CALGARY, Aug. 10 /CNW/ - Alternative Fuel Systems (2004) Inc. ("AFS" or the "Company") (TSX Venture: AFX) announced today that together with Indian partner Advantek Fuel Systems Pvt. Ltd. ("Advantek"), it is working with Bajaj Auto Limited ("Bajaj") on a development project involving the compressed natural gas ("CNG") fuelled version of a three-wheeled commercial delivery vehicle. Bajaj Auto is ranked as the world's fourth largest two- and three-wheeler manufacturer and the Bajaj brand is well-known across several countries in Latin America, Africa, Middle East, South and South East Asia.
AFS President and CEO Jim Perry stated that "Bajaj has sent a prototype vehicle to AFS in Calgary for testing. This vehicle is designed for use within major cities in India, where air pollution is a very serious problem. By running on CNG using latest generation AFS technology, these goods carriers are expected to produce significantly less harmful emissions while offering better performance and fuel efficiency."
Mr. Perry added that "Meeting performance, emissions and cost requirements is going to take a significant increase in the sophistication of the engine control equipment used on the smaller and more numerous vehicles. AFS and Advantek have already demonstrated that we have the technology and the expertise to address these issues. We are pleased to be working with Bajaj on this exciting new project."
Certain statements in this news release including but not limited to (i) statements that may contain words such as "anticipate", "could", "expect", "seek", "may", "might", "intend", "will", "believe", "should", "project", "forecast", "plan" and similar expressions, including the negatives thereof, (ii) statements that are based on current expectations and estimates about the markets in which the Company operates and (iii) statements of belief, intentions and expectations about developments, results and events that will or may occur in the future, constitute "forward-looking statements" and are based on certain assumptions and analysis made by the Company. Forward-looking statements in this news release specifically include, but are not limited to, statements with respect to future business opportunities, nature and timing thereof; business strategy; expansion and growth of the Company's business and operations and other such matters as the case may be. Such forward-looking statements are subject to important risks, uncertainties and assumptions which are difficult to predict and that may affect the Company's operations, including, but not limited to: the impact of general economic conditions; industry conditions; customer base changes; financial market conditions; government and regulatory developments; oil and natural gas product supply, demand and pricing; foreign exchange rates; competition; market conditions in the countries where the Company operates; and the Company's ability to attract and retain qualified personnel. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do transpire or occur, what benefits or disadvantage the Company may derive therefrom. Except as required by applicable securities laws, the Company undertakes no intention or obligation to update or revise any forward-looking statements.
All forward-looking statements contained in this document are expressly qualified by this cautionary statement. Further information about the factors affecting forward-looking statements is available in the Company's current financial statements and other documents that the Company files from time to time with securities regulatory authorities. Copies of these documents are available without charge from the Company or electronically on the internet on the Company's SEDAR profile at www.sedar.com.
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SOURCE ALTERNATIVE FUEL SYSTEMS (2004) INC.
For further information: For further information: Jim Perry, President and CEO, Phone: (403) 516-6632, E-mail email@example.com