NEW YORK, July 25, 2013 (GLOBE NEWSWIRE) -- Fuel Systems Solutions, Inc. (Nasdaq:FSYS) announced that its M.T.M. s.r.l. CNG Refueling Division presented its US dedicated line of CNG refueling stations, CUBOGAS USA. CUBOGAS USA's official launch took place last month during the ACT EXPO 2013 in Washington, DC. CUBOGAS is a customized CNG refueling station, engineered to comply with all US standards and regulations.
Mariano Costamagna, Fuel Systems' CEO, said, "As the CNG market grows in the US, there remains a pressing need for the development of refueling infrastructure that is practical and reliable and without which market growth may be constrained, particularly in the face of expanding demand on the part of fleet customers. Fuel Systems' CUBOGAS CNG refueling stations draw upon proven technologies that enable cost-efficient future hardware upgrades to support the expectation that fleets are likely to rapidly broaden their use of CNG fuel once they adopt CNG equipment. While likely to be only a small contributor to financial results in the near term, this launch affirms Fuel Systems' commitment to serving fleet customers, leverages the Company's Dresser/CUBOGAS acquisition, and is strategically important for the long-term development of the US gaseous fuels market."
CUBOGAS USA product offerings include power capacity from 50 up to 800 HP and refueling capability from 15 to 2800 GGE per hour, enabling this product to satisfy a broad range of customer needs. CUBOGAS is based on Nuovo Pignone, a historic and reliable technology upon which one of the first ever CNG dedicated compressors was built. Today CUBOGAS is manufactured and assembled in Cherasco, Italy and warehoused at the IMPCO Automotive facilities in Sterling Heights (MI). Upon the development of a network of technicians sufficient to ensure excellent customer support, Fuel Systems plans to construct an assembly line at IMPCO Automotive's Sterling Heights facility. MTM CNG Refueling Division offers a customized product and a turn-key solution to ensure desired quality and performance for the end user.
Forward-Looking Statements
This press release contains certain forward-looking statements that involve risks and uncertainties, including, without limitation, expressed or implied statements concerning the Company's outlook, as well as its position in the market place, and the success of products. Such statements represent only our opinions and predictions. The Company's actual results may differ materially. Factors that may cause the Company's results to differ include, but are not limited to, the unpredictable nature of the developing alternative fuel US automotive market, customer dissatisfaction with the Company's products or services, the inability of the Company to deliver its products on schedule, a further slowing of economic activity, potential changes in tax policies and government incentives and their effect on the economic benefits of our products to consumers, the continued weakness in financial and credit markets, the growth of non-gaseous alternative fuel products and other new technologies, the price differential between alternative gaseous fuels and gasoline, and the repeal or implementation of government regulations relating to reducing vehicle emissions. Readers also should consider the risk factors set forth in the Company's reports filed with the Securities and Exchange Commission, including, but not limited to, those contained in the "Risk Factors" section of the Company's Annual Report on Form 10-K, for the year ended December 31, 2012. The Company does not undertake to update or revise any of its forward-looking statements.
About Fuel Systems Solutions
Fuel Systems Solutions (Nasdaq:FSYS) is a leading designer, manufacturer and supplier of proven, cost-effective alternative fuel components and systems for use in transportation and industrial applications. Fuel Systems' components and systems control the pressure and flow of gaseous alternative fuels, such as propane and natural gas, used in internal combustion engines. These components and systems feature the Company's advanced fuel system technologies, which improve efficiency, enhance power output and reduce emissions by electronically sensing and regulating the proper proportion of fuel and air required by the internal combustion engine. In addition to the components and systems, the Company provides engineering and systems integration services to address unique customer requirements for performance, durability and configuration. Additional information is available at www.fuelsystemssolutions.com.