UQM Technologies Provides Update on CFIUS Status
June 10 2019 - 4:19PM
Business Wire
UQM Technologies, Inc. (NYSE American: UQM) a developer
of alternative energy technologies, today announced that the
Committee on Foreign Investment in the United States (“CFIUS”) has
notified the Company by letter dated June 7, 2019 that it will
extend its period of investigation regarding the previously
announced merger with Danfoss Power Solutions (US) Company
(“Danfoss”). The extended period will be completed no later than
July 25, 2019. Management has been given no reason to believe that
the results will differ from earlier expectations about the
successful closing of the merger with Danfoss. Given the extended
review period, management now believes that the closing with
Danfoss should occur in the early part of the third quarter of 2019
following CFIUS approval.
About UQM
UQM Technologies is a developer and manufacturer of power-dense,
high-efficiency electric motors, generators, power electronic
controllers and fuel cell compressors for the commercial truck,
bus, automotive, marine and industrial markets. A major emphasis
for UQM is developing propulsion systems for electric, hybrid
electric, plug-in hybrid electric and fuel cell electric vehicles.
UQM is IATF 16949 and ISO 14001 certified and located in Longmont,
Colorado. For more information, please visit 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 management with respect to, among other things, completion of
the announced transaction upon the terms and conditions and within
the timelines expected, the financial performance of each of UQM
and Danfoss through the completion of the Merger, including in
particular UQM’s cash flows and cash balances, the timing of, and
regulatory and other conditions associated with, the completion of
the merger, including approval by CFIUS, UQM’s extended history of
losses and current financial limitations, risks related to UQM’s
intellectual property and litigation and claims in which UQM or its
principals may become involved; and other factors that are
described from time to time in UQM’s periodic filings with the U.S.
Securities and Exchange Commission. Important Risk Factors that
could cause actual results to differ from those contained in the
forward-looking statements are contained in our Form 10-K and Form
10-Q’s, which are available through our website at www.uqm.com or
at www.sec.gov.
Source: UQM Technologies, Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20190610005773/en/
Company Contacts:Chris WittyUQM Investor
Relations646-438-9385cwitty@darrowir.comDavid RosenthalUQM
Technologies, Inc.303-682-4900investor@uqm.com
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