UQM Technologies Receives $1.9 Million Production Order for an Electronic Auxiliary Product for Hybrid Electric Vehicles

UQM Technologies Receives $1.9 Million Production Order for an Electronic Auxiliary Product for Hybrid Electric Vehicles

FREDERICK, Colo., June 13 /PRNewswire-FirstCall/ -- UQM TECHNOLOGIES, INC. (AMEX:UQM) , a developer of alternative energy technologies, announced today that it has received a $1.9 million production order for an electronic auxiliary product for hybrid electric vehicles. Deliveries under the order are currently scheduled to begin in the fall of 2006 and continue through December 2007.

"This order represents an important milestone in the commercialization of our products in the emerging market for hybrid electric vehicles," said William G. Rankin, President and Chief Executive Officer of UQM Technologies, Inc. "We believe that having a fully production engineered and automotive qualified electronic product in volume production will open up additional UQM(R) product opportunities this fiscal year. This production order, together with other recently announced commercial market production orders, including 30,000 vehicle auxiliary motors, represents a total of over $4 million in volume production backlog."

UQM Technologies, Inc. is a developer and manufacturer of power dense, high efficiency electric motors, generators and power electronic controllers for the automotive, aerospace, medical, military and industrial markets. A major emphasis of the Company is developing products for the alternative energy technologies sector including propulsion systems for electric, hybrid electric and fuel cell electric vehicles, 42-volt under-the-hood power accessories and other vehicle auxiliaries and distributed power generation applications. The Company's headquarters, engineering and product development center, and motor manufacturing operation are located in Frederick, Colorado. For more information on the Company, please visit its worldwide website at www.uqm.com .

This Release contains statements that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. These statements appear in a number of places in this Release and include statements regarding our plans, beliefs or current expectations, including those plans, beliefs and expectations of our officers and directors with respect to, among other things the development of markets for our products and the adequacy of our cash balances and liquidity to meet future operating needs. Important Risk Factors that could cause actual results to differ from those contained in the forward-looking statements are contained in our Form 10-Q filed January 26, 2006 which is available through our website at www.uqm.com or at www.sec.gov .

Source: UQM Technologies, Inc. ‹ previous  •  6104 of 12614  •  next ›