AFS Signs Development Agreement for Navistar Engine in the U.S.
CALGARY, March 28 /CNW/ - Alternative Fuel Systems Inc. (TSE: ATF) ("AFS"
or the "Company") is pleased to announce that it has signed a project
development agreement with a private diesel engine re-manufacturing company in
Dallas, Texas. Under the terms of the agreement AFS will develop its Sparrow
compressed natural gas ("CNG") engine control system for the Navistar DT466
diesel engine platform. This popular engine platform is used in a variety of
medium-duty trucks across North America with approximately one million on the
road currently. The development program will include independent testing in
the U.S. to ensure emissions meet the stringent Environmental Protection
Agency ("EPA") and California Air Resources Board ("CARB") Low Emission
Vehicle requirements. AFS has received payment to cover the development
portion of this project with remaining payments due upon receipt of emission
certification from the EPA and CARB.
"Successful application of AFS technology to the Navistar engine should
significantly increase our sales in the U.S. market place" commented James
Newsom, the Company's Vice President of Sales. "The increasingly stringent EPA
emission requirements will eventually force the older diesel engines on the
road today to convert to cleaner burning fuels. Given that several million of
these older diesels are still in operation, we expect to see a strengthening
demand for our products in the U.S. The Navistar development project and
recent successful conversion of GM's Vortec engine are instrumental in
positioning AFS to be a significant player in the North American alternative
fuel vehicle sector".
AFS also announces that John C. Anderson, President and CEO of the
Company, has taken a leave of absence to deal with a health matter. However,
during this time Mr. Anderson will continue to monitor the Company's
activities and be involved in corporate decision-making. During Mr. Anderson's
absence Walter Brooks, a Director and recently appointed Chairman, will be the
acting CEO. Former Chairman Dale Simmons has stepped down and will remain with
the Company as a Director.
Alternative Fuel Systems Inc. is an environmental technology company
providing innovative solutions to the global engine exhaust emissions problem.
AFS has developed and commercialized electronic engine management technologies
that enable diesel and gasoline engines to operate using natural gas. AFS is
also at the forefront of research into exhaust aftertreatment technologies and
hydrogen-based engine systems. AFS is headquartered in Calgary, Canada and
trades on the TSE as ATF.
The Toronto Stock Exchange has neither approved nor disapproved of the
contents of this news release.
Visit our website at www.afsglobal.com
-0- 03/28/2001
For further information: Monica Mcleod, Investor Relations, Phone: (403) 262-1833, Fax: (403) 237-7441, Email: mmcleod@afsglobal.com; To request a free copy of this organization's annual report, please go to www.newswire.ca and click on reports@cnw. |
