Impco (NASDAQ:IMCO)
Historical Stock Chart
From Sep 2019 to Sep 2024
Australia Presents Dynamic Market for New IMPCO Technologies
Product
CERRITOS, Calif., June 24 /PRNewswire-FirstCall/ -- IMPCO Technologies, Inc.
(NASDAQ:IMCO) is poised to benefit from the introduction of its new BRC
"Sequent" system, a state of the art electronic sequential gaseous fuel
injection system, in the Australian market. The combination of a desire for
new technology, tighter emission controls and the Australian market dynamic,
fuelled by consistently high oil prices and strong government support for
alternative fuels such as propane and natural gas has set the tone for the
launch of the next generation of gaseous fuelled systems from IMPCO & BRC.
Following a successful pilot project which proved the viability of IMPCO
Technologies modern, electronic sequential gaseous fuel injection systems,
Western Australia's Government owned energy utility, Western Power, is
investing in the world leading alternative fuels technology to power their
fleet. The Minister for Energy, in a November 2004 press release stated,
"Soaring petrol and diesel prices meant the new technology made financial as
well as environmental sense. Initial tests showed fuel bills could be halved."
Consumer demand, especially among fleet owners, has led nearly every Original
Equipment Manufacturer (OEM) selling vehicles in Australia to offer at least
one model available with propane and a number of OEMs have already selected
Sequent as their next generation of propane systems, due for production release
in 2005-2006.
Propane prices in major Australian cities this year have been in the 40 to 45
cents per litre range while gasoline has averaged $1.00 to $1.10. A fuel price
differential of 60 cents per litre can generate fuel cost savings of more than
$1100.00 per year for a typical V6 sedan travelling 20,000 km per year.
Economic benefit, lower emissions, government support and OEM participation
have served to renew interest among individual consumers in addition to the
traditional fleet market. The Australian Government has committed to keeping
LPG excise free until 2011 and upward pressure on world oil prices is expected
to continue for the foreseeable future.
About IMPCO Technologies:
IMPCO designs, manufactures, markets and supplies advanced product and systems
to enable internal combustion engines to run on clean burning gaseous fuels
such as natural gas, propane and biogas. IMPCO is leader in the heavy duty,
industrial, power generation and stationary engines sectors. Headquartered in
Cerritos, California, IMPCO has offices throughout Asia, Europe, Australia and
North America. More information can be found at IMPCO's web site,
http://www.impco.ws/.
About BRC Gas Equipment:
BRC produces a complete range of systems for converting vehicles to gaseous
fuel to meet market requirements. BRC is leader in the light duty and
automobile alternate fuel sectors and established alliances with several major
car-makers for OEM projects. Headquartered in Cherasco, Italy, BRC has offices
throughout Asia, Europe and South America. More information can be found at
BRC's web site, http://www.brc.it/
Except for historical information, the statements, expectations and assumptions
contained in the foregoing press release are forward-looking statements. Such
forward-looking statements include, but are not limited to, the company's
expectations regarding revenues in future periods and trends in the global
economy and environmental regulation that impact our business from time to
time. Such statements are subject to a number of risks and uncertainties, and
actual results could differ materially from those discussed in any
forward-looking statement. Accordingly, you should not construe statements of
anticipated performance or planned courses of action as assurances or promises,
and note that our statements of expectations are based on information currently
available to management. Factors that could cause actual results to differ
materially from our forward-looking statements include, among other factors,
prevailing market and global economic conditions; changes in environmental
regulations that impact the demand for our products; our ability to manage our
leverage and address operating covenant restrictions relating to our
indebtedness; our ability to negotiate and comply with waivers pertaining to
existing loan covenant defaults; the company's ability to design and market
advanced fuel metering, fuel storage and electronic control products; the
company's ability to meet OEM specifications; and the level and success of the
company's development programs with OEMs. Readers also should consider the
risk factors set forth from time to time in our SEC reports, including but not
limited to those contained in the section entitled "Management's Discussion &
Analysis of Financial Condition and Results of Operation -- Risk Factors" in
its Annual Report on Form 10-K for the fiscal year ended December 31, 2004.
The company does not undertake to update or revise any of its forward-looking
statements even if experience or future changes show that the indicated results
or events will not be realized.
For further information, please contact Dale Rasmussen, Vice President,
Investor Relations
Email:
Phone: +1-206-315-8242
Fax: +1-206-315-8301
DATASOURCE: IMPCO
CONTACT: Dale Rasmussen, Vice President, Investor Relations of IMPCO
Technologies, +1-206-315-8242, or fax, +1-206-315-8301,
Web site: http://www.impco.ws/
http://www.brc.it/