published: December 22, 2008
VANCOUVER, BC – Cummins Westport Inc. (CWI), a leading provider of high-performance, alternative fuel engines for the global market, announced today that North American Bus Industries, Inc. (NABI) has ordered 260 compressed natural gas (CNG) CWI ISL G engines for CompoBus buses.
“Production is underway to fill this significant order from NABI”, said Guan Saw, CWI’s President. “The ISL G, our flagship engine, continues to gain market share in the North American transit fleet. The ISL G offers operators the benefits of meeting EPA 2010 emissions standards today, with the robust performance and reliability they require.”
The NABI CompoBus is a 45-foot vehicle made from a lightweight composite material that weighs roughly the same as the company’s traditional 40-foot bus, enabling it to provide a lower operating cost per passenger mile as compared to buses with traditional steel structures.
The ISL G surpasses EPA 2007 phase-in levels and meets 2010 emission standards of 0.2 g/bhp-hr (grams per brake horsepower hour) NOx (nitrogen oxide) and 0.01 g/bhp-hr PM (particulate matter). Based on the Cummins ISL, the ISL G leverages Cummins’ proven cooled Exhaust Gas Recirculation (EGR) with stoichiometric combustion allowing for the use of a three way catalyst, which is maintenance free and is in common use in passenger cars. In addition to delivering ultra-low emissions, the ISL G, with ratings from 250 to 320 horsepower, delivers increased thermal efficiency and over 30% higher low-speed torque compared with today’s CWI “Plus” engines. More information about the ISL G can be found at: www.cumminswestport.com/products/islg.php
Cummins Westport Inc. designs, engineers and markets 6–12 liter spark-ignited natural gas engines for North American commercial transportation applications such as trucks and buses. Cummins Westport is a joint venture of Cummins Inc. (NYSE:CMI), a corporation of complementary business units that design, manufacture, distribute and service engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems, and Westport Fuel Systems Inc. (NASDAQ/TSX: WPRT), a global leader in alternative fuel, low-emissions technologies that allow engines to operate on clean-burning fuels such as compressed natural gas (CNG), liquefied natural gas (LNG), hydrogen, and biofuels such as landfill gas. For more information, visit www.cumminswestport.com.
This document contains forward-looking statements, including statements regarding the demand for our products, the future success of our business and technology strategies, investment, cash and capital requirements, intentions of partners and potential customers, the performance and competitiveness of our products and expansion of product coverage, future market opportunities, speed of adoption of natural gas for transportation, growth in demand as a result of new emission standards and terms of future agreements. These statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties and are based on assumptions that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activities, performance or achievements expressed in or implied by these forward looking statements. These risks and assumptions include risks and assumptions related to our revenue growth, operating results, industry and products, the general economy, conditions of and access to the capital and debt markets, governmental policies and regulation, technology innovations, fluctuations in foreign exchange rates, global government stimulus packages, the acceptance of natural gas vehicles in fleet markets, the relaxation or waiver of fuel emission standards, the inability of fleets to access capital or government funding to purchase natural gas vehicles, the sufficiency of bio methane for use in our vehicles, the development of competing technologies as well as other risk factors and assumptions that may affect our actual results, performance or achievements or financial position discussed in our most recent Annual Information Form and other filings with securities regulators. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they were made. We disclaim any obligation to publicly update or revise such statements to reflect any change in our expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward looking statements except as required by National Instrument 51-102.
Early Termination of Debenture Tender Offer and Cancellation of Meeting of Debentureholders
Enhanced Liquidity and Continued Execution on Stated Goals
To coincide with the disclosure, Westport Fuel Systems has also scheduled a conference call on Monday, August 14, 2017 at 2:00 pm Pacific Time (5:00 pm Eastern Time).
Westport Fuel Systems Inc. announced today the exercise of the underwriters' option from its previously announced offering to purchase an additional 2,425,000 common shares at the Offering price of US$1.50 per share. With the exercise of the option, Westport issued a total of 19,125,000 common shares under the offering for gross proceeds of US$28,687,500.
Westport Fuel Systems Inc. announced today the closing of its previously announced offering of 16,700,000 common shares at a price of US$1.50 per share, for gross proceeds of US$25,050,000.