NEW YORK, April 19, 2011 (GLOBE NEWSWIRE) -- Fuel Systems Solutions, Inc. (Nasdaq:FSYS), through its wholly owned subsidiary IMPCO Technologies, Inc. ("IMPCO"), completed the purchase of NaturalDrive Partners LLC ("NaturalDrive"), a premier alternative fuel automotive systems developer in North America that offers dedicated CNG and LPG conversion systems across multiple U.S. fleet vehicle platforms. The purchase price paid was $6.0 million, comprised of $4.5 million in cash and $1.5 million of Fuel Systems' stock. The transaction also includes provisions for earn-out payments totaling $6.75 million in the form of Fuel Systems stock, payable during the next three years based upon achievement of business volume milestones. NaturalDrive is now being integrated into IMPCO's U.S. automotive division.
About Fuel Systems Solutions
Fuel Systems Solutions (Nasdaq:FSYS) is a leading designer, manufacturer and supplier of proven, cost-effective alternative fuel components and systems for use in transportation and industrial applications. Fuel Systems' components and systems control the pressure and flow of gaseous alternative fuels, such as propane and natural gas, used in internal combustion engines. These components and systems feature the company's advanced fuel system technologies, which improve efficiency, enhance power output and reduce emissions by electronically sensing and regulating the proper proportion of fuel and air required by the internal combustion engine. In addition to the components and systems, the company provides engineering and systems integration services to address unique customer requirements for performance, durability and configuration. Additional information is available at .
CONTACT: Company Contact: Matthew Beale, Co-President Fuel Systems Solutions, Inc. (646) 502-7170 Investor Relations Contacts: Lippert / Heilshorn & Associates Carolyn M. Capaccio ccapaccio@lhai.com Cathy Mattison cmattison@lhai.com (415) 433-3777
