Quantum Technologies Closes Sale of Providence Bay Wind Farm to Leader Resources
--Enters into Non-Binding Letter of Intent for Bahamas Wind Farm Project
LAKE FOREST, CA and TORONTO--May 14, 2013: Quantum Fuel Systems Technologies Worldwide, Inc. , a global leader in natural gas storage systems, integration and vehicle system technologies, today announced that its wholly owned subsidiary Schneider Power Inc., has completed the sale of its 1.6 Megawatt (MW) Providence Bay operational wind farm to Leader Resources for a purchase price of CAD $406,000 and the assumption of approximately CAD $1.1 million of bank debt and certain other project related liabilities.
Schneider Power also recently entered into a non-binding letter of intent to sell its 1.0 MW development project in the Bahamas that is expected to close in the next several months.
The Company previously announced it entered into a separate non-binding letter of intent with an unrelated third party for the sale of Schneider Power's 10.0 MW Trout Creek wind farm development project and certain other Schneider Power development projects and also received formal offers and letters of interest for Schneider Power's 10.0 MW Zephyr operational wind farm.
"We are pleased to begin closing these wind farm transactions that is providing the Company cash and reducing the associated debt with these wind farm projects," stated Brian Olson, President and Chief Executive Officer of Quantum. "The Company remains committed to disposing all of Schneider Power's operating assets and development projects in order to generate meaningful cash proceeds and reduce the amount of debt on our balance sheet."