UQM Technologies Announces Completion of Secondary Offering of $7.7 Million
November 01 2004 - 7:40PM
PR Newswire (US)
UQM Technologies Announces Completion of Secondary Offering of $7.7
Million FREDERICK, Colo., Nov. 1 /PRNewswire-FirstCall/ -- UQM
TECHNOLOGIES, INC. (AMEX:UQM), a developer of alternative energy
technologies, announced today that it has completed a secondary
offering of 3,600,000 shares of common stock to investors in North
America and Europe. Cash proceeds to the Company, before deducting
underwriting commissions and expenses of the offering, will be
$7.74 million. I-Bankers Securities Incorporated, Newbridge
Securities Corporation and Neidiger Tucker Bruner Inc. served as
underwriters for the offering. The transaction is expected to close
November 5, 2004. Cash proceeds from the transaction are expected
to be used for general corporate purposes, including working
capital and other business opportunities. A copy of the prospectus
relating to the offering may be obtained from the underwriters.
This release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. UQM
Technologies, Inc. is a developer and manufacturer of power dense,
high efficiency electric motors, generators and power electronic
controllers for the automotive, aerospace, medical, military and
industrial markets. A major emphasis of the Company is developing
products for the alternative energy technologies sector including
propulsion systems for electric, hybrid electric and fuel cell
electric vehicles, 42-volt under-the-hood power accessories and
other vehicle auxiliaries and distributed power generation
applications. The Company's headquarters, engineering and product
development center, and motor manufacturing operation are located
in Frederick, Colorado. For more information on the Company, please
visit its worldwide website at http://www.uqm.com/. This press
release contains statements that constitute "forward-looking
statements" within the meaning of Section 27A of the Securities Act
and Section 21E of the Securities Exchange Act. These statements
appear in a number of places in this press release and include
statements regarding our plans, beliefs or current expectations,
including those plans, beliefs and expectations of our officers and
directors with respect to, among other things the development of
markets for our products. Important Risk Factors that could cause
actual results to differ from those contained in the forward-
looking statements are contained in our Form S-2A filed October 29,
2004 and is available through our website at http://www.uqm.com/ or
at http://www.sec.gov/. DATASOURCE: UQM Technologies, Inc. CONTACT:
John Baldissera of BPC Financial Marketing, +1-800-368-1217, for
UQM; or Donald A. French of UQM Technologies, Inc., +1-303-278-2002
Web site: http://www.uqm.com/
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