Hi All:
I don't believe yesterday's news release was posted.
Canada NewsWire
Attention Business Editors:
MEXICO CITY PROJECT: UPDATE - ALTERNATIVE FUEL SYSTEMS INC. REPORTS
MICROBUS CONVERSION PROJECT IN MEXICO CITY PROCEEDING ON SCHEDULE
CALGARY, March 30 /CNW/ - Alternative Fuel Systems (AFS) is proceeding on schedule to fulfill its contract regarding the manufacture of the AFS patented Sparrow fuel conversion kits for Phase I of a project in Mexico City converting gasoline powered microbus engines to compressed natural gas (CNG)operation. Initial cash payments outlined by the agreement have been received by AFS. Letters of credit ensure the remainder will be paid when the product is delivered. AFS is the exclusive supplier of 1,000 conversion kits in the $2,000,000 contract.
The conversion kits are being manufactured in Calgary. The AFS
proprietary technology was chosen following a global competition due to its economy, performance, and ability to significantly reduce exhaust emissions.
Contracts formalizing Phase I of the agreement were signed December 17th,in Toluca, capital city of the State of Mexico. Governor Cesar Camacho Quiroz signed the document on behalf of the State of Mexico along with other government officials. Project partners include The KRAUS GROUP, Convertidores Cataliticos Mexicanos SA de CV of Mexico City (CCM), CEM, Pan AmericanEnterprises, MEG International (Hydro Quebec, Gaz de France), and an association representing Microbus owners.
The KRAUSE GROUP, of Winnipeg, Manitoba, is now manufacturing compressors for the first two of a projected 100 refuelling stations. The two initial compressor stations are strategically located and each are capable of servicing 1,600 buses per day when fully operational. Construction of the first site is on schedule for completion by June, 1998.
When Phase I is completed, a letter of intent signed between AFS and CCM in January will be formalized as a contract to launch Phase II. A minimum of 10,000 microbuses and other vehicles per year will be converted to CNG operation over a 10 year period.
The Mexico City project, along with an Innovative Reverse Flow Catalytic Converter introduced at the SAE Congress in Detroit, Michigan, in February, combined with a recent agreement taking AFS Dual Fuel Technology into the UK/Europe firmly positions the company on the cutting edge of the fight to reduce engine emissions. AFS proprietary technology provides immediate solutions to pollution problems. AFS is listed on the Vancouver Stock Exchange, trading symbol ATF.V.
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this News Release.
SEDAR: 00003847E
-30-
For further information: Gerry Klopp, President, Alternative Fuel
Systems Inc., (403) 262-1833, Fax: (403) 237-7441
ALTERNATIVE FUEL SYSTEMS INC. has 14 releases in this database.
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