DGAP-News: Emission&Power Solutions to acquire Extengine Systems
(firmenpresse) - Emission&Power Solutions Inc. / Acquisition/Agreement
15.03.2010 08:30
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
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Emission&Power Solutions, Plc ('EPS') entered an agreement to acquire
Extengine Systems, Inc., a leading California clean tech company in an
all-stock transaction valued at approximately $10 million (US). EPS
anticipates shareholder approval and closing of the acquisition in late
April 2010. The combined company will operate as EPS with Extengine's
management joining that of EPS.
EPS Chairman Erik Ulsteen stated, 'We are creating a strong, global clean
tech company built for sustainable growth and success. The combined company
will benefit from a formidable research and development pipeline, a
significantly broader portfolio of patented products, and an expanded
presence in key markets. The efficiencies we gain will allow us to develop
strategic opportunities, while creating meaningful value for shareholders.
We are excited about the synergies between products and management teams
and a shared commitment to reduce greenhouse gases.'
Richard Carlson, President of Extengine stated, 'We at Extengine Systems,
Inc, (ESI) are excited to be joining with EPS. We believe the combined
company will be well-positioned to take advantage of developing green
business opportunities in improving fuel efficiency and reducing emissions
through the fuel management and sensor technologies of EPS and the advanced
engine emission after-treatment systems of ESI. EPS, as a UK business, has
unique exposure and access to the European markets. ESI, through its close
involvement in the US and Asian markets, supports global marketing and
sales of EPS products.'
About Extengine:
Extengine manufactures and sells state-of-the-art diesel engine
exhaust-after-treatment and diesel engine upgrade kits. Extengine is the
first and only company that has a California Air Resources Board (CARB)
verified SCR-based (Selected Catalytic Reduction) diesel retrofit system
that reduces NOx 80-90%. Extengine markets its services and proprietary
systems to diesel fleet operators in California and elsewhere that are
required or 'mandated' to clean up their existing diesel fleets.
Additionally, its newest low cost Lean NOx Trap (LNT) system offers the
simplest and most economical diesel NOx emission reductions on a
cost-per-ton of emissions basis, particularly on the millions of older,
in-use heavy/mid-duty stop-and-go city-driven diesel vehicles and off-road
pieces of equipment.
For more information about Extengine please visit www.extengine.com.
About EPS:
EPS is a 'clean tech' company that licenses, acquires, develops, deploys,
and transfers technologies dedicated to improving fuel economy while also
reducing environmentally harmful exhaust emissions.
EPS is a publicly listed company that trades on the Deutsche Borse under
symbol EPI.
For more information about EPS please visit www.epsaves.com
Investor Relations:
North America
Ross Silver
+ 1 310.744.5268
Europe
Milestone Media AG (Mr. Christian Klingebiel)
+ 41 415 000 727
15.03.2010 08:30 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
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Datum: 15.03.2010 - 08:30 Uhr
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