Unique Mobility Announces Merger of Manufacturing Units Expanded Operations Targeted in Mechanical Products Manufacturing
PR Newswire - November 19, 1998 08:46
GOLDEN, Colo., Nov. 19 /PRNewswire/ -- Unique Mobility, Inc. (Amex: UQM) today announced that it has merged its Aerocom Industries, Inc. manufacturing subsidiary into Unique Power Products, with all gear assembly and motor manufacturing operations, after October 1, 1998, being conducted and reported by Unique Power Products.
Earlier this year the Company relocated Aerocom's gear assembly and precision grinding operations and Unique Power Products' motor manufacturing operations to a newly-constructed 25,000 square foot manufacturing plant in Frederick, Colorado.
According to Ray A. Geddes, Unique's President and Chief Executive Officer, "The consolidation of operations in our new plant in Frederick affords us numerous opportunities to expand and streamline our mechanical products manufacturing operations including more efficient utilization of support staff and other plant overheads. Franklin Manufacturing, our electronics manufacturing unit with operations in St. Charles, Missouri, will remain as a wholly-owned subsidiary of the Company."
Robert F. Angliss, Vice President and General Manager of Aerocom, has been appointed to manage the combined operations. Mr. Angliss joined Aerocom in April of 1998 and has over 30 years experience in manufacturing and operations management.
Unique Mobility, Inc. is a leading developer and manufacturer of power dense, high efficiency motors, gear assemblies, electronic assemblies and wire harness assemblies for the aerospace, telecommunications, automotive, medical and industrial markets. The Company is headquartered in Golden, Colorado, with manufacturing facilities in Frederick, Colorado (electric motors and precision gears) and St. Charles, Missouri (electronic assemblies and wire harnesses).
This release may contain 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. 333-67313) filed by Unique with the SEC, which identifies important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including Unique's history of operating losses, its ability to obtain additional financing, competition, the Company's ability to integrate acquired businesses into existing operations, Unique's ability to protect its proprietary information, Year 2000 issues and Unique's limited experience in manufacturing processes and procedures and marketing and distribution.
SOURCE Unique Mobility, Inc.
/CONTACT: John S. Gould, Director, Investor Relations of Unique Mobility,
Inc., Golden, 303-278-2002/
/Web site: uqm.com
(UQM) |
