published: October 15, 2008
VANCOUVER, BC – Cummins Westport Inc. (“CWI”), a leading provider of high-performance, alternative fuel engines for the global market, and Cummins India Ltd. (“CIL”) announced today that the Delhi Transport Corporation (“DTC”) has ordered 3,125 natural gas buses equipped with CWI’s B Gas Plus engines. The 230 horsepower B Gas Plus engines, powered by compressed natural gas (CNG), are licensed by CWI and manufactured by CIL.
“We are delighted that DTC, already one of the world’s leading eco-friendly transit fleets, has selected CWI in their continuing contribution towards cleaning up the environment of the nation’s capital in India. This order of over 3,000 engines, our single largest to date, highlights both the quality of our products and our efforts to make our clean burning, natural gas engines available around the world,” said Guan Saw, CWI’s President. “Our natural gas engines provide significant benefits to consumers facing global concerns around energy security and high fuel prices. The economic benefits are equally matched by the positive environmental benefits by reducing harmful emissions such as particulate matter (PM) and oxides of nitrogen (NOx).”
“We are excited about providing dependable, fuel efficient, environmentally friendly solutions in India. The B Gas Plus engine is a great example of this,” said Anant Talaulicar, CIL Chairman and Cummins Vice-President.
According to NGVAmerica, the New Delhi Natural Gas Vehicle Program has halved the air pollution in comparison to ten years ago. Approximately 60,000 auto rickshaws in New Delhi, India were required to convert to compressed natural gas (CNG) for fuel. A decade later, the government has issued a report hailing the success of the program, showing that, while the number of vehicles on the road has doubled, the pollution rate has halved. Outside of New Delhi, ten other major Indian cities also have aggressive natural gas vehicle conversion programs. As a result, the amount of petroleum used in the country has been cut dramatically from projected levels—a significant and cost-saving achievement for a country that has to import 70% of its diesel and gasoline.
Delhi Transport Corporation (DTC) is one of the main public transport operators of Delhi and operates over 3,000 CNG buses on 773 routes throughout Delhi and surrounding areas. Delhi operates one of the largest CNG bus fleets in the world. Air quality in New Delhi has improved dramatically since a Supreme Court order in 2002 mandated the city’s entire bus fleet to convert to cleaner-burning CNG.
Cummins India Limited, headquartered in Pune since 1962, is the country's leading manufacturer of diesel and natural gas engines for power generation, industrial and automotive markets. Cummins India Limited is the largest among the Cummins affiliated companies in India.
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.