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Gold/Mining/Energy : Alternative Fuel Systems ATF:VSE -- Ignore unavailable to you. Want to Upgrade?

To: Bill who wrote (544)	3/30/1998 1:37:00 PM
From: Flea	Respond to of 4605

Alternative Fuel Systems Inc - Mexico City microbus conversion project on schedule Alternative Fuel Systems Inc ATF Shares issued 24373982 1998-03-27 close $2.19 Monday Mar 30 1998 Mr Gerry Klopp reports The company 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 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 17 in Toluca, capital city of the State of Mexico. Project partners include The Kraus Group, Convertidores Cataliticos Mexicanos SA de CV of Mexico City, CEM, Pan American Enterprises, 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.