Unique Mobility's Franklin Manufacturing Unit Receives Additional $1.6 Million Order
19 October 2000
Unique Mobility's Franklin Manufacturing Unit Receives Additional $1.6 Million Order
New order expands manufacturing role to encompass turn-key production of
higher value-added assemblies
GOLDEN, Colo., Oct. 19 Unique Mobility, Inc. (Amex: UQM),
a developer of alternative energy technologies, announced today its Franklin
Manufacturing unit has received an additional $1.6 million order from a
highly regarded customer to expand its role from producing printed circuit
board sub-assemblies to the manufacture of the complete assemblies. The
additional order increases the value of annual production for this customer to
$5.7 million. Shipments of the value-added assemblies began earlier this
month.
To take on this higher value-added order, said William G. Rankin, Unique's
Chairman, President and Chief Executive Officer, "required pre-building and
banking inventories, shutting down current production and physically
transferring manufacturing equipment from our customer's facility and
installing it at our Franklin operation. The re-launch required hiring and
training twelve additional employees across two shifts and achieving process
certification from two large end customers, all of which was accomplished
within a 45 day period. This expanded order demonstrates this high volume
customer's confidence in our ability to meet their production outsourcing
needs, which together with our growing reputation as a high-quality, low cost
manufacturer is expected to fuel continued rapid revenue growth."
Unique Mobility, Inc. is a leading developer and manufacturer of power
dense, high efficiency motors, gear assemblies and electronic assemblies for
the automotive, aerospace, telecommunications, medical and industrial markets.
A major emphasis of the Company is developing products for the alternative
energy technologies sector including electric, hybrid-electric and fuel cell
electric vehicle and distributed power markets. The Company's headquarters
and engineering and product development center are located in Golden,
Colorado. Manufacturing facilities are located in Frederick, Colorado
(electric motors and gear assemblies) and St. Charles Missouri (electronic
assemblies and wire harnesses). For more information on the Company, please
visit its worldwide website at http://www.uqm.com.
This press release contains forward-looking statements that involve risks
and uncertainties. These statements may differ materially from actual future
events or results. Readers are referred to the Risk Factors section of the
Registration Statement on Form S-3 (File No. 333-78525) filed by the Company
with the SEC, which identifies important risk factors that could cause actual
results to differ from those contained in the forward-looking statements,
including the Company's ability to become profitable, its ability to obtain
additional financing, the Company's reliance on major customers and suppliers
and the possibility that product liability insurance may become unavailable.
These forward-looking statements represent the Company's judgment as of the
date of the press release. The Company disclaims, however, any intent or
obligation to update these forward-looking statements.