SYMW - GM peoples - News Out here...
SymPowerco Advances Acquisition Initiatives
2009-07-13 07:30 ET - News Release
GARDNERVILLE, NV -- (MARKET WIRE) -- 07/13/09
SymPowerco Corporation (PINKSHEETS: SYMW) CEO John Davenport announced today that the company's discussions to acquire majority interests in Highline Hydrogen Hybrids, Inc. ("HHHI") and Hoss Motor Sports, Inc. ("HMSI") have reached an advanced stage and that SymPowerco, HMSI and HHHI have exchanged comprehensive documents detailing the scope and terms of multi-level acquisition agreements. Subject to the completion of due diligence by all parties, shareholders can expect final decisions with respect to the acquisitions in the very near term.
Both HMSI and HHHI are rapidly completing their moves to larger facilities in Dumas, Arkansas. Full-scale production is expected to start for both companies at their new facilities later this summer. The companies are engaged in several initiatives to expand the markets for their products, to increase their product lines and to expand the intellectual property bases associated with their respective products.
HHHI has developed a unique supplemental hydrogen fuel system for Internal Combustion Engines that reduces dangerous emissions, enhances fuel efficiency by as much as 25% and increases horsepower by an average of 10%. HHHI plans to release a version of its supplemental fuel system for use on Over-The-Road commercial vehicles.
Hoss Motor Sports Inc. intends to produce several types of Off Road Utility Vehicles at its new Dumas, Arkansas site including vehicles designed specifically for Search and Rescue, Construction Sites and for Sport Utility and Off Road Enthusiast markets.
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. HMSI and HHHI offer potentially expansive synergies and marketing opportunities with SymPowerco's Flowing Electrolyte Direct Methanol Fuel Cell and Hybrid Power System technologies.
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.
Contact:
Investor Relations
775-636-8486
Email Contact: Email Contact
AI
