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LAKE FOREST, Calif.,
March 13, 2013 /PRNewswire/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ: QTWW), a global leader in natural gas storage systems, integration and vehicle system technologies, today announced that it and its wholly owned subsidiary, Schneider Power Inc., have entered into two separate non-binding letters of intent with unrelated third parties for the sale of
Schneider Power's 1.6 Megawatt (MW) Providence Bay operational wind farm, its 10.0 MW Trout Creek wind farm development project and certain other
Schneider Power development projects. Provided that the definitive terms are agreed upon and binding agreements are entered into and all closing conditions are satisfied, the sale of the Providence Bay wind farm is expected to close near the end of
March 2013 and the sale of the Trout Creek and other development assets is expected to close near the end of
April 2013. Total cash proceeds from these potential transactions, including the return of deposits made with respect to these projects, could be up to Canadian Dollar (CAD)
$3,646,000, of which CAD
$1,752,250 in cash proceeds is anticipated to be received in connection with the closings and the remaining amount contingent upon the buyers bringing the development assets into commercial operation in the future. In addition, the buyer of the Providence Bay wind farm would assume approximately CAD
$1.1 million in bank debt and the buyer of the Trout Creek development project would assume CAD
$236,709 of obligations.
The Company has also received formal offers and letters of interest for
Schneider Power's 10.0 MW Zephyr operational wind farm, its 50.0 Megawatt development project in the
Dominican Republic and its 1.0 MW development project in the
Bahamas that are currently being evaluated.