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Westport Innovations Inc. TSX: WPT |
Westport and OMVL Form Joint Venture to Develop, Produce and Sell Alternative Fuel Engines
VANCOUVER, BRITISH COLUMBIA and PADOVA, ITALY--(Marketwire - Oct. 26, 2007) - Westport Innovations Inc. (TSX:WPT) and OMVL SpA today announced the formation of an equity joint venture to design, produce and sell alternative fuel engines in the sub-5 litre class for global applications. The new, jointly controlled company will be headquartered in Vancouver, Canada and will exploit the global engineering, production and distribution strengths of OMVL and its parent company, SIT Group, to deliver engines worldwide. Westport will support the new venture through supply of technology, design, testing and market development services.
"With high oil prices and the growing concern about carbon emissions, we believe the market for engines operating on low carbon fuels such as natural gas, LPG and hydrogen will continue to grow rapidly. Our new partnership with OMVL will create a focused engine specialist to provide market-leading high performance alternative fuel solutions to customers around the world. With the complementary skills and experience brought to the new venture by its founding parents, we look forward to the successful launch of a major new initiative in the alternative fuels industry," said David Demers, Westport's CEO.
"Our experience in the alternative fuels vehicle business and high efficiency gas controls development suggests that the world is on the threshold of a major expansion in the use all of these fuels. Our customers are asking us for more help in rapidly developing high-quality, reliable and economical alternative fuel products for their own markets. Westport's experience and reputation for advanced technology and engine expertise, added to our leadership position in fuel systems, manufacturing and market support, can deliver what the market needs" added Federico de' Stefani, SIT Group CEO.
About OMVL SpA
OMVL is based in Pernumia, Italy and is a leading global player in the alternative fuel vehicles sector. OMVL designs, manufactures and markets complete fueling systems for new vehicles and for the aftermarket conversion of engines from gasoline (petrol) to CNG and LPG. OMVL has been part of the SIT Group, an Italian multinational founded in 1953 specializing in safety, monitoring and control systems for domestic gas heating appliances and for alternative fuel vehicles. OMVL currently collaborates with the global manufacturers of motor vehicles, including Volkswagen, Peugeot, Citroen and Ford, with sales in Europe (33%), the Americas (14%) and Australasia (53%). OMVL and SIT have production and distribution facilities in Europe, North and South America, Australia, and China. www.sitgroup.it www.omvlgas.it
About Westport Innovations Inc.
Westport Innovations Inc. is a leading global supplier of proprietary solutions that allow engines to operate on clean-burning fuels such as compressed natural gas (CNG), liquefied natural gas (LNG), hydrogen and biofuels such as landfill gas. Cummins Westport Inc., Westport's joint venture with Cummins Inc., manufactures and sells the world's broadest range of low-emissions alternative fuel engines for commercial transportation applications such as trucks and buses. BTIC Westport Inc., Westport's joint venture with Beijing Tianhai Industry Co. Ltd., manufactures and sells LNG fuel tanks for vehicles. www.westport.com
Note: This document contains forward-looking statements about Westport's business, operations, technology development or the environment in which it operates, which are based on Westport's estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, or are beyond Westport's control. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Westport disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
Westport Innovations Inc.Jonathan Burke
Investor Relations
(604) 718-2046
Email: invest@westport.com
Website: www.westport.com
