published: September 25, 2008
VANCOUVER, BC – Westport Innovations Inc. (TSX:WPT/NASDAQ:WPRT), a global leader in alternative fuel, low-emissions transportation technologies, announced today that it has won a prestigious Leadership Award, one of four separate awards categories that make up the 2008 Deloitte Technology Fast 50 Awards Program, Canada’s pre-eminent technology awards program.
“The Technology Fast 50 Leadership Award celebrates the elite companies in the Canadian technology sector,” said John Ruffolo, National Leader, Technology, Media & Telecommunications Industry Group, Deloitte. “Deloitte salutes the outstanding accomplishments of Westport Innovations Inc., whose ability to create a distinct competitive advantage in a high-growth market will likely result in it joining the ranks of other Canadian companies that have grown into global leaders.”
“To be successful, we need to map out complete solutions for problems that our future customers haven’t even recognized yet,” said David Demers, CEO of Westport Innovations. “This is never a simple process, but committed, passionate people can, step by step, create that new future. With the support and encouragement of our customers, partners, and policy makers over the past decade, alternative fuel vehicles incorporating our engines and technologies are no longer just an environmental dream, but are now seen as a critical part of our global economic future. We are proud to be recognized today as one of Canada’s leading technology companies.”
Deloitte Technology Fast 50 Leadership Award candidates are judged on their ability to create a distinct competitive advantage in a high growth market. Awards are presented to Deloitte Technology Fast 50-ranked companies that demonstrate technological leadership in four industry subcategories: emerging technologies, hardware/semiconductor, software, and telecommunications.
Deloitte’s Ruffolo says that when the Deloitte Technology Fast 50 Awards were created over a decade ago, winning companies were clustered in only a few regions in Canada. “Companies such as Westport Innovations Inc. are proof positive of the increasing geographic diversity of superior technology companies from across Canada that demonstrate leadership in North America and around the world.”
To qualify for the Leadership Award, candidates must be headquartered in Canada and devote a significant portion of their operating revenues to creating proprietary technology or intellectual property.
Westport was also named on the 2008 Deloitte Technology Green 15 unranked listing honouring fifteen companies creating innovative, important, and economically viable intellectual property in the burgeoning field of green technology.
The Deloitte Technology Fast 50 program is Canada’s preeminent technology awards program. Celebrating business growth, innovation and entrepreneurship, the program features four distinct categories including the Technology Fast 50 Ranking, Companies-to-Watch Awards (early-stage Canadian tech companies in business less than five years, with the potential to be a future Deloitte Technology Fast 50 candidate,) Leadership Awards (companies that demonstrate technological leadership in four industry subcategories: hardware/semiconductor, software, telecommunications and emerging technologies) and the Deloitte Technology Green 15 Awards (Canada’s leading GreenTech companies that promote a more efficient use and re-use of the earth's resources in industrial production and consumption.) Program sponsors include Deloitte, Gowlings, GrowthWorks, RBC Capital Markets, Wellington Financial, Stonewood Group, CATAAlliance and IGLOO. For further information, visit www.fast50.ca.
Westport, a division of Westport Fuel Systems Inc., engineers the world’s most advanced natural gas engines and vehicles. We work with original equipment manufacturers worldwide from design through to production, creating products to meet the growing demand for vehicle technology that will reduce both emissions and fuel costs. To learn more about our business, visit www.westport.com, subscribe to our RSS feed, or follow us on Twitter @WestportDotCom.
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.
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