SymPowerco Signs LOI to Acquire Majority Stake in Highline Hydrogen Hybrids
30 June 2009 - 9:30PM
Marketwired
SymPowerco Corporation (PINKSHEETS: SYMW) CEO John Davenport
announced today that the company has signed a Letter of Intent
("LOI") with Texas businessman Steven Humphries for the acquisition
of a majority interest in Highline Hydrogen Hybrids, Inc. ("HHHI"),
the manufacturer of a unique and proven hydrogen conversion system
for gasoline and diesel-powered vehicles.
In April of 2009, Humphries entered an agreement to purchase 70%
of HHHI. Under the terms anticipated by today's Letter of Intent,
Mr. Humphries will assign his HHHI interest to SymPowerco.
HHHI's unique supplemental hydrogen fuel system, in addition to
reducing dangerous emissions, has been shown to enhance the fuel
efficiency of internal combustion engines by as much as 25% and to
increase horsepower by an average of 10%. HHHI also plans to
release a commercial version of its supplemental fuel system for
use on Over-The-Road commercial vehicles.
HHHI's unique hydrogen converter has undergone rigorous testing
and has a patent pending. The company is currently relocating from
Northwest Arkansas to a 380,000 square foot building on 30 acres in
Dumas, Arkansas. HHHI officials project gross sales of their
products to reach nearly $3,400,000.00 over the next 18 months.
Stated SymPowerco CEO John N. Davenport, "We at SymPowerco are
very excited about the potential HHHI revenue streams and the
synergies that HHHI's efficiency enhancing products could bring to
our company. We believe that HHHI's products would complement our
Flowing Electrolyte Direct Methanol Fuel Cell technologies by
allowing SymPowerco to not only replace the internal combustion
engine with the fuel cell in many applications but to also offer
products to help reduce the environmental and energy-related
impacts of the remaining fleet of vehicles powered by internal
combustion engines."
SymPowerco Corporation develops advanced fuel cell and power
delivery systems for the rapidly growing personal transportation
and portable power system markets being created by today's energy
and environmental challenges.
Except for historical information contained herein, the matters
set forth above may be forward-looking statements that involve
certain risks and uncertainties that could cause actual results to
differ from those in the forward-looking statements. Words such as
"anticipate," "believe," "estimate," "expect," "intend" and similar
expressions, as they relate to the Company or its management,
identify forward-looking statements. Such forward-looking
statements are based on the current beliefs of management, as well
as assumptions made by and information currently available to
management. Actual results could differ materially from those
contemplated by the forward-looking statements as a result of
certain factors such as the level of business and consumer
spending, the amount of sales of the Company's products, the
competitive environment within the industry, the ability of the
Company to continue to expand its operations, the level of costs
incurred in connection with the Company's expansion efforts,
economic conditions in the industry and the financial strength of
the Company's customers and suppliers. The Company does not
undertake any obligation to update such forward-looking statements.
Investors are also directed to consider all other risks and
uncertainties.
Contact: Investor Relations 775-636-8486 Email Contact
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