Quantum Technologies Announces Repayment of Bridge Notes and Termination of Forbearance Agreement
IRVINE, Calif., May 2, 2011 /PRNewswire/ — Quantum Technologies, Inc. (Nasdaq: QTWW), today announced that on April 29, 2011, it fully repaid the outstanding principal and interest owed under certain bridge promissory notes originally issued in October 2010 and amended in January 2011 (the “Bridge Notes”) and, as a result of such repayment, the defaults under the Company’s senior secured debt obligations were cured and the Forbearance Agreement between the Company and its senior secured lender was terminated.
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., and affiliate Asola Advanced and Automotive Solar Systems GmbH complement Quantum’s emerging renewable energy presence through the development and ownership of wind and solar farms, and manufacture of high efficiency solar modules.
Quantum’s portfolio of technologies includes electronic controls, hybrid electric drive systems, natural gas and 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, natural gas 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.
Forward Looking Statements:
This press release contains 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. 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.
More information can be found about the products and services of Quantum and Schneider Power at http://www.qtww.com/ or you may contact:
Brion D. Tanous Principal, CleanTech IR, Inc. Email: firstname.lastname@example.org 310-541-6824 Dale Rasmussen 206-315-8242 Email: email@example.com
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.