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Gold/Mining/Energy : Westport Innovations ASE -- Ignore unavailable to you. Want to Upgrade?

To: Sans Souci who wrote (183)	6/25/1999 10:23:00 PM
From: dvid	Read Replies (1) \| Respond to of 210

Some comment and explanation other that the news release might help. Why the run up in price just before the countersuit news? High pollution in Ontario? Why can't there be some better public relations not just press releases from a public company? I'm sure there is certain information that can be dessiminated over a thread like this from the company that doesn't violate insider info regs. The president of Marum Resources (ASE) often posts on the SI Marum thread as long as the post is attributed to him. This is a public venue. I don't know what the regs. are but Marum is apparently not violating any. Attention Business Editors: Westport Innovations Inc. reports that a former supplier has filed a countersuit VANCOUVER, June 25 /CNW/ - WESTPORT INNOVATIONS INC. WPT: ASE WESTPORT INNOVATIONS INC. announced today that Strite Industries of Cambridge, Ontario has filed a lawsuit in the Ontario Superior Court of Justice against Westport alleging breach of an agreement related to Strite's supply of injectors and related components to Westport. The action claims damages of $6,000,000 for alleged breach of contract and $857,038 in payment for materials and labour supplied. In a previous press release on May 20, 1999 Westport announced that it had commenced an action in the Supreme Court of British Columbia against Strite and had claimed damages against Strite related to the supply of injectors and components for use in Westport's transit program. Westport also announced that alternate suppliers had been found for the transit program. The company's OEM engine programs were not affected. Westport stated that it had reflected all invoices received from Strite in its financial statements pending resolution of the dispute. Westport's suit against Strite seeks damages in the amount of $4,036,857 for lost expenses, plus unspecified general damages in respect of business interruptions and loss of profits. Westport is commercializing patented HPDI combustion technology that allows diesel engines to operate on cleaner-burning gaseous fuels, such as natural gas, without sacrificing performance or fuel economy. HPDI enables diesel engines to meet emission targets for nitrogen oxides (NOx) and particulate matter (PM) set in the U.S. and Europe. The technology also significantly reduces carbon dioxide (CO2) emissions, compared to current gasoline or diesel engines, to meet proposed global warming initiatives. Westport intends to deliver HPDI technology for a wide variety of engine applications in partnership with leading diesel engine manufacturers around the world. In September 1998, Westport announced its first such alliance with Cummins Engine Company Inc., the world's largest producer of diesel engines over 200 horsepower. On June 10, 1999 Westport also announced a development project with Ford Motor Company. Further details can be found on the company's website at www.westport.com. The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. -0- 06/25/1999 For further information: Sarah Greenwood, Corporate Communications Manager, (604) 718-2016, fax (604) 718-2001