Fuel Systems Solutions, Inc. Announces Pricing Of Public Offering Of Common Stock

NEW YORK, Dec. 10, 2010 (GLOBE NEWSWIRE) -- Fuel Systems Solutions, Inc. (Nasdaq:FSYS) today announced the pricing of its previously announced public offering of 2,000,000 shares of its common stock, at a price to the public of $30.00 per share. The company has granted to the underwriters a 30 day option to purchase up to an additional 300,000 shares of common stock from the company at the public offering price, less the underwriting discount, to cover over-allotments, if any. The company is conducting the offering pursuant to an effective registration statement under the Securities Act of 1933.

The aggregate net proceeds from the sale of the common stock are expected to be $56.35 million, after deducting underwriting discounts and commissions and estimated expenses, assuming the underwriters do not exercise their option to purchase additional shares of common stock. Under the company's committed credit facility with Intesa Sanpaolo S.p.A., it is required to use the net proceeds from this offering to repay the balance currently outstanding under such facility. Following such mandatory repayment, the company expects to use the remaining net proceeds from this offering for working capital and general corporate purposes, which may include expansion of its business, additional repayment of debt and financing of future acquisitions of companies or assets.

The offering, which is subject to customary closing conditions, is expected to close on December 15, 2010.

BofA Merrill Lynch and UBS Investment Bank are serving as joint book-running managers for the offering and Stifel Nicolaus Weisel is serving as lead manager. Lazard Capital Markets, Canaccord Genuity and Craig-Hallum Capital Group are serving as co-managers for the offering.

The common stock offering is being made solely by means of a prospectus supplement and accompanying prospectus filed with the Securities and Exchange Commission. Copies of the prospectus supplement and the accompanying prospectus may be obtained for free at the Securities and Exchange Commission's website at http://www.sec.gov or from BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attn: Prospectus Department or email [e-mail], UBS Investment Bank, 299 Park Avenue, New York, New York, 10171, Attn: Prospectus Department (888-827-7275, ext. 3884), Stifel Nicolaus Weisel, One Montgomery Street, Suite 3700, San Francisco, California 94104, Attention: Syndicate Department, Telephone number: 415-364-2720, Lazard Capital Markets, 30 Rockefeller Plaza, 60th Floor, New York, NY 10020, Attn: Syndicate Department (800-542-0970), Canaccord Genuity, Attn: Syndicate Dept., 99 High Street, 12th Floor, Boston, Massachusetts 02110, phone: [phone] and Craig-Hallum Capital Group, 222 South 9th Street, Suite 350, Minneapolis, MN, 55405, Attn: Syndicate Department (612 334-6300).

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. 

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