NEW YORK, Aug. 23, 2013 (GLOBE NEWSWIRE) -- IMPCO Automotive, a subsidiary of Fuel Systems Solutions, Inc. (Nasdaq: FSYS ) announced the development and availability of its bi-fuel CNG fuel system for the Model Year (MY) 2014 Chevrolet Cruze 1.4L sedan. These complete fuel systems are currently the only EPA Certified Bi-Fuel CNG systems for MY2014 sedans in the U.S. market. The systems will be available throughout Fuel System's IMPCO Automotive nationwide certified installation network beginning September 2013.
Mariano Costamagna, Fuel Systems' CEO, said, "We are thrilled to obtain the first EPA certification for a MY2014 bi-fuel sedan that provides both fleets and consumers an option when considering gaseous fueled transportation. The after-market kits we have developed for the MY2014 Chevrolet Cruze offer a robust solution that eliminates 'range anxiety' by including an 8.4 Gasoline Gallon Equivalent (GGE) tank as standard equipment. Our US DOEM programs are experiencing growing demand for bi-fuel pickup truck and van solutions for the fleet market, and our expansion into passenger vehicles is strategically important to our growth plans in the U.S. The availability of the MY2014 Chevrolet Cruze will help meet the increasing interest of U.S. fleets and consumers for bi-fuel passenger vehicles."
The IMPCO Automotive powered Chevrolet Cruze includes a trunk mounted Type 3 tank providing over 200 miles of additional range while allowing for nearly 7 cubic feet of available storage space. The entire gaseous fuel system adheres to IMPCO Automotive's strict quality, durability, and safety testing requirements to ensure a superior product. IMPCO Automotive plans to pursue development and compliance for this bi-fuel CNG system through MY2016.
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 outlook for 2013, as well as its position in the market place, the success of its products and its effective tax rate for the year. 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 a further slowing of economic activity, our ability to reduce our cost structure and expenses as anticipated; the unpredictable nature of the developing alternative fuel US automotive market; customer dissatisfaction with the Company's products or services; the inability of the Company to deliver its products on schedule; the availability of gaseous fueling infrastructure in our markets globally; the price differential between alternative gaseous fuels and gasoline; unanticipated economic uncertainties caused by political instability in certain of the local markets we do business in; the growth of non-gaseous alternative fuel products and other new technologies; currency rate fluctuations and devaluations; our ability to promptly realign costs with current market conditions; unanticipated litigations; differences in the tax policies of each country from which the Company derives income that would impact our effective tax rate; potential changes in tax policies and government incentives and their effect on the economic benefits of our products to consumers; the continued 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, 2012. The Company does not undertake to update or revise any of its forward-looking statements.
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. Additional information is available at www.fuelsystemssolutions.com .
| Company Contact: |
| Pietro Bersani, Chief Financial Officer Fuel Systems Solutions, Inc. |
| (646) 502-7170 |
| Investor Relations Contacts: |
| LHA |
| Carolyn M. Capaccio |
| ccapaccio@lhai.com |
| Cathy Mattison |
| cmattison@lhai.com (415) 433-3777 |
