IMPCO and General Motors Sign Exclusive Multi-Million-Dollar Teaming Agreement
2 December 1997
IMPCO and General Motors Sign Exclusive Multi-Million-Dollar Teaming Agreement
Alliance To Speed Development of Car, Truck Alternative Fuel Systems
CERRITOS, Calif., Dec. 2 -- IMPCO Technologies, Inc.
today announced it has signed a five-year teaming agreement
with General Motors Corporation in which IMPCO will be under
contract to further develop clean gaseous fuel delivery systems for passenger
cars and medium- and light-duty trucks.
According to the terms of the agreement, both companies will share staff,
resources and facilities, with General Motors purchasing gaseous fuel delivery
systems and related components from IMPCO. In addition, both companies will
cross license the use of the technology developed, with both IMPCO and General
Motors permitted to continue to perform independent research and development.
IMPCO has designed and developed alternative fuel systems for a number of
General Motors vehicles, including a line of bi-fuel pick-up trucks and motor
vehicles.
"We are delighted to form this strategic alliance with General Motors.
The teaming agreement not only strengthens and enhances our long-term
relationship with General Motors, but is expected to result in a significant
strategic benefit to our company over the next five years as a premier OEM
supplier to the industry," said Robert M. Stemmler, president and chief
executive officer of IMPCO.
Stemmler noted the jointly developed gaseous fuel delivery systems and
related components will incorporate state-of-the-art technology and satisfy
both customers and emission regulations, meeting world-class quality,
reliability, maintainability and durability.
"A major goal of both IMPCO and General Motors is to have the alternative
fuel vehicle indistinguishable from the gasoline vehicle in performance, and
be cost-efficient and commercially viable throughout its life cycle, including
after-sale support," Stemmler added.
Robert C. Purcell, executive director of GM Advanced Technology Vehicles,
said, "Our partnership with IMPCO will help increase GM's focus on our
portfolio of clean and efficient vehicles, and provide a synergy between
advanced vehicle technologies and alternative fuel technologies." Purcell
added, "IMPCO is our strategic partner in alternative fuels, and it is
critical that we work together in a journey to help provide GM with gaseous
fuel systems for our customers." The GM/IMPCO partnership started in 1994
when IMPCO became a vehicle system supplier for gaseous fuel technologies.
IMPCO Technologies, Inc. sells alternative fuel products and services
worldwide. Headquartered in Cerritos, CA, the company has additional
facilities in Irvine, CA; Detroit, MI; Seattle, WA; Mt. Pleasant, IA;
Australia, the Netherlands, France, Germany and the United Kingdom. IMPCO is
a market leader in the Original Equipment Manufacturer (OEM) market and
aftermarket for gaseous fuel management systems and components that allow
internal combustion engines to operate on clean-burning gaseous fuels such as
propane and natural gas. IMPCO provides conversion systems for motor
vehicles, forklifts, other material handling equipment, and small portable to
large stationary engines.
Certain statements contained in this press release contain forward looking
information that is subject to risks and uncertainties which could cause
actual results to differ materially from those projected or implied. Such
risks and uncertainties include without limitation uncertainties regarding
growth of the alternative fuels market, competition, the company's ability to
design and market new fuel management products and the company's ability to
meet Original Equipment Manufacturer (OEM) specifications, as well as other
risks, factors and uncertainties described in the company's 1997 Annual Report
on Form 10-K and other reports filed from time to time with the Securities and
Exchange Commission. The company undertakes no obligation to publicly release
the result of any revisions to forward-looking statements which may be made to
reflect events and circumstances after the date hereof or to reflect the
occurrence of unanticipated events.
SOURCE IMPCO Technologies, Inc.
