LYNNFIELD, MA--(Marketwired - Feb 18, 2014) - American Power Group Corporation (
A committee of editors from Heavy Duty Trucking Magazine ("HDT") selected products that appeared in HDT's editorial pages or in editorial coverage on Truckinginfo.com during their 2013 qualifying period based on: 1) its level of innovation; 2) whether it addresses significant industry issues; and 3) its potential to improve a trucking operation's bottom line. Then additional input was received from a panel of experienced fleet executives and maintenance managers, including HDT's Truck Fleet Innovators, and a panel of Technology and Maintenance Council ("TMC") members led by past TMC President Darry Stuart. The Top 20 Products are featured in HDT's February issue -- HDT Announces 2014 Top 20 Products.
A recognition plaque will be presented to American Power Group ("APG") at the 2014 Annual Meeting & Transportation Technology Exhibition held at the Music City Center in Nashville, TN on March 10th -12th. APG will have one of its Dual Fuel Natural Gas Gliders on display at the TMC exhibition in the Ervin USA exhibition booth -- #1761.
APG has partnered with glider providers such as Ervin USA, Fitzgerald Glider Kits, and members of WheelTime Network to offer dual fuel conversions of rebuilt pre-EGR Detroit Series 60 engines in new Freightliner and Western Star glider kit models. APG's V5000 Turbocharged Natural Gas™ Dual Fuel System offers net annual fuel savings of 20%-30% compared to a standard diesel engine. The technology is a non-invasive patented turbocharged system that typically displaces 50%-65% of diesel with compressed natural gas ("CNG') or liquefied natural gas ("LNG") for both regional and long haul routes.
Lyle Jensen, American Power Group Corporation's Chief Executive Officer, stated: "We are honored to have Heavy Duty Trucking Magazine recognize our APG Dual Fuel Glider™ as one of their top products for 2014. When you consider our dual fuel natural gas glider has near purchase price parity to a new diesel truck with verifiable lower annual maintenance costs and net annual fuel savings of $.15 to $.20 per mile over that of a diesel truck, it becomes one of the most economical Class 8 trucks on the road today."
Brian Orr, President of Stewart Logistics and a FedEx Ground contractor from Atlanta, Georgia stated: "I am running two Freightliner Columbia Series 60 gliders using APG's dual fuel solution five days a week between Atlanta and Meridian, Mississippi. We are seeing an average 65% displacement of the normal diesel fuel with natural gas at a savings of almost $1.00 per gallon with no loss of power and torque. That equates to annual savings of $18,000 per year per truck. For the life of me, I don't understand why everyone isn't trying this because the numbers work."
Mr. Jensen added, "We examined the different market needs for engine power and believe APG's Dual Fuel Glider™ is a perfect match to cover the 400-550 horsepower natural gas engine gap that currently exists for fleets pulling heavier loads. The market for dedicated natural gas engines above 400 horsepower is no longer being addressed by the OEMs and those dedicated natural gas engines below 400 horsepower are unable to deliver the power needed for a heavy haul. APG has over 2 million kilometers of dual fuel hassle-free performance in Australia pulling triple trailers weighing up to 285,000 pounds. For those fleets that are looking for the power of a 15 liter diesel engine in a natural gas configuration, the 2014 APG Dual Fuel Glider™ is your solution."
Mr. Jensen concluded, "APG has obtained Environmental Protection Agency ("EPA") OUL approval on a wide range of multiple OEM pre and post EGR as well as ACERT™ technology engines. We believe dual fuel gliders will continue to expand and utilize other engine models as fleets learn more about the benefits of APG's dual fuel system. Glider industry executives project dual fuel gliders will grow to several thousand units per year in the next few years which creates an addressable market for APG of $20 to $30 million per year."
About American Power Group Corporation
American Power Group's alternative energy subsidiary, American Power Group, Inc., provides a cost-effective patented Turbocharged Natural Gas™ conversion technology for vehicular, stationary and off-road mobile diesel engines. American Power Group's dual fuel technology is a unique non-invasive energy enhancement system that converts existing diesel engines into more efficient and environmentally friendly engines that have the flexibility to run on: (1) diesel fuel and liquefied natural gas; (2) diesel fuel and compressed natural gas; (3) diesel fuel and pipeline or well-head gas; and (4) diesel fuel and bio-methane, with the flexibility to return to 100% diesel fuel operation at any time. The proprietary technology seamlessly displaces up to 75% of the normal diesel fuel consumption with the average displacement ranging from 40% to 65%. The energized fuel balance is maintained with a proprietary read-only electronic controller system ensuring the engines operate at original equipment manufacturers' specified temperatures and pressures. Installation on a wide variety of engine models and end-market applications require no engine modifications unlike the more expensive invasive fuel-injected systems in the market. See additional information at: www.americanpowergroupinc.com.
Caution Regarding Forward-Looking Statements and Opinions
With the exception of the historical information contained in this release, the matters described herein contain forward-looking statements and opinions, including, but not limited to, statements relating to new markets, development and introduction of new products, and financial and operating projections. These forward-looking statements and opinions are neither promises nor guarantees, but involve risk and uncertainties that may individually or mutually impact the matters herein, and cause actual results, events and performance to differ materially from such forward-looking statements and opinions. These risk factors include, but are not limited to, the fact that our dual fuel conversion business has lost money in the last five consecutive fiscal years, the risk that we may require additional financing to grow our business, the fact that we rely on third parties to manufacture, distribute and install our products, we may encounter difficulties or delays in developing or introducing new products and keeping them on the market, we may encounter lack of product demand and market acceptance for current and future products, we may encounter adverse events economic conditions, we operate in a competitive market and may experience pricing and other competitive pressures, we are dependent on governmental regulations with respect to emissions, including whether EPA approval will be obtained for future products and additional applications, the risk that we may not be able to protect our intellectual property rights, factors affecting the Company's future income and resulting ability to utilize its NOLs, the fact that our stock is thinly traded and our stock price may be volatile, the fact that we have preferred stock outstanding with substantial preferences over our common stock, the fact that the conversion of the preferred stock and the exercise of stock options and warrants will cause dilution to our shareholders, the fact that we incur substantial costs to operate as a public reporting company and other factors that are detailed from time to time in the Company's SEC reports, including the report on Form 10-K for the year ended September 30, 2013 and the Company's quarterly reports on Form 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements and opinions, which speak only as of the date hereof. The Company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements and opinions that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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