IRVINE, Calif., June 12, 2012 /PRNewswire/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (the "Company") (Nasdaq: QTWW), announced today that W. Brian Olson has been appointed as the Company's permanent Chief Executive Officer and Bradley J. Timon has been appointed as the Company's permanent Chief Financial Officer, effective immediately. Mr. Olson and Mr. Timon were appointed interim Chief Executive Officer and interim Chief Financial Officer, respectively, on May 10, 2012.
"Since assuming the role of Chief Executive Officer, Mr. Olson has demonstrated outstanding leadership, broad knowledge of our operations and a forward-looking vision for our business which made him an obvious choice to serve as our permanent CEO," said Dr. Scott Samuelsen, one of the Company's independent directors. Dr. Samuelsen added, "The Company's board of directors unanimously agreed that Mr. Olson has clearly established the qualities this Company requires in its CEO to improve performance and grow shareholder value."
Quantum Fuel Systems Technologies Worldwide, Inc. is a leader in the development and production of advanced vehicle propulsion systems, fuel storage technologies, and alternative fuel vehicles. Quantum's portfolio of technologies includes electronic and software controls, hybrid electric drive systems, natural gas and hydrogen storage and metering systems and other alternative fuel technologies and solutions that enable fuel efficient, low emission hybrid, plug-in hybrid electric, fuel cell, and natural gas vehicles. Quantum's powertrain engineering, system integration, vehicle manufacturing, and assembly capabilities provide fast-to-market solutions to support the production of hybrid and plug-in hybrid, hydrogen-powered hybrid, fuel cell, natural gas, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum's customer base includes automotive OEMs, fleets, aerospace industry, military and other governmental agencies, and other strategic alliance partners. Quantum's wholly-owned subsidiary, Schneider Power Inc., and affiliate, Asola Solarpower GmbH, complement Quantum's alternative and renewable energy presence through the development and ownership of wind and solar farms, and the manufacture of high efficiency solar modules for traditional and automotive applications. Quantum is headquartered in Irvine, California, and has operations and affiliations in the USA, Canada, Germany and India.More information can be found about the products and services of Quantum, Schneider Power and Asola at http://www.qtww.com/ or you may contact: Brion D. TanousPrincipal, CleanTech IR, Inc.Email: firstname.lastname@example.org
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