CALGARY, June 21 /CNW/ - Alternative Fuel Systems (2004) Inc. ("AFS" or the "Company") (TSX Venture: AFX) announced today that the Company's engine controller shipments to original equipment manufacturers ("OEM's") in India over the past three years have now exceeded 20,000 units.
AFS President and CEO Jim Perry stated "This sales level is a major milestone for AFS. We have stated that one of our main objectives is to grow the OEM electronics side of our business. By shipping our 20,000th engine controller to India late last week, we have demonstrated significant progress toward that goal. As well, shipments to customers in other countries for both OEM and aftermarket applications have also shown good growth".
AFS engine controllers are used in a variety of applications, primarily by OEM's serving the light commercial vehicle segment. These applications include small trucks designed for in-city deliveries, as well as pickup trucks and passenger vans. The vehicles that use AFS engine controllers in India and Thailand have compressed natural gas ("CNG") as their sole fuel, providing meaningful reductions in harmful emissions versus diesel fuelled vehicles. The significant price advantage of CNG versus gasoline and diesel fuel in many countries also serves as an incentive for customers to purchase CNG fuelled vehicles.
Mr. Perry added that "The volume of engine controller shipments to Tata Motors and to Mahindra & Mahindra has been growing over time, and we hope to see that trend continue. In addition, we are working with other customers in India and other countries on various projects that we hope to see make the transition into production. A broader customer base will provide more opportunities for increased sales, in addition to growth that we hope to see as current customers introduce additional CNG models into their fleets".
Certain statements in this News Release including but not limited to (i) statements that may contain words such as "trend", "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 including India and (iii) statements of belief, intentions and expectations about developments, results and events that will or may occur in the future with respect to engine controllers or otherwise, 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 firstname.lastname@example.org; Visit our website at: www.afsglobal.com