exhibition held in Bologna, Italy last week. The company expects to complete the certification program by February 2007 and subsequently commence sales, with an initial sales goal in Italy of approximately $1.0 million from aftermarket vehicle conversions utilizing its new direct fuel injection system in 2007.
"Direct fuel injection is an emerging technology being utilized by original equipment manufacturers, enabling the fuel source to be efficiently delivered directly into the combustion chamber of the vehicle at a pressure of 40/100 bar (580/14500 PSI). Prior to the introduction of our new technology, which is an industry first, it was not possible to convert gasoline-powered direct injection systems to operate on gaseous fuels. This new technology complements the company's leadership position within the gaseous fuel conversion market for vehicles utilizing traditional fuel injection systems. We look forward to leveraging our industry position to take full advantage of the emerging direct fuel injection vehicle market," said Mariano Costamagna, president and chief executive officer of Fuel Systems Solutions.
He indicated that most original equipment manufacturers currently offer at least one vehicle utilizing a direct fuel injection system - representing approximately 25 to 30 automotive models in the market. He added that Volkswagen is an industry leader in the utilization of direct fuel injection systems.
Costamagna said the company's new technology is the result of a one-and-a half year research and development program, including ten validated vehicle conversions tested for durability and performance. He added that the direct injection system required extensive analysis of ECU systems and the ultimate development of new complex software to address stoichiometric and/or lean burn combustion issues, which are not as critical in traditional injection systems.
The exhibition in Bologna placed particular importance on ecofriendly vehicles and service, with areas dedicated to such topics for automobile repair mechanics, garages and dealers. In addition, it showcased vast displays of components and accessories addressing the conversion of vehicles to natural and liquified petroleum gas -- including both aftermarket and OEM systems.
Fuel Systems Solutions is a holding company currently comprised of two operating subsidiaries, IMPCO Technologies and BRC Gas Equipment. Additional information is available at www.fuelsystemssolutions.com. IMPCO designs, manufactures, markets and supplies advanced products 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 Santa Ana, California, IMPCO has offices throughout Asia, Europe, Australia and North America. Additional information is available at www.impcotechnologies.com. 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, 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 the expected market for the company's direct injection fuel system product and its ability to achieve its initial target sales in Italy of $1.0 million in 2007 from aftermarket vehicle conversions utilizing its new direct fuel injection system. 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 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 the Risk Factors section of the company's Quarterly Report on Form 10-Q, for the quarter ended September 30, 2006. 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.