This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Quantum Signs Definitive Agreements On Sale Of 10 Megawatt Trout Creek Wind Farm

LAKE FOREST, Calif., May 29, 2013 /PRNewswire/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW), a global leader in natural gas storage systems, integration and vehicle system technologies, announced today that it, its wholly owned subsidiary, Schneider Power Inc. and certain of Schneider Power Inc.'s wholly-owned subsidiaries, have entered into definitive agreements with an unrelated third party for the sale of Schneider Power's 10 Megawatt (MW) Trout Creek wind farm development project (the "Trout Creek Project"). 

The sale of the Trout Creek Project will occur in two phases.  The first phase ("Phase 1") will result in the purchaser acquiring 74.9% of the ownership interests in the Trout Creek Project for an aggregate purchase price of Canadian Dollar (CAD) $1,207,959, of which CAD $971,250 will be paid in cash on the closing of Phase 1 and CAD $236,709 will be paid by the purchaser's assumption of certain Trout Creek Project liabilities.  The second phase ("Phase 2") will result in the purchaser acquiring the remaining 25.1% of the ownership interest in the Trout Creek Project (the "25% Interest") for a purchase price of CAD $1,143,750 upon the exercise by the purchaser of an irrevocable option to purchase the 25% Interest (the "Purchase Option").  The Purchase Option will be granted to the purchaser upon the closing of Phase 1 and must be exercised if and when the development of the Trout Creek Project is completed and the wind farm begins commercial operation. 

Phase 1 is expected to close in approximately 4 to 6 weeks, subject to the parties' satisfaction or waiver of customary closing conditions and the parties' receipt from the Ontario Power Authority (the "OPA") of an acknowledgement that an event of default under the the Feed-In-Tariff contract issued by the OPA in connection with the Trout Creek Project has not occurred or, if an event of default has occurred, a waiver from the OPA of such event of default.  Phase 2 is expected to close within approximately 18 to 24 months, subject to (among other things) the Trout Creek Project achieving commercial operation.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 -1.15%
FB $117.58 0.73%
GOOG $693.01 0.29%
TSLA $240.76 -2.81%
YHOO $36.60 0.03%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs