Quantum Technologies Announces Effective Date of Reverse Stock Split
IRVINE, Calif., Feb. 7, 2011 /PRNewswire/ — Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) (the “Company”) announced today that its Board of Directors has approved the implementation of the previously announced 1-for-20 reverse stock split of its common stock, following approval by the Company’s stockholders on October 11, 2010. The reverse stock split will be legally effective at 12:01 am on Tuesday, February 8, 2011.
The 1-for-20 reverse stock split will convert 20 shares of the Company’s common stock, par value $0.001, into 1 share of common stock, par value $0.02. The reverse stock split affects all issued and outstanding shares of the Company’s common stock immediately prior to the effectiveness of the reverse stock split.
The split-adjusted shares of the Company’s common stock will begin trading on NASDAQ on February 9, 2011. The Company’s shares will continue to trade under the symbol “QTWW,” with a “D” added for 20 trading days to signify the reverse stock split has occurred. A new CUSIP number has been assigned to the Company’s common stock as a result of the reverse stock split.
BNY Mellon Shareowner Services, the Company’s transfer agent, will act as Exchange Agent for the exchange. Stockholders will receive the forms and notices to exchange their existing shares for new shares from the Exchange Agent or their broker. No fractional shares will be issued. Stockholders who otherwise would be entitled to receive fractional shares because they hold a number of shares not evenly divisible by twenty, will automatically be entitled to receive cash in lieu of the fractional share. Additional details related to the reverse stock split may be obtained from the Company’s Proxy Statement (DEF-14A) dated August 27, 2010. A copy of the Proxy Statement is available on the Company’s web site under Investors>SEC Filings at www.qtww.com.
Quantum Fuel Systems Technologies Worldwide, Inc., a fully integrated alternative energy company, is a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles. Quantum’s wholly owned subsidiary, Schneider Power Inc., complements Quantum’s emerging renewable energy presence through the development and ownership of wind and solar farms. Quantum’s portfolio of technologies includes electronic controls, hybrid electric drive systems, hydrogen storage and metering systems, and alternative fuel technologies that enable fuel efficient, low emission hybrid, plug-in hybrid electric, fuel cell, and natural gas vehicles. Quantum’s powertrain engineering, system integration, vehicle manufacturing, and assembly capabilities provide fast-to-market solutions to support the production of hybrid and plug-in hybrid, hydrogen-powered hybrid, fuel cell, alternative fuel, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum’s customer base includes automotive OEMs, dealer networks, fleets, aerospace industry, military and other government entities, and other strategic alliance partners.
More information can be found about Quantum’s products and services at www.qtww.com.
This press release may contain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements included in this report, other than those that are historical, are forward-looking statements and can generally be identified by words such as “may,” “could,” “will,” “should,” “assume,” “expect,” “anticipate,” “plan,” “intend,” “believe,” “predict,” “estimate,” “forecast,” “outlook,” “potential,” or “continue,” or the negative of these terms, and other comparable terminology. Various risks and other factors could cause actual results, and actual events that occur, to differ materially from those contemplated by the forward looking statements including, without limitation, whether the next generation gaseous fuel injectors are used in mass production. The Company undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.
For more information regarding Quantum, please contact: Investor Relations Brion D. Tanous Principal, CleanTech IR, Inc. Email: firstname.lastname@example.org -------------------------------- (310) 541-6824 Dale Rasmussen +1-206-315-8242 Email: email@example.com -------------------------- (C)2011 Quantum Fuel Systems Technologies Worldwide, Inc. Advanced Technology Center 17872 Cartwright Road, Irvine, CA 92614 Phone 949-399-4500 Fax 949-399-4600
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.