IMPCO TECH - Approval of Quantum Spin-Off
New York, New York, Jun 20, 2002
IMPCO Technologies, Inc., and Quantum Fuel Systems Technologies Worldwide, Inc. announced that the IMPCO board of directors has approved the spin-off of Quantum by means of a special dividend to IMPCO stockholders. On July 23, 2002, IMPCO will distribute all of the shares of Quantum owned by IMPCO to IMPCO's stockholders of record on July 5, 2002. Immediately after the spin-off, General Motors, (NYSE: GM chart, msgs) will own 19.9% of Quantum. IMPCO will no longer own shares of Quantum.
IMPCO's board of directors has approved a distribution ratio of one share of Quantum common stock for each share of IMPCO common stock outstanding on the record date. The total number of shares to be distributed will be based on the actual number of IMPCO shares outstanding on the July 5 record date. IMPCO stockholders will not be required to take any action in order to receive the Quantum common stock. IMPCO's common stock will continue to trade on the Nasdaq National Market under the symbol IMCO. Quantum's common stock is expected to begin regular-way trading on the Nasdaq National Market under the symbol QTWW beginning July 24, 2002, following a period of "when issued" trading that may develop between the record date through the distribution date.
IMPCO designs, manufactures, markets and applies advanced products and systems for use of clean burning gaseous fuels such as natural gas and propane in internal combustion engines. Headquartered in Cerritos, California, IMPCO has offices throughout Asia, Europe, South and North America. More information about IMPCO can be found on its website at impco.ws . |
