Global Thermoelectric Terminates Combination Agreement With Quantum
IRVINE, Calif., Aug. 4 /CNW/ -- Quantum Fuel Systems
Technologies Worldwide, Inc., (Nasdaq: QTWW) announced today that Global
Thermoelectric Inc. (TSE: GLE.TO) has terminated the Combination Agreement
with Quantum as a result of a proposed combination between Global
Thermoelectric and FuelCell Energy, Inc. (Nasdaq: FCEL). Pursuant to the
terms of its Combination Agreement with Global Thermoelectric, Quantum had
three days to respond to the competing proposal by FuelCell. Upon reviewing
the terms of the competing proposal and after full consideration of the
possible alternative terms that may be offered by Quantum, the board of
directors of Quantum concluded that it is not in the best interest of Quantum
or its stockholders to propose any adjustments or improvements to the terms
and conditions of the transaction contemplated by the Combination Agreement
between Quantum and Global Thermoelectric. As a result of the termination of
the Combination Agreement, Quantum today received a USD$2 million break-up fee
from Global Thermoelectric.
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About Quantum
Quantum focuses on energy technologies in three main areas:
Transportation, Stationary Power, and Hydrogen Refueling. Quantum designs and
manufactures fuel storage, fuel metering, electronic components and integrated
systems for alternative fuel vehicles and transportation and stationary power
fuel cell applications. These components and systems were developed
specifically for clean burning fuels such as propane, natural gas, and
hydrogen. Leveraging this expertise, Quantum also designs and manufactures
hydrogen-refueling products. Quantum's web site: www.qtww.com .
Quantum is a member of the GM fuel cell alliance of fuel cell
commercialization companies. GM is a strategic investor in Quantum with a
19.9% equity position.
Forward-looking statements:
Statements in this document about the future expectations, beliefs, goals,
plans, or prospects expressed by the management of Quantum constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Any statements that are not statements of
historical fact (including statements containing the words "believes,"
"plans," "anticipates," "expects," "estimates," and similar expressions)
should also be considered to be forward-looking statements. There are a
number of important factors that could cause actual results or events to
differ materially from those indicated by such forward-looking statements,
including the factors and risks described in Quantum 's Form 10-K for fiscal
year ending April 30, 2003, and other documents filed with the Securities and
Exchange Commission by Quantum. Forward-looking statements are based on the
beliefs, opinions, and expectations of the Company's management at the time
they are made, and the Company does not assume any obligation to update its
forward-looking statements if those beliefs, opinions, expectations, or other
circumstances should change.
For further information, please contact:
Andy Abele
Director of Business Development
+1-949-399-4527
aabeleqtww.com
Cathy Johnston
Director of Communications
and Corporate Support
+1-949-399-4548
cjohnstonqtww.com
Dale Rasmussen
Investor Relations
+1-206-315-8242
drasmussenqtww.com
(C)2003 Quantum Fuel Systems Technologies Worldwide, Inc.
Advanced Technology Center
17872 Cartwright Road, Irvine, CA 92614
Phone 949-399-4500 Fax 949-399-4600 |
