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IMPCO Completes Acquisition of Japanese Alternative Fuels Division

7 April 1999

IMPCO Technologies Completes Acquisition of Japanese Alternative Fuels Division; Solidifies Position in the Asia Pacific Region

    CERRITOS, Calif.--April 7, 1999--IMPCO Technologies Inc. today announced it has completed the acquisition of certain assets of the alternative fuels division of Mikuni Corp., headquartered in Tokyo.
    Terms of the cash transaction were not disclosed. The alternative fuels division, based in Fukuoka, Japan, is a distributor of alternative fuel products and systems throughout Asia, with a focus on the Japanese market. Mikuni has distributed IMPCO products in Japan since 1994. In conjunction with the acquisition, IMPCO has established a new subsidiary for the region, based in Fukuoka.
    Operating under the name IMPCO Tech Japan K.K., the company anticipates the new subsidiary will generate revenues in fiscal year 2000 of approximately $2.5 million.
    "This acquisition provides IMPCO with an outstanding organizational base to capitalize on the rapidly growing alternative fuels market within the Asia Pacific region," said Robert Stemmler, IMPCO's president and chief executive officer. "Additionally, it will enhance IMPCO's technical and commercial presence within Japan and enable the company to better serve and develop the industrial truck, automotive and industrial engine market in this region."
    IMPCO Technologies sells alternative fuel products and services worldwide. With headquarters in Cerritos, the company has additional facilities in Irvine, Calif.; Detroit; Seattle; Australia; Japan; Mexico; the Netherlands; France; Germany; and the United Kingdom.
    IMPCO is a market leader in the OEM marketplace and aftermarket for gaseous fuel management systems and components that allow internal combustion engines to operate on clean gaseous fuels such as propane and natural gas. IMPCO provides conversion systems for motor vehicles, forklifts, other material handling equipment and small portable to large stationary engines.

    Certain matters discussed in this news release contain forward-looking information that involves risks and uncertainties which could cause actual results to differ materially from current trends. These include growth of the alternative fuels market, competition, the company's ability to design and market new fuel management products, the company's ability to meet original equipment manufacturer specifications, and other such risks as cited in the company's 1998 annual report on Form 10-K and other documents filed with the Securities and Exchange Commission.