AFS announces first quarter 2009 results

    CALGARY, May 8 /CNW/ - Alternative Fuel Systems (2004) Inc. ("AFS" or the
"Company") (TSX Venture: AFX) announced today its operating results for the
three month period ending March 31, 2009. Total revenue, including engineering
and interest, was $665,993 compared to $584,780 in the first quarter of 2008.
Loss for the period was ($107,315) compared to the loss of ($19,881) reported
in Q1 of 2008.
    AFS President and CEO Jim Perry stated that "Although the loss in the
first quarter of 2009 was larger than that recorded in the same period a year
ago, we generated cash flow from operations of $281,259 this quarter compared
to a cash loss of ($182,218) in Q1 of 2008. As a result, we ended this quarter
with cash and short term investments of almost $1.7 million. During February
and March of this year, we reduced our production staff by seven people in
response to the reduced demand for our pressure regulators. Severance and
other costs related to this reduction, combined with foreign exchange losses
of $28,913, were major contributing factors to the loss for the period."
    Mr. Perry added that "We are starting to see a pickup in demand for
engine management systems in India. With our strong cash position and our
track record with projects in that region, we are well positioned to take
advantage of both existing work and new projects that are now in preliminary

    Forward-looking statements

    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

For further information:

For further information: Jim Perry, President and CEO, Phone: (403)
516-6632, E-mail; Visit our website at:

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