IMPCO/BRC Targets 750,000 3 and 4 Wheel Taxis in India
September 20 2004 - 10:00AM
PR Newswire (US)
IMPCO/BRC Targets 750,000 3 and 4 Wheel Taxis in India CERRITOS,
Calif., Sept. 20 /PRNewswire-FirstCall/ -- IMPCO Technologies Inc.,
(NASDAQ:IMCO). In a country of one billion people, perceptions can
change. Almost anywhere else in the world one would assume that
small engine 3 and 4 wheeled vehicles would be a solution to the
pollution problem, not a major contributor. In India, however,
where 750,000 of these higher polluting vehicles ply the streets of
major cities every day, the sheer number of these popular vehicles
has made it impossible for the government to ignore them in their
battle against devastating pollution in their major cities. In an
effort to reduce air pollution and improve India's energy
self-sufficiency, the government has mandated that all of these
vehicles in major cities convert to propane or natural gas fuel or
be replaced with new vehicles in a phased manner. India has an
abundance of natural gas reserves and the government has undertaken
a massive infrastructure program to ensure availability of the fuel
in all of the major cities. With CNG and LPG at roughly half the
cost of gasoline, the vehicle owners can save money on fuel and the
government can improve their balance of payments with the rest of
the world by reducing the amount of gasoline they are forced to
import. The conversion of 3 and 4 wheelers has begun in New Delhi
and Mumbai, the two largest cities in India. To date over 200,000 3
wheelers and 4 wheelers have been converted, substantial numbers
using IMPCO products. Conversion programs have begun in 12 major
cities. The vehicles, which are converted to alternative fuel allow
their owners to enjoy a savings of over $1.50 per gallon in fuel
costs versus gasoline. Brad Garner, Vice President and COO of IMPCO
Technologies said, "IMPCO products needed to convert these vehicles
are manufactured in India by our joint venture company, Minda
IMPCO, allowing us to offer competitive pricing. IMPCO's strong
brand and quality recognition and our ability to offer local
technical support and manufacturing will ensure that IMPCO product
will attain a major share of this conversion business." Regarding
IMPCO: IMPCO designs, manufactures, markets and supplies advanced
alternative fuel systems and related products to original equipment
manufacturers and to the aftermarket for the mobile, industrial,
power generation, and stationary engines market place.
Headquartered in Cerritos, California, IMPCO has offices in Asia,
Europe, Australia and South and North America. More information can
be found at IMPCO's web site, http://www.impco.ws/ Regarding Minda
IMPCO Limited: Minda IMPCO Limited is a joint venture agreement
with Minda Industries, Ltd. headquartered in Delhi, India. Minda
Industries, Ltd., is an automotive OEM supplier with over US $50
million in annual revenues. The company manufactures and markets
OEM grade switches, locks, lamps, horns, instrument panels and
wiring harnesses for major auto, motorcycle and commercial vehicle
OEMs in India. Minda Grouphas seventeen manufacturing plants in
India and market their products via technically trained sales
forces to automotive OEMs. They are TS16949, ISO 14001 and OHSAS
certified and sell their products in the aftermarket and to all the
main OEMs in India e.g. Maruti, Tata Motors, Bajaj, TVS, M&M to
name a few. Except for historical information, the statements,
expectations and assumptions contained in the foregoing press
release are forward-looking statements. Such forward-looking
statements include, but are not limited to, the company's
expectations regarding revenues in future periods. Such statements
are subject to a number of risks and uncertainties, and actual
results could differ materially from those discussed in any
forward-looking statement. Readers should consider the risk
contained in the section entitled "Management's Discussion &
Analysis of Financial Conditions on Results of Operations - Risk
Factors" in its Annual Report on Form 10-K for the period ended
December 31, 2003. The company does not undertake to update or
revise any of its forward-looking statements even if experience or
future changes show that the indicated results or events will not
be realized. For further information please contact: Dale
Rasmussen, Investor Relations, IMPCO Technologies Inc.,
+1-206-315-8242, fax +1-206-315-8301, DATASOURCE: IMPCO CONTACT:
Dale Rasmussen, Investor Relations, IMPCO Technologies Inc.,
+1-206-315-8242, fax +1-206-315-8301, Web site:
http://www.impco.ws/
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