Quantum Awarded Contract by Force Protection for Engineering and Initial Production of Armored Military Vehicles |
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By: Quantum Fuel Systems Technologies Worldwide, Inc. Posted: 2007-08-22 14:13:47 |
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Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) today announced that its Tecstar Automotive Group was awarded a major contract by Force Protection, Inc. (Nasdaq: FRPT) of Ladson, South Carolina to provide engineering design and production support for its Mine Resistant Ambush Protected (MRAP) Cheetah vehicle series. Force Protection recently announced the purchase of a new 430,000 square foot facility in Roxboro, North Carolina to expand its production capacity for current and future products, including the Cheetah vehicle line.
The initial efforts under this production implementation contract included prototype vehicle builds, manufacturing process development, and pre-production vehicles. Under this follow-on contract, Quantum's Tecstar Automotive Group will be providing manufacturing engineering support to develop the plant layout, specifying and procuring required equipment and tooling, set up of the assembly line, hiring and training the workforce, and managing the production line for Force Protection's Cheetah vehicle program. The contract includes the production of the Cheetah vehicles by Tecstar. "We are pleased to continue supporting Force Protection, Inc. in producing its advanced ballistic- and blast-protected vehicles, which have protected and saved the lives of our armed forces and security personnel overseas," said Alan Niedzwiecki, President and CEO of Quantum. "We look forward to applying our fast-to-market, limited volume production expertise to assist in ramping up the production and deployment of these critically-needed vehicles." About Quantum: Quantum, a fully integrated alternative energy company, is a leader in powertrain engineering, system integration and manufacturing of packaged fuel systems and accessories for specialty vehicles and applications including fuel cells, hybrids, alternative fuels, hydrogen refueling, new body styles, mid-cycle vehicle product enhancements and high performance engines and drive trains for OEMs and consumers of aftermarket parts and accessories. Quantum also designs and manufactures hybrid and fuel cell vehicles. Quantum also develops and manufacturers advanced lithium-ion batteries through its partner, Advanced Lithium Power. Quantum has product commercialization alliances with General Motors, AM General and Sumitomo. Quantum's customer base includes General Motors, Toyota, Opel, Hyundai, Suzuki, Ford, DaimlerChrysler, SunLine, Yamaha, AeroVironment, and the U.S. Army. More information can be found about Quantum's products and services at http://www.qtww.com . About Force Protection Inc.: Force Protection, Inc. manufactures ballistic- and mine-protected vehicles through its wholly-owned subsidiary. These specialty vehicles protect against landmines, hostile fire, and Improvised Explosive Devices (IEDs, commonly referred to as roadside bombs). Force Protection's mine and ballistic protection technologies are among the most advanced in the world. The vehicles are manufactured outside Charleston, S.C. More information on Force Protection and its vehicles can be found at http://www.forceprotection.net . Forward Looking Statements 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 expected future revenues and operating results; future opportunities for Quantum; the Company's ability to fulfill orders in the future; and other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management. 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 design and market automotive products; the Company's ability to meet customer specifications and qualification requirements; availability of component parts and raw materials that meet the Company's requirements; and the Company's ability to source alternative materials and suppliers. 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 the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2007. 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 more information regarding Quantum, please contact: Dale Rasmussen Investor Relations |
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