NEW YORK, Oct. 26, 2011 (GLOBE NEWSWIRE) -- Fuel Systems Solutions, Inc.'s (Nasdaq:FSYS) IMPCO Automotive unit has been selected by General Motors (NYSE:GM) as the Tier-One supplier for a new compressed natural gas (CNG) bi-fuel commercial pickup truck. IMPCO's proprietary CNG bi-fuel system will be integrated into the pickups at the company's OEM conversion center in Union City, Indiana, alongside the CNG-dedicated Chevrolet Express and GMC Savana cargo vans. Commercial launch is anticipated early during the fourth quarter of 2012 and the new pickups will meet all Environmental Protection Agency (EPA) and California Air Resources Board (CARB) emission certification requirements.
Mariano Costamagna, Fuel Systems' CEO, said, "We are thrilled to participate in GM's bi-fuel CNG truck program. It underscores the emerging opportunity in the U.S. marketplace and our success in leveraging recent investments to develop a leadership position."
Matthew Beale, Fuel Systems' Co-President, said, "The announcement of GM's bi-fuel pick-up truck is highly significant on several levels. In general, broader availability of OEM vehicles equipped to operate on CNG will drive adoption and growth in the North American market. More importantly, the bi-fuel technology has the potential to expand the addressable market as it provides a solution to the "range anxiety" associated with limited compressed natural gas refueling infrastructure. With this announcement of a fully integrated OEM CNG bi-fuel solution - a market milestone - our IMPCO Automotive business has established itself as a technology leader in the fast evolving North American alternative fuels market."
Forward-Looking Statements
This press release contains certain forward-looking statements that involve risks and uncertainties, including, without limitation, expressed or implied statements concerning the Company's position in the market place, the success of products and the success and integration of recent investments. Such statements represent only our opinions and predictions. The Company's actual results may differ materially. Factors that may cause the Company's results to differ include, but are not limited to economic conditions in the North American market; the potential growth of non-gaseous alternative fuel products and other new technologies; our ability to integrate recently acquired businesses and to realize the expected synergies; currency rate fluctuations and devaluations; our ability to realign costs with current market conditions; potential changes in tax policies and government incentives and their effect on the economic benefits of our products to consumers; the weakness in financial and credit markets and the economy; and the repeal or implementation of government regulations relating to reducing vehicle emissions. Readers also should consider the risk factors set forth in the Company's reports filed with the Securities and Exchange Commission, including, but not limited to, those contained in the "Risk Factors" section of the Company's Annual Report on Form 10-K, for the year ended December 31, 2010. The Company does not undertake to update or revise any of its forward-looking statements or guidance even if experience or future changes show that the indicated results or events will not be realized.
About Fuel Systems Solutions
Fuel Systems Solutions (Nasdaq:FSYS) is a leading designer, manufacturer and supplier of proven, cost-effective alternative fuel components and systems for use in transportation and industrial applications. Fuel Systems' components and systems control the pressure and flow of gaseous alternative fuels, such as propane and natural gas, used in internal combustion engines. These components and systems feature the Company's advanced fuel system technologies, which improve efficiency, enhance power output and reduce emissions by electronically sensing and regulating the proper proportion of fuel and air required by the internal combustion engine. In addition to the components and systems, the Company provides engineering and systems integration services to address unique customer requirements for performance, durability and configuration. The Company is composed of two operating subsidiaries: IMPCO Technologies and BRC. IMPCO Technologies is a leader in the heavy duty, industrial, power generation and stationary engines sectors and recently established a U.S. Automotive division. BRC is a leader in the light duty and automobile alternative fuel sectors and has established alliances with several major automobile manufacturers for OEM projects. Additional information is available at www.fuelsystemssolutions.com.