Westport Innovations Inc. to commence trading on The Toronto Stock Exchange
VANCOUVER, June 28 /CNW/ - Westport Innovations Inc.
WPT:ASE
Westport Innovations Inc. (WPT:ASE) announced today that its common
shares will commence trading on The Toronto Stock Exchange on Wednesday, June
30th, under the same trading symbol (WPT). The company is also pleased to
announce that it has qualified for distribution its previously announced
offering of 4,683,854 Special Warrants, at a price of $2.20 per warrant,
resulting in gross proceeds of $10.3 million. Agent for the financing was
Research Capital Corporation. The agent has received an option to purchase
468,385 shares at $2.20 expiring May 12, 2001.
David Demers, Westport's President and CEO, commented, ''Listing on the
TSE and successful completion of this financing program marks another key
milestone for Westport. These new financial resources will enable us to
proceed with our planned business development programs, and will contribute
significantly to the commercialization of our technology and the listing on
the TSE will increase the company's profile. We appreciate our investors'
confidence in Westport.''
Westport is commercializing patented HPDI combustion technology that
allows diesel engines to operate on cleaner-burning gaseous fuels, such as
natural gas, without sacrificing performance or fuel economy. HPDI enables
diesel engines to meet emission targets for nitrogen oxides (NO*) and
particulate matter (PM) set in the U.S. and Europe. The technology also
significantly reduces carbon dioxide (CO(2)) emissions, compared to current
gasoline or diesel engines, to meet proposed global warming initiatives.
Westport intends to deliver HPDI technology for a wide variety of engine
applications in partnership with leading diesel engine manufacturers around
the world. In September 1998, Westport announced its first such alliance with
Cummins Engine Company Inc., the world's largest producer of diesel engines
over 200 horsepower. On June 10, 1999 Westport also announced a development
project with Ford Motor Company.
Further details can be found on the company's website at
www.westport.com.
The Alberta Stock Exchange has neither approved nor disapproved the
information contained herein.
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For further information: Sarah Greenwood, Corporate Communications
Manager (604) 718-2016, fax (604) 718-2001 |
