Quantum Fuel Systems Technologies Worldwide Inc. Message Board

IMPCO Purchases Canadian Tank Manufacturer Assets; Positions Company as First Fuel Systems Supplier With Tank Technology
16 December 1997

IMPCO Purchases Canadian Tank Manufacturer Assets; Positions Company as First Fuel Systems Supplier With Tank Technology

CERRITOS, Calif., Dec. 16 -- IMPCO Technologies, Inc.
(Nasdaq: IMCO, IMCOW) today announced that it has reached an agreement between
the bankruptcy trustee for EDO Canada, Ltd., a former leading manufacturer of
storage tanks for natural gas vehicles, and Alternate Fuel Systems (AFS)
whereby AFS has withdrawn its appeal and the bankruptcy trustee has sold the
EDO assets to IMPCO. The assets consist of certain development, testing,
quality control and manufacturing equipment of EDO Canada, Ltd. IMPCO and AFS
have an agreement on joint use of EDO's patents.
The acquisition positions IMPCO as the world's first alternative fuel
systems supplier offering tank technology. "With natural gas vehicle tanks
currently ranging from $1,000-$3,000 and worldwide demand for tanks expected
to exceed 2 million units in the year 2000, IMPCO will be uniquely positioned
to capitalize on both increased demand for alternative fuel systems, as well
as for fuel tanks," said Robert M. Stemmler, IMPCO's president and chief
executive officer.
"IMPCO's acquisition of EDO's tank technology and equipment will extend
our company's capabilities from tank testing and research and development into
the next generation of fuel storage systems," noted Syed Hussain, vice
president of IMPCO's Technology and Automotive OEM division. "It is also a
logical extension of our core business of designing and developing alternative
fuel systems," he added.