-Rush Truck Centers Signs Dealer/Installer Agreement for Initial 14 State Coverage- -APG Adds Momentum Fuel Technologies To Their Qualified CNG Tank Program-
LYNNFIELD, Mass., Nov. 07, 2016 (GLOBE NEWSWIRE) -- American Power Group Corporation (OTCQB:APGI), announced today that its subsidiary, American Power Group, Inc. (“APG”), has signed a multi-year Dual Fuel Dealer/Installer Agreement with Rush Truck Centers to initially cover fourteen states (AL,CA, CO, FL, GA, IL, IN, MO, NC, OH, OK, TN, VA, and TX). APG has also added Momentum Fuel Technologies’ CNG fueling tanks and systems to APG’s Qualified CNG Tank Program.
Lyle Jensen, American Power Group Corporation’s Chief Executive Officer stated, “The addition of Rush Truck Centers and Momentum Fuel Technologies to APG’s existing network of dual fuel dealer/installers and natural gas tank suppliers provides APG’s dual fuel customers with un-paralleled sales, service and support across North America. With over 100 locations from coast to coast, no one can match Rush Truck Centers’ network reach and scale in supporting the heavy-duty trucking industry.” Mr. Jensen added, “Several Rush Truck Centers locations have already completed installation and service certification training and have completed installations for one of our largest customers in Oklahoma utilizing the Momentum CNG Fuel System. Rush Truck Centers has made significant investments in expanding the sales and service of natural gas vehicles and we look forward to mutually growing the natural gas conversion market with specific focus on the 13L to 15L heavy-haul segment where APG’s dual fuel technology is the only effective alternative fuel solution.”
“We are pleased to be able to support APG customers at Rush Truck Centers in 14 states,” said W.M. “Rusty” Rush, Chairman, Chief Executive Officer and President, Rush Enterprises. “APG’s efforts to grow the CNG market align with our focus on our Momentum CNG Fuel System and other vehicle technologies,” he added.
About Rush Enterprises, Inc. Rush Enterprises, Inc. is the premier solutions provider to the commercial vehicle industry. The Company owns and operates Rush Truck Centers, the largest network of commercial vehicle dealerships in the United States, with more than 100 dealership locations in 21 states. These vehicle centers, strategically located in high traffic areas on or near major highways throughout the United States, represent truck and bus manufacturers, including Peterbilt, International, Hino, Isuzu, Ford, Mitsubishi, IC Bus and Blue Bird. They offer an integrated approach to meeting customer needs — from sales of new and used vehicles to aftermarket parts, service and body shop operations plus financing, insurance, leasing and rental. Rush Enterprises' operations also provide CNG fuel systems, telematics products, vehicle up-fitting, chrome accessories and tires. For more information, please visit us at www.rushtruckcenters.com , www.rushenterprises.com and www.rushtruckcentersracing.com , on Twitter @rushtruckcenter and Facebook.com/rushtruckcenters.
About Momentum Fuel Technologies Momentum Fuel Technologies, headquartered in the Dallas-Fort Worth Metroplex, is the industry’s first complete compressed natural gas (CNG) fuel system solution for Class 6-8 vehicles. A division of Rush Enterprises, the company officially launched in 2015 and is a vertically-integrated provider of fuel system solutions, featuring state-of-the-art engineering, design and manufacturing processes, complete system installation capabilities, and the industry’s most comprehensive sales, service and support network.
About American Power Group Corporation American Power Group’s subsidiary, American Power Group, Inc. provides cost effective products and services that promote the economic and environmental benefits of our alternative fuel and emission reduction technologies. Our patented Turbocharged Natural Gas ® Dual Fuel C onversion Technology is a unique non-invasive software driven solution that converts existing vehicular and stationary diesel engines to run concurrently on diesel and various forms of natural gas including compressed natural gas, liquefied natural gas, conditioned well-head/ditch gas or bio-methane gas with the flexibility to return to 100% diesel fuel operation to avoid any natural gas range anxiety. Depending on the fuel source and operating profile, our EPA and CARB approved dual fuel conversions seamlessly displace 45% - 65% of diesel fuel with cleaner burning natural gas resulting in measurable reductions in nitrous oxides (NOx) and other diesel-related emissions. Through our Trident Associated Gas Capture and Recovery Technology, we provide oil and gas producers a flare capture service solution for associated gases produced at their remote and stranded well sites. These producers are under tightening regulatory pressure to capture and liquefy the flared gases at their remote and stranded well sites or face significant oil output reductions. With our proprietary Flare to Fuel™ process technology we can convert these captured gases into natural gas liquids (“NGL”) which can be sold as heating fluids, emulsifiers, or be further processed by refiners. Given pending federal methane capture regulations, we anticipate our next generation NGL processing systems will have the capability to convert the residual flared methane into pipeline quality natural gas that can be sold for a variety of dedicated and dual fuel vehicular, stationary, industrial and household uses. See additional information at: www.americanpowergroupinc.com
Caution Regarding Forward-Looking Statements and Opinions With the exception of the historical information contained in this release, the matters described herein contain forward-looking statements and opinions, including, but not limited to, statements relating to new markets, development and introduction of new products, and financial and operating projections. These forward-looking statements and opinions are neither promises nor guarantees, but involve risk and uncertainties that may individually or mutually impact the matters herein, and cause actual results, events and performance to differ materially from such forward-looking statements and opinions. These risk factors include, but are not limited to: the fact that our dual fuel conversion business has lost money in the last seven consecutive fiscal years and our flare gas capture and recovery business has yet to generate measurable revenues; the risk that we may require additional financing to grow our business; the fact that we rely on third parties to manufacture; distribute and install our products; we may encounter difficulties or delays in developing or introducing new products and keeping them on the market; we may encounter lack of product demand and market acceptance for current and future products; we may encounter adverse events economic conditions; we operate in a competitive market and may experience pricing and other competitive pressures; we are dependent on governmental regulations with respect to emissions, including whether EPA approval will be obtained for future products and additional applications; the risk that we may not be able to protect our intellectual property rights; factors affecting the Company's future income and resulting ability to utilize its NOLs; the fact that our stock is thinly traded and our stock price may be volatile; the fact that we have preferred stock outstanding with substantial preferences over our common stock; the fact that the conversion of the preferred stock and the exercise of stock options and warrants will cause dilution to our shareholders; the fact that we incur substantial costs to operate as a public reporting company and other factors that are detailed from time to time in the Company's SEC reports, including the report on Form 10-K for the year ended September 30, 2015 and the Company's quarterly reports on Form 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements and opinions, which speak only as of the date hereof. The Company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements and opinions that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Investor Relations Contacts: Chuck Coppa, CFO American Power Group Corporation 781-224-2411 ccoppa@americanpowergroupinc.com Mike Porter Porter, LeVay, & Rose, Inc. 212-564-4700 mike@plrinvest.com
