SymPowerco Plans Initiative in India
Feb 9, 2009 07:30:56 (ET)
GARDNERVILLE, NV, Feb 09, 2009 (MARKET WIRE via COMTEX) -- SymPowerco Corporation (PINKSHEETS: SYMW) CEO John Davenport today announces the company's plans to investigate and establish where feasible, development and marketing relationships for its Flowing Electrolyte Direct Methanol Fuel Cell (FEDMFC) and Hybrid Power System technologies in India.
The company believes that India, with its rapidly expanding markets for alternative energy and power systems coupled with exceptional technical universities and expertise, represents an important future market for SymPowerco's fuel cell and related technologies.
Hundreds of thousands of autorickshaws (tuk-tuks or three-wheeled taxis) are used in Far Eastern cities and represent a major source of pollution and smog. SymPowerco believes that a Hybrid Power System based on the company's FEDMFC may find large and ready markets both as a retrofit drive system for these vehicles and as an OEM drive system for new vehicles.
Stated SymPowerco CEO, John Davenport, "An Indian group has already expressed interest in partnering with the development and marketing of the Flowing Electrolyte Direct Methanol Fuel Cell and related technologies. We think that India has huge potential, not only as a major technology market and development partner for SymPowerco, but as an excellent point of departure for expansion into broader Far Eastern Alternative Power System markets."
The SymPowerco initiative will include an assessment of partnership and development opportunities with business groups, technical universities and governments in India.
SymPowerco Corporation develops advanced fuel cell and power delivery systems for the rapidly growing personal transportation and portable power system markets being created by today's energy and environmental challenges.
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the level of business and consumer spending, the amount of sales of the Company's products, the competitive environment within the industry, the ability of the Company to continue to expand its operations, the level of costs incurred in connection with the Company's expansion efforts, economic conditions in the industry and the financial strength of the Company's customers and suppliers. The Company does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.
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SOURCE: SymPowerco Corporation
