AFS (2004) provides operational update

    CALGARY, July 30 /CNW/ - Alternative Fuel Systems (2004) Inc. ("AFS or
the Company") (TSX Venture: AFX) today provided an update on operational
activities. President and CEO Jim Perry stated "The second quarter of 2008,
the three months ended June 30, was good for AFS. Revenue was up more than 60%
from the same quarter of 2007, and we should show a profit for the period. We
are now working on our detailed financial statements for the quarter and plan
to release them in due course."
    Sales of the AFS "Falcon" natural gas pressure regulator have increased
by more than 35% versus the same quarter of the previous year. Sales of engine
management systems are up by several hundred percent compared to Q2 of 2007 as
higher volume shipments to customers in India were recorded.
    The Company previously announced that it is working on three projects for
Tata Motors of India. Mr. Perry added that "the third project, development of
a custom engine controller for the compressed natural gas ("CNG") fuelled
"Winger" personnel carrier, is now underway. One of these vehicles has
recently arrived in Calgary for engine calibration and driveability testing.
In addition, we are seeing a strong increase in orders for products destined
for other Asian countries such as Thailand." AFS has received deposits for
several large runs of custom engine controllers destined for Asian markets.
Components for first production of these controllers are now on order. Initial
shipments to customers are expected to begin before the end of the third
quarter of 2008.

    AFS is a Canadian company that develops and manufactures equipment that
allows internal combustion engines to operate on cleaner burning natural gas
and other alternative fuels. The Company is headquartered in Calgary, Canada
and trades on the TSX Venture Exchange under the trading symbol AFX.

    Forward-looking statements:

    Certain statements in this document including (i) statements that my
contain words such as "anticipate", "could", "expect", "seek", "may" "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 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. Such forward-looking statements are subject to important risks and
uncertainties, 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; 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 there
from. Subject to applicable law, the Company disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.

    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 associated documents which are available on

    %SEDAR: 00020995E

For further information:

For further information: Jim Perry, President and CEO, Phone: (403)
516-6632, E-mail

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890