Westport Signs Technology Rights Agreement with Volkswagen
VANCOUVER, Feb. 13, 2004 -- Westport Innovations Inc. (TSX:WPT) announced today that it has signed an agreement with Volkswagen AG of Wolfsburg, Germany, through its German subsidiary, Westport Germany GmbH. This agreement provides non-exclusive rights to Volkswagen to use one aspect of Westport's combustion performance technology developed for light-duty applications.
Michael Gallagher, Westport's Chief Operating Officer, commented, "We are very pleased to have this technology agreement with Volkswagen, an established leader in the world's automotive industry. We are looking at this as a first step in a long term relationship with Volkswagen, and very much look forward to exploring the opportunities for clean engine technology development and commercialization together."
Westport Innovations Inc. is the leading developer of gaseous fuel engine technologies. It develops, manufactures and sells a wide range of engines for commercial transportation applications such as trucks and buses through Cummins Westport Inc., its joint venture with Cummins Inc. Technology development alliances are in place with a number of other leading engine manufacturers, including Ford, MAN, Isuzu, and BMW to develop engines that operate using cleaner-burning fuels such as natural gas, propane, hydrogen, and blended fuels such as HCNG.
Note: This document contains forward-looking statements about Westport's business, operations, technology development or to the environment in which it operates, which are based on Westport's estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, or are beyond Westport's control. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Westport disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information, please contact: Westport Innovations Inc. Gordon Neal Director, Investor Relations Tel: 604-718-2046 Email: invest@westport.com Web: www.westport.com