AFS announces third quarter 2009 results

CALGARY, Nov. 20 /CNW/ - Alternative Fuel Systems (2004) Inc. ("AFS" or the "Company") (TSX Venture: AFX) announced today its operating results for the three month period ending September 30, 2009. Total revenue from product sales, engineering and interest was $429,510 compared to $1,250,994 in the third quarter of 2008. Loss for the period was $110,149 compared to income of $277,266 reported in Q3 of 2008.

AFS President and CEO Jim Perry stated "Sales of engine management systems were up slightly compared to the third quarter of last year. However, sales of pressure regulators were down substantially compared to the third quarter of last year due to the previously reported end of production of the European vehicle that used our product."

Mr. Perry added, "In both the third quarter and year-to-date, we have generated positive cash flow from operations. A number of development projects are now underway in India, with both current users of AFS products and additional customers. While there is no guarantee that these development projects will lead to sales for production vehicles, all of our completed OEM development projects to date have resulted in positive results. With cash and short term investments of more than $1.5 million at the end of the third quarter of 2009, we continue to have the resources needed to grow our business".

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 there from. 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.

SOURCE ALTERNATIVE FUEL SYSTEMS (2004) INC.

For further information: For further information: Jim Perry, President and CEO, Phone: (403) 516-6632, E-mail jperry@afsglobal.com. Visit our website at: www.afsglobal.com

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ALTERNATIVE FUEL SYSTEMS (2004) INC.

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