ORLANDO, Fla., Aug. 5, 2008 (PRIME NEWSWIRE) -- RedChip Independent, a division of RedChip Companies, Inc., has issued a fourth quarter 2008 research update for Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq:QTWW), a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles.
Harry Russell, MBA, RedChip Research Analyst, reported:
"Although QTWW has made substantial progress in the quarter and seems to be firing on all cylinders, there are many unknowns in the business model and this model still carries rather large execution risk. The macroeconomic picture continues to be challenging, and the Company must efficiently navigate this while expanding its business at a hyper growth pace."
"Given company guidance of a 15% increase in fiscal year revenue for 2009, as compared to FY08, we have lowered our overall revenue number for this year mildly. We would like to point out, however, that we feel the Company is being quite conservative, as the progress it has made in the quarter is above our expectations," he continued.
"We find the story particularly compelling as Quantum has made meaningful progress in the face of pretty sizable economic deterioration. We continue to have building confidence in this management and their ability to execute and drive new contracts and business. We reiterate our recommendation for accumulation of shares of QTWW with a 'Speculative Buy' rating," Russell concluded.
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Disclosure
Neither RedChip Companies nor the analyst has received any compensation from Quantum Fuel Systems Technologies Worldwide, Inc. or any other party for the writing and preparation of this equity research report. The analyst(s) contributing to this report do not hold any shares of the subject securities. This report is based on data obtained from sources we believe to be reliable but is not guaranteed as to accuracy and does not purport to be complete. Neither the information nor any opinion expressed constitutes an offer, or an invitation to make or garner an offer, to buy or sell any securities or any options, futures, or other derivatives related to such securities. The subject security is currently engaged by RedChip Companies' investor relations division to provide investor awareness services, which is in no way related to RedChip Companies' Independent Research division. Quantum Fuel Systems Technologies Worldwide, Inc. agreed to pay RedChip Companies, Inc., a fee of $15,000 cash per month for these investor relations services only.