Quantum Awarded Contract to Develop Power Generation Equipment for China: Financial News - Yahoo! Finance

IRVINE, Calif., June 21 /PRNewswire-FirstCall/ -- Quantum Fuel Systems Technologies Worldwide, Inc., (Nasdaq: QTWW - News) today announced that it was awarded a contract by Synthesis Energy System, Inc. (SES) (OTC: SYMX - News) to develop modular stationary power generators that operate on hydrogen-rich synfuel for deployment in China.
The synfuel-fueled power generators will be an integral component of syngas and co-generation facilities being developed in China by SES for large industrial customers. SES is working with large industrial customers to develop syngas and co-/poly-generation facilities. SES is developing projects based on innovative gasification technologies that convert low cost and abundant indigenous fuels, like coal, into high value commodities, such as synfuel, thus reducing dependence on traditional petroleum or natural gas feedstocks. SES co-generation projects can cleanly produce multiple commodities, such as electricity, steam, hydrogen, carbon monoxide, nitrogen, and oxygen for use in diversified manufacturing operations from computer chips to petrochemicals, or as a basic building block for synthetic fuel production, including methanol, ethanol, and diesel fuel.
Quantum will apply its alternative fuel and hydrogen engine expertise to the development and optimization of the stationary power generators. Quantum will engineer a state-of-the-art OEM-caliber hydrogen-rich synfuel system, optimize the performance of the generator system, and perform verification testing of the systems. Quantum will integrate its advanced hydrogen compatible fuel injection system and electronic controls into the generators.
"Quantum is pleased to have been selected to develop and supply the synfuel power generators to support the growing industrial base in China," said Alan P. Niedzwiecki, President and CEO of Quantum. "With oil prices continuing to stay above $70 per barrel, the need for energy efficiency and a diverse energy supply are in growing demand worldwide. We believe that innovative approaches, such as these synfuel power generators, to utilize indigenous fuels in an environmentally friendly and fuel efficient manner will be needed now and into the future."
"SES is excited to work with Quantum on this power solution for the Chinese market," added Timothy Vail, CEO of SES. "We continue to see very attractive opportunities to provide efficient clean energy solutions to industrial consumers in China and elsewhere. We believe the need for innovative technology based energy solutions is just now being recognized."
About Quantum:
Quantum and its subsidiary, Tecstar Automotive Group, are leaders in powertrain engineering, system integration, and manufacturing of packaged fuel systems and accessories for specialty vehicles and applications including fuel cells, hybrids, alternative fuels, hydrogen refueling, new body styles, mid-cycle vehicle product enhancements and high performance engines and drive trains for OEMs and consumers of aftermarket parts and accessories. Quantum also designs and manufactures hybrid and fuel cell vehicles.
Quantum has product commercialization alliances with General Motors, AM General, and Sumitomo. Quantum's customer base includes General Motors, Toyota, Opel, Hyundai, Suzuki, Ford, DaimlerChrysler, AeroVironment, and the U.S. Army.
More information can be found about Quantum's products and services at www.qtww.com.
About Synthesis Energy Systems:
Synthesis Energy Systems, Inc. is an energy and technology holding company that, through its subsidiaries, utilizes advanced technologies to produce hydrogen, electricity and other commodities for its customers on a global basis.
Company information distributed through the Market Access Program is based upon information that Standard & Poor's considers to be reliable, but neither Standard & Poor's nor its affiliates warrant its completeness or accuracy, and it should not be relied upon as such. This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument.
Except for historical information contained herein, the matters discussed in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that involve substantial risks and uncertainties. When used in this press release and in any documents incorporated by reference herein, the words "expects," "will" and similar expressions identify certain of such forward-looking statements. Actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of SES and are subject to a number of risks and uncertainties that are subject to change based on factors which are, in many instances, beyond SES's control. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive, and other factors affecting the Company and its operations; and other risk factors. SES cautions that the foregoing factors are not exclusive. SES assumes no obligation to update the information contained in this press release.
Forward-Looking Statements
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 expected future revenues and operating results; future opportunities for Quantum; the Company's ability to fulfill orders in the future; and other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management. 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. Factors that could cause actual results to differ materially from such forward-looking statements include, among other factors, prevailing market conditions; the Company's ability to design and market automotive products; the Company's ability to meet customer specifications and qualification requirements; availability of component parts and raw materials that meet the Company's requirements; and the Company's ability to source alternative materials and suppliers. Reference should also be made to the risk factors set forth from time to time in the Company's SEC reports, including but not limited to those contained in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2005. 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 more information regarding Quantum, please contact:
Dale Rasmussen
Investor Relations
Email: DRasmussen@qtww.com
+1-206-315-8242
Andy Abele
Executive Director, Strategic Development
Email: aabele@qtww.com
+1-949-399-4527
For more information regarding SES, please contact:
David Eichinger
Chief Financial Officer
+1-203-253-3388
©2006 Quantum Fuel Systems Technologies Worldwide, Inc.
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