published: September 26, 2016
VANCOUVER, BC — Westport Fuel Systems Inc. (“Westport Fuel Systems”) (TSX:WPT / Nasdaq:WPRT) announced that Scott R. Mackie, President of Qualitor Inc.’s International Brakes Industries division—a leading diversified supplier of safety and wear parts for the automotive aftermarket—has been appointed to the Board of Directors of Westport Fuel Systems. In connection with this appointment, Dr. Dezso J. Horvath, one of Westport Fuel Systems’ current directors, will step down from the Board. Mr. Mackie’s appointment and Dr. Horvath’s resignation are effective from today, September 26, 2016.
“Scott joins us at an important time in the evolution of our company and his depth of experience in the automotive sector will provide additional strength to our Board,” said Dr. Warren Baker, Chairman of the Board.
Mr. Mackie joined Qualitor in April 2016 and most recently served as vice president of business development and mergers and acquisitions for Navistar Inc. Prior to that, he was president and CEO of Weld Racing, a global leader in forged aluminum racing and street performance wheels. In addition, during a 30-year career with General Motors he held several senior executive leadership roles in North America and Europe including six years as general manager of ACDelco’s global operations. He holds a Bachelor of Science in mechanical engineering from General Motors Institute (Kettering) and a Master of Business Administration from The University of Chicago.
“On behalf of the Board, I would like to thank Dezso for his energy, commitment and contributions to Westport Fuel Systems over the past 15 years,” said Dr. Baker. “With his proven expertise, global recognition in strategy development, and his leadership of the Human Resources and Compensation Committee, he has made great contributions to the company’s success and growth. We wish him well in his future endeavors.”
At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are inventors, engineers, manufacturers and suppliers of advanced clean-burning fuel systems and components that can change the way the world moves. Our technology delivers performance, fuel efficiency and environmental benefits to address the challenges of global climate change and urban air quality. Headquartered in Vancouver, Canada, we serve our customers in more than 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.
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.