IRVINE, Calif. May 22, 2012
May 10, 2012
As a sign of the board’s and management’s commitment to this renewed vision, direction and focus, members of the Company’s management team and board of directors have recently purchased shares of the Company’s common stock on the open market.
The Company aims to grow, expand and enhance its profile as a technology leader in the alternative fuel automotive sectors by investing in the expansion of its manufacturing capacity for compressed natural gas and hydrogen storage systems, as well as directing additional resources toward the sale and marketing of its advanced energy storage and hybrid/electric propulsion systems products and technologies.
The Company plans to make strategic assessments of its renewable energy projects and minority-owned investments which lie outside of the Company’s core automotive technology focus, including reviewing opportunities for accretive investments that require minimal capital commitment by the Company.
In addition, the new leadership team will aggressively seek to reduce operating costs, particularly corporate, general and administrative expenses, through a variety of cost-cutting initiatives, some of which have already been implemented in full or in part, including executive attrition and salary reductions, consolidation of facilities, and reductions in board of directors’ fees.
In connection with its cost reduction initiatives, the Company believes it can:
- $2.1 million
- Irvine, California Lake Forest, California Irvine $1.4 million
- $0.4 million
- $0.1 million May 10, 2012
Irvine, California USA Canada Germany India
Forward Looking Statements:
Schneider Power http://www.qtww.com/
Brion D. Tanous
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.