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
TheStreet Open House

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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7870 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs