LAKE FOREST, Calif., May 7, 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 has received $1.4 million in purchase orders from two new customers for its industry-leading Q-Lite CNG tanks, and fully integrated, factory-tested bolt-on natural gas fuel storage systems. One of these new customers is a nationwide network of truck integrators, who is building up one stop shop capability to convert aftermarket diesel truck fleets to run on clean-burning natural gas.
"We are excited to gain new customers who provide access to hundreds of thousands of aftermarket truck fleets that recognize the enormous benefits of this low-cost domestic fuel," said Brian Olson, President and CEO of Quantum. "We believe the aftermarket truck opportunity is significant with approximately 4 million trucks on the road today and complements our existing relationships within the OEM markets."
Quantum's proprietary Q-Lite fuel tank technology offers one of the lightest natural gas fuel storage solutions in the industry, coupled with superior fuel storage capacity, enhanced safety features and the capability to be quickly integrated onto vehicles.
About QuantumQuantum Fuel Systems Technologies Worldwide, Inc. is a leader in the innovation, development and production of natural gas fuel storage systems and the integration of vehicle system technologies including engine and vehicle control systems and drivetrains. Quantum produces one of the most innovative, advanced, and light-weight compressed natural gas storage tanks in the world and supplies these tanks, in addition to fully-integrated natural gas storage systems, to truck and automotive OEMs and aftermarket and OEM truck integrators. Quantum provides low emission and fast-to-market solutions to support the integration and production of natural gas fuel and storage systems, hybrid, fuel cell, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum is headquartered in Lake Forest, California, and has operations and affiliations in the United States, Canada, and India. Forward Looking Statements: This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements included in this report, other than those that are historical, are forward-looking statements and can generally be identified by words such as "may," "could," "will," "should," "assume," "expect," "anticipate," "plan," "intend," "believe," "predict," "estimate," "forecast," "outlook," "potential," or "continue," or the negative of these terms, and other comparable terminology. Various risks and other factors could cause actual results, and actual events that occur, to differ materially from those contemplated by the forward looking statements. Risk factors include ability of Quantum to fulfill the purchase order requirements, continued cost differential and market acceptance of natural gas fuel and the ability of Quantum's customers to successfully expand into aftermarket truck fleets by offering reliable and robust natural gas systems. The Company undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.
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