Schneider Power Inc.
TSX VENTURE : SNE

Schneider Power Inc.
Quantum Fuel Systems Technologies Worldwide Inc.
NASDAQ : QTWW

April 19, 2010 17:21 ET

Quantum Technologies Completes Acquisition of Schneider Power

IRVINE, CALIFORNIA and TORONTO, ONTARIO--(Marketwire - April 19, 2010) - Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ:QTWW) ("Quantum") and Schneider Power Inc. (TSX VENTURE:SNE) ("Schneider Power") announced today the completion of their previously announced share exchange transaction, effective as of April 16, 2010, pursuant to which Quantum has acquired all of the issued and outstanding common shares of Schneider Power. The transaction was effected by way of a plan of arrangement under the Business Corporations Act (Ontario).

Quantum and Schneider Power anticipate that the transaction will create a number of synergies, including:

  • a more vertically- and horizontally-integrated alternative energy company with a seasoned project development skill set for both wind and solar power generation projects;
  • the prospect of the in-house solar project development using Quantum's high quality PV modules; and
  • participation in cash flows from Schneider Power's producing assets and projects with development agreements.

Alan Niedzwiecki, President and CEO of Quantum, commented: "Since our announcement of this transaction in late 2009, we have become even more excited about the upside potential this acquisition brings to Quantum. The integration of Schneider's team with ours is well in hand and we have seen the portfolio of Schneider's renewable power-generation projects advance nicely."

Forward Looking Statements

Statements in this document regarding the proposed transaction between Quantum and Schneider, the expected timetable for completing the transaction, future financial and operating results, benefits and synergies of the transaction, future opportunities for Quantum, and any other statements about the future expectations, beliefs, goals, plans, or prospects expressed by the management of either Quantum or Schneider Power constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact including statements containing the words "will," "believes," "plans," "anticipates," "expects," "estimates," and similar expressions should be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward looking statements, including: the failure to realize the synergies and other perceived advantages resulting from the acquisition; costs associated with the acquisition; the ability to retain key personnel both before and after the acquisition; each company's ability to successfully execute its business strategies; competitive conditions in the industry; business cycles affecting the markets in which the companies conduct business; and economic conditions generally. Additional risk factors concerning Quantum's and Schneider Power's businesses may be found in their annual and quarterly reports. Forward-looking statements are based on the beliefs, opinions, and expectations of Quantum's and Schneider Power's management at the time they are made, and Quantum and Schneider Power does not assume any obligation to update any forward-looking statements except in accordance with applicable law.

About Quantum Technologies:

Quantum, a fully integrated alternative energy company, is a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles. Quantum's portfolio of technologies includes advanced lithium-ion battery systems, electronic controls, hybrid electric drive systems, hydrogen storage and metering systems, and alternative fuel technologies that enable fuel efficient, low emission hybrid, plug-in hybrid electric, fuel cell, and alternative fuel vehicles. Quantum's powertrain engineering, system integration, vehicle manufacturing, and assembly capabilities provide fast-to-market solutions to support the production of hybrid and plug-in hybrid, hydrogen-powered hybrid, fuel cell, alternative fuel, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum's customer base includes automotive OEMs, dealer networks, fleets, aerospace industry, military and other government entities, and other strategic alliance partners.

More information can be found about Quantum's products and services at www.qtww.com.

About Schneider Power:

Schneider Power is one of Canada's premier renewable energy companies, with a portfolio in excess of 1,000 MW of clean electricity generation development projects and advanced exploration projects located across two continents, and large land positions on the most promising and prospective wind and solar power areas in North America and the Caribbean.

More information can be found about Schneider Power at www.schneiderpower.com.

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