Quantum's Tecstar Automotive Group Awarded Contract by Ford for Production of the 2008 Ford F-150 Foose Edition
IRVINE, Calif., Aug. 3, 2007 -- Quantum Fuel Systems Technologies Worldwide, Inc., today announced that its Tecstar Automotive Group has entered into an agreement with Ford Motor Company for the production of the 450-horsepower 2008 Ford F-150 Foose Edition pickup truck.
Under this agreement, Quantum's Tecstar Automotive Group and Ford will produce the 2008 Ford F-150 Foose Edition pickup for sale in early 2008. Tecstar, in conjunction with Ford, will manufacture limited volumes of this specialty truck that was designed by celebrity hot rodder and television personality, Chip Foose, to bring the boulevard cruiser spirit to America's favorite truck. The Ford F-150 Foose Edition is based on the Ford F-150 FX2 Sport model that brings street-truck appeal to the bold FX4 off-road model.
"We are excited to add Ford as a new customer for our second stage manufacturing business through this creative collaboration between Ford and Chip Foose," said Alan P. Niedzwiecki, President and CEO of Quantum.
Quantum, a fully integrated alternative energy company, is a leader in powertrain engineering, system integration and manufacturing of packaged fuel systems and accessories for specialty vehicles and applications including fuel cells, hybrids, alternative fuels, hydrogen refueling, new body styles, mid-cycle vehicle product enhancements and high performance engines and drive trains for OEMs and consumers of aftermarket parts and accessories. Quantum also designs and manufactures hybrid and fuel cell vehicles. Quantum also develops and manufacturers advanced lithium-ion batteries through its partner, Advanced Lithium Power.
Quantum has product commercialization alliances with General Motors, AM General and Sumitomo. Quantum's customer base includes General Motors, Toyota, Opel, Hyundai, Suzuki, Ford, DaimlerChrysler, SunLine, Yamaha, AeroVironment, and the U.S. Army.
More information can be found about Quantum's products and services at http://www.qtww.com/.
Forward Looking Statements
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 expected future revenues and 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 automotive products; the Company's ability to meet customer specifications and qualification requirements; 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, 2007. 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 Email: DRasmussen@qtww.com +1-206-315-8242