Quantum Receives Additional Order From Catalytic Solutions, Inc. for Emissions Testing
IRVINE, Calif., May 28, 2003 -- Quantum Fuel Systems Technologies Worldwide, Inc. announced today that one of their newest customers, Catalytic Solutions, Inc. (CSI), significantly ramped up their need for emissions testing to be provided by Quantum. Quantum has been providing emissions development verification testing for CSI since the beginning of the year.
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Quantum conducts emissions verification tests on vehicles equipped with CSI catalytic converters to ensure that the vehicles meet the applicable emissions standards.
"We originally selected Quantum because of their responsiveness, flexibility and state-of-the-art facilities. We decided to ramp up our business with them because they have consistently provided high quality test data in a timely manner, which is extremely critical to our business," said Bill Anderson, CEO of CSI.
"When we opened our contract services operations a year ago, our goal was to expand and diversify our customer base," said Alan P. Niedzwiecki, president and CEO of Quantum. "We believe the increase in work from CSI is a positive sign that we have achieved this goal. In addition to this significant increase in work from CSI, Quantum has also attracted 24 new customer programs that will add over $1.8 million in revenue since launching this new business."
Quantum designs state-of-the-art fuel systems technologies for mobile, stationary power and refueling infrastructure applications. Quantum's ultra-light weight composite fuel storage, fuel injection and metering technologies, electronic control products and OEM level systems integration capabilities have enabled the company to develop a product portfolio with state-of-the-art technologies and products, a diverse customer base, and strong alliances with partners such as General Motors and Sumitomo Corporation. Quantum is a Tier 1 OEM supplier and a member of the GM Fuel Cell Alliance of fuel cell commercialization companies. Quantum's web site: www.qtww.com.
Catalytic Solutions, Inc. is a global developer and manufacturer of advanced catalytic coating solutions. The unique and proprietary Mixed Phase Catalyst ("MPC(R)") catalytic coating technology is fundamentally different from other approaches and enables CSI to produce catalyst formulations with superior catalytic performance, greater durability and cost-effectiveness for a wide range of environmental applications. Precise mass-production methods assure excellent coating control and predictable performance. CSI is a privately held company with corporate headquarters in Oxnard, California, and offices in Michigan, United Kingdom, and Japan. For more information, visit www.catalyticsolutions.com.
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 revenues and cash from operations in future periods. 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 properly conduct tests; the company's ability to meet customer specifications; the success of the company's recently announced programs with strategic partners; the level and success of the company's development programs with customers. 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 its Annual Report on Form 10-K for the fiscal year ended April 30, 2002, Quantum's Form 10, S-1, Form 10-K, and other documents filed with the Securities and Exchange Commission by QUANTUM. 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 further information please contact: Andy Abele, Director of Business Development, +1-949-399-4527, aabele@qtww.com, or Cathy Johnston, Director of Communications and Corporate Support, +1-949-399-4548, cjohnston@qtww.com, or Dale Rasmussen, Investor Relations, +1-206-315-8242, drasmussen@qtww.com, all of Quantum Fuel Systems Technologies Worldwide, Inc.
(C) 2003 QUANTUM Fuel Systems Technologies Worldwide, Inc.
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