Submitted by: IMPCO Technologies, Inc.
Posted: Jul 09, 2002 – 12:00 AM EST
Jul. 09 /CSRwire/ - CERRITOS, California - IMPCO Technologies, Inc. (Nasdaq: IMCO) announced that the two companies have formed a Joint Venture agreement for the marketing and sales of IMPCO products in Sichuan and Chongqing regions of China. The JV will focus on the aftermarket conversion and automotive OEM businesses. As part of the JV, the two companies plan to build a manufacturing facility in the same region.
The JV partner China Natural Gas Corporation, a subsidiary of China National Petroleum, is based in Chengdu, the capital of Sichuan Province in China. The purpose of the JV is to increase the number of Natural Gas Vehicles through converting current gasoline vehicles and working with
domestic automotive OEMs in order to develop new vehicle sales in the region that operate on natural gas.
Ms. Pearl Kamdar, Director of Asia Pacific Operations for IMPCO Technologies, Inc., said "China Natural Gas Corporation (CNGC) is an excellent partner with outstanding credentials necessary to make significant progress in this region of China. In addition to a strong and well-established network of distributors and installers, CNGC has built and manages 22 CNG refueling stations in Chengdu and Chongqing. IMPCO looks forward to a successful and emergent opportunity in China."
The China alternative fuels market is projected to grow from $50 million annually in 2002 to $900 million by 2008, in time for the Olympics in Beijing. China has 6 of the 10 most polluted cities in the world and the Chinese government is very active in eliminating urban pollution through the
employment of natural gas and propane vehicles. China has vast resources of natural gas that will enable them to become increasingly energy self sufficient when fully developed.
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 10-K and other documents filed with the Securities and Exchange Commission.