NEW YORK, Sept. 27, 2010 (GLOBE NEWSWIRE) -- Fuel Systems Solutions, Inc. (Nasdaq:FSYS) announced today that it has completed the purchase of EvoTek LLC for a total value of $7.0 million comprised of $4.0 million in cash paid at closing and $3.0 million of Fuel Systems' stock paid into escrow at closing and released in three equal annual installments upon achievement of certain product development milestones. EvoTek is 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. Fuel Systems will integrate EvoTek into its IMPCO U.S. automotive division.
"With both the EvoTek and the Productive Concepts International (PCI) acquisitions completed, we have transformed Fuel Systems' positioning in the U.S. marketplace," said Mariano Costamagna, chief executive officer of Fuel Systems Solutions. "We now have a full suite of automotive capabilities necessary to develop leadership of this market, including a CARB certified, dedicated systems product line and an in-house OEM systems engineering platform, greatly enhancing our ability to leverage strong existing and potential new relationships with fleet customers and other manufacturers as they roll out CNG and LPG versions of key fleet vehicles. We remain dedicated to meeting the demands of evolving OEM alternative fuel programs as they accelerate in the U.S."
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 .
Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, expressed or implied statements concerning the Company's ability to successfully utilize the acquisition to penetrate the U.S. alternative fuels automotive market, leverage existing business, and contribute positively to revenues and earnings. Such statements only state our beliefs and opinions. The Company's actual results may differ materially. Factors that may cause the Company's results to differ include, but are not limited to, risks that we may be unable to retain key employees with necessary technical knowledge, that intellectual property that we have acquired becomes obsolete or unnecessary in the U.S. alternative fuels automotive market, that we cannot integrate the acquisitions into our business promptly and efficiently, that expected sales do not materialize, that revenues from the acquired businesses decline, that changes in emissions regulations may not significantly increase demand for the Company's products, and that the continuation of the uncertainty and slow growth in the U.S. economy may reduce demand for our products. Readers also should consider the risk factors set forth in the Company's reports filed with the Securities and Exchange Commission, including, but not limited to, those contained in the "Risk Factors" section of the Company's Annual Report on Form 10-K, for the year ended December 31, 2009, Quarterly Report on Form 10-Q for the quarter ended June 30, 2010 and the Company's other periodic reports filed with the Securities and Exchange Commission. 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.
CONTACT: Company Contact: Matthew Beale, President, CFO, & Secretary 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