Submitted by: IMPCO Technologies, Inc.
Posted: Feb 06, 2002 – 11:00 PM EST
Feb. 06 /CSRwire/ - IMPCO Technologies, Inc. (Nasdaq: IMCO) the world's leading source of advanced alternative fuel systems technology for internal combustion engines, announced today that IMPCO is working with the European Union (EU) Commission on alternative fuels for road transportation policies through association with the European Natural Gas Vehicle Association's (ENGVA) working group. The purpose of the working group, which includes IMPCO's European Managing Director, Rob Frings, is to work with the EU and define routes to meet the EU Commission's goal of replacing 20% of petroleum based fuels used in vehicles with alternative fuels by 2020.
-- $10 Billion Market Potential
-- Over 23 Million Vehicles Could Be Affected
Mr. Rob Frings, Managing Director of IMPCO -- Beru Technologies BV said, "working with both the ENGVA and the EU Commission is of much interest to IMPCO. We believe that when governments, industry and the public come together to create working solutions to improve our environment with economic feasibility, favorable results occur. IMPCO has long been involved in Europe and will continue to expand its presence through strategic agreements and other ventures to improve our position to participate in the use of economic clean burning alternative fuels in transportation".
Mr. Robert Stemmler, Chairman and CEO of IMPCO Technologies said, "The EU Commission's directive to replace 20% of the liquid fuels used in transportation with alternative fuels by 2020 is a very positive statement which recognizes the need for change to reverse the increasing air pollution in Europe and the dangerous dependency of the EU economy on the supply of liquid fuels from the Middle East. Efforts by European countries to improve the environment and reduce their dependency on liquid fuels by using
alternative gaseous fuels has started in France, Germany and United Kingdom Italy and The Netherlands have increased usage of alternative fuels for many years and are the leaders in this respect". Mr. Stemmler also said, "IMPCO is very well represented in Europe through its office in The Netherlands, France, Germany and United Kingdom. We have been doing business in Europe for over 30 years and our customer and product base is very strong. We believe IMPCO is very well positioned to strongly participate in this potential US$10 billion plus market."
Many countries in the world have domestic sources of natural gas and propane which allow them to use these clean burning fuels and reduce their dependency on foreign oil importation. The result is a less expensive source of fuel, improvement in a favorable balance of payments and cleaner air. Countries including Argentina, Australia, Brazil, Chile, China, Egypt, India,
Mexico, Russia, United Kingdom and others are very active in this regard.
IMPCO is the leading source of advanced alternative fuel systems technology for internal combustion engines in the Industrial, Power Generation and Transportation markets. Headquartered in Cerritos, California, IMPCO has offices in Australia, Europe, India, Japan, Mexico and North America. More about IMPCO and its products can be found at http://www.impco.ws
Certain matters discussed in this press release contain forward looking information that involves risks and uncertainties that could cause actual results to differ materially from current trends. These include, among other things, the growth of the alternative fuels market, the Company's ability to design and market viable advanced fuel metering or electronic control products and other such risks as cited in the Company's 2001 annual report on form 10K and other documents filed with the Securities and Exchange Commission.
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