Unique Mobility Receives $600,000 Contract to Design and Build 'Dual Use' Generator System for Marine Corps' Advanced Amphibious Assault Vehicle
September 13, 1999 08:15
GOLDEN, Colo., Sept. 13 /PRNewswire/ -- UNIQUE MOBILITY, INC. (Amex: UQM), a leading developer and manufacturer of high efficiency motor/generator systems, announced today that it has received a $600,000 contract from the U.S. Department of Defense under its Small Business Innovation Research Program, to design and build a generator system for the Marine Corps' advanced amphibious assault vehicle (AAAV). The AAAV is being jointly developed by the Marine Corps and General Dynamics.
"Unique Mobility has been selected to design and build the generator system, in part, because of our proprietary control technology, which enables high power delivery over a wide range of engine speeds. The proven high efficiency of Unique Mobility's technology will also maximize the performance of the vehicle," said William G. Rankin, President and Chief Executive Officer.
Mr. Rankin noted that "The technology developed as part of this program is 'dual use' and can be scaled down to smaller vehicle generators, for applications that include the next generation 42 volt electrical system for automobiles which are expected to be introduced in the next five years to replace the current 12 volt system. Combined with the ever increasing electrical loads being incorporated into passenger cars, this technology could prove useful to the automotive industry."
Jon Lutz, Unique Mobility's Manager of Motor Engineering, said, "The AAAV program represents the next step in our development of low voltage, high current generator technology with application to the mainstream automobile industry, among other uses. In addition to developing hardware as part of this program, we expect to expand our proprietary technology portfolio. The SBIR program allows us to retain rights to our inventions, a substantial benefit of this effort."
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 in applying its systems to the emerging electric and hybrid-electric vehicle 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).
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 and its ability to obtain additional financing, the Company's reliance on major customers and suppliers, potential impacts from Year 2000 issues and the possibility that product liability insurance may become unavailable. These forward-looking statements represent the Company's judgment as of the date of this Press Release. The Company disclaims, however, any intent or obligation to update these forward- looking statements.
SOURCE Unique Mobility, Inc.
/CONTACT: John S. Gould, Director, Investor Relations of Unique Mobility,
Inc., 303-278-2002; or The Wall Street Group, Inc., 212-888-4848, for Unique
Mobility, Inc./
/Web site: uqm.com
(UQM)
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