GARDNERVILLE, NV--(MARKET WIRE)--May 11, 2009 -- SymPowerco Corporation (Other OTC:SYMW.PK - News) CEO John Davenport announced today that the company has signed a Letter of Intent ("LOI") with Texas businessman Steven Humphries and Hoss Motor Sports, Inc. ("HMSI") for the acquisition of a majority interest in HMSI, the manufacturer of Ultimate Terrain Vehicles (UTV). Humphries has entered into an agreement to purchase 70% of HMSI and has signed a Letter Of Intent to assign his purchase of HMSI to SymPowerco Corp.
HMSI developed the very first UTV that can be used 2000 feet underground by the mining industry and has been involved in the design and manufacturing of various types of rescue, construction and sport utility vehicles. HMSI plans to market the vehicles to state agencies and emergency responders for disaster relief and other emergency purposes.
Mr. Humphries noted that HMSI is in the process of purchasing a manufacturing facility in Dumas, Arkansas. HMSI plans to relocate its operations within the next 30 to 60 days to the facility, which consists of over 380,000 square feet on 30 acres. HMSI is projecting revenue of $8,400,000 over the next 12-18 months and expects to be profitable within the first 90 days of moving to its new operations in Dumas, Arkansas.
Mel Robinson, CEO of HMSI, stated, "We are pleased to be able to join forces with Mr. Humphries and with SymPowerco Corp to take the Hoss products to the next level. The primary focus of the company has been directed toward the Search and Rescue type units including bomb squad, ambulance, fire and underground mining vehicles. HMSI vehicle designs include a variety of power train configurations including four wheel drives, on-demand gas and diesel/hydraulic drives, all-wheel drive and several models of motorcycles and motor scooters."
Stated SymPowerco President, John Davenport, "We at SymPowerco are very excited to have signed this Letter of Intent with Mr. Humphries and Hoss Motor Sports, Inc. SymPowerco's Flowing Electrolyte Direct Methanol Fuel Cell and Hybrid Power System technologies are intended for the types of vehicles marketed by HMSI. The SymPowerco technologies would provide HMSI with the option of Hybrid Power Systems for its vehicles and would provide vertically integrated marketing capabilities for SymPowerco."
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.
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