SANTA ANA, Calif., May 28, 2009 (GLOBE NEWSWIRE) -- Fuel Systems Solutions, Inc. (Nasdaq:FSYS) completed the purchase of selected assets and technology for compressed natural gas (CNG) refueling products manufactured by FuelMaker Corporation, including the home refueling appliance marketed under the Phill(tm) brand, for $7.0 million as announced on May 1st.
Mariano Costamagna, CEO of Fuel Systems Solutions, said, "We are excited to begin integrating our new technology, patents, certifications and products with our turn-key refueling equipment solutions. Naturally, we expect a transition period during which we will transfer certifications and production; however, management is committed to the continuity of service and production of Phill."
"Over the past two years, we have selectively acquired complementary businesses that support our business and broaden our opportunity. Our existing refueling solutions for large fleets and gas stations are augmented by the FuelMaker product line, which addresses both the consumer and smaller commercial markets. We are excited to continue to market and service Phill, which we believe we can deploy to existing markets using our global distribution network and original equipment manufacturer (OEM) relationships and to developing markets where the natural gas refueling infrastructure is limited, such as the United States."
As part of the purchase, Fuel Systems Solutions has agreed to fulfill certain FuelMaker service obligations and has assumed certain outstanding purchase orders. Those with inquiries about FuelMaker and Phill, please email fmsales@impcotechnologies.com or call (714) 656-1268 in North America or +39 (0172) 48681 outside of North America. Investors please continue to call LHA at (415) 433-3777.
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.
The company is composed of two operating subsidiaries: IMPCO Technologies and BRC. IMPCO Technologies is a leader in the heavy duty, industrial, power generation and stationary engines sectors. 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.
Additional information is available at www.fuelsystemssolutions.com.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties, including, without limitation, expressed or implied statements concerning the Company's ability to successfully utilize the acquired technology, certifications and patents, penetrate new and developing markets and use the acquired assets to leverage existing business. Such statements only state our beliefs and opinions. The Company's actual results may differ materially. Factors that may cause the Company's results to differ include, but are not limited to, risks that we cannot integrate the acquired assets into our business promptly and efficiently, that the patents or certifications acquired are insufficient or not useable by us, that expected sales do not materialize, that changes in emissions regulations may not significantly increase demand for the Company's products, the global economic downturn may reduce customers' demand for new automobiles and/or our products, and that all closing conditions will be met. 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, 2008. 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.