VANCOUVER, June 1, 2017 /CNW/ - Westport Fuel Systems
Inc. ("Westport Fuel Systems") (TSX:WPRT / Nasdaq:WPRT)
today announced the closing of the sale of assets related to its
Impco Industrial Mobile and Stationary Equipment business for a
total of $17.5 million US dollars.
Net proceeds to the company at closing were approximately
$15 million US dollars, after
adjusting for estimated net working capital, transaction costs,
hold back amounts and other deal related expenses.
"We are pleased to have completed another transaction as part of
our portfolio review that began with the closing of the merger with
Fuel Systems in June of 2016. This transaction will further
strengthen our balance sheet and focus our activities," stated
Nancy Gougarty, Chief Executive
Officer of Westport Fuel Systems. "By exiting our industrial
business, we will concentrate on growing market share for our
alternative fuel solutions in the automotive and transportation
sectors."
J.P. Morgan acted as financial advisor for Westport Fuel Systems
on the transaction.
About Westport Fuel Systems
At Westport Fuel Systems,
we are driving innovation to power a cleaner tomorrow. We are
inventors, engineers, manufacturers and suppliers of advanced
clean-burning fuel systems and components that can change the way
the world moves. Our technology delivers performance, fuel
efficiency and environmental benefits to address the challenges of
global climate change and urban air quality. Headquartered in
Vancouver, Canada, we serve our
customers in more than 70 countries with leading global
transportation brands. At Westport Fuel Systems, we think ahead.
For more information, visit www.wfsinc.com.
This press release contains forward-looking statements,
including statements regarding the timing for and ability to
complete the referenced asset sales. These statements are neither
promises nor guarantees, but involve known and unknown risks and
uncertainties and are based on both the views of management and
assumptions that may cause our actual results, levels of activity,
performance or achievements to be materially different from any
future results, levels of activities, performance or achievements
expressed in or implied by these forward looking statements. These
risks and uncertainties include risks and assumptions related to
our industry and products, the general economy, governmental
policies and regulation, as well as other risk factors and
assumptions that may affect our actual results, performance or
achievements or financial position discussed in our most recent
Annual Information Form and other filings with securities
regulators. Readers should not place undue reliance on any such
forward-looking statements, which speak only as of the date they
were made. We disclaim any obligation to publicly update or revise
such statements to reflect any change in our expectations or in
events, conditions or circumstances on which any such statements
may be based, or that may affect the likelihood that actual results
will differ from those set forth in these forward looking
statements except as required by National Instrument 51-102. The
contents of any website, RSS feed or twitter account referenced in
this press release are not incorporated by reference
herein.
SOURCE Westport Fuel Systems Inc.