LYNNFIELD, MA--(Marketwired - Feb 10, 2014) - American Power Group Corporation (OTCQB: APGI), today announced a new leasing program for APG dual fuel conversions and related natural gas tank systems that will be offered by Vision Financial Group, Inc. through its specialty unit VFG Energy Leasing and Finance ("VFG") of Pittsburgh, PA.
Lyle Jensen, American Power Group Corporation's Chief Executive Officer, stated, "Many fleet owners interested in natural gas conversions of their existing fleets have found it challenging to obtain traditional bank financing for alternative fuel add-on systems for their diesel trucks. We are excited that VFG has seen the value of APG's dual fuel technology and are willing to provide financing terms with and without a perfected security interest on the entire vehicle chassis. This is critical for many of the fleet operators we've spoken to who are looking to convert multiple units at a time. We believe our ability to offer fleet customers with a viable financing solution will provide them with a path to convert a larger percent of their fleet sooner rather than later."
Mr. Jensen added, "APG's vehicular conversion technology is generating customer validated net monthly fuel savings of $1,000 to $1,800 per month depending on the miles driven and cost of fuel. While each customer's circumstance will differ, we believe that after lease related costs, a fleet owner can see his take-home income increase by $200 to $1,000 per month. We know of no other truck-related technology that can create that kind of incremental savings and income."
Bill Summers, Vice President of VFG, stated, "For more than 20 years, Vision Financial Group and our new VFG Energy division have been fueling American business growth by providing the necessary capital to invest in proven technologies across a wide variety of industries including Alternative Fuels. We believe that natural gas, as an alternative transportation fuel, is the wave of the future and have been monitoring American Power Group's steady progress in establishing their market leadership position in dual fuel conversions." Mr. Summers added, "VFG Energy Leasing and Finance serves a broad customer base by providing flexible financing on most types of commercial equipment and we look forward to supporting APG's business model with multiple competitive financing solutions."
About Vision Financial Group, Inc.
Vision Financial Group, Inc. is a privately held equipment leasing and financing firm. Since 1991 the company has been headquarted in Pittsburgh, PA in close proximity to the heart of the Marcellus Shale. Typical transactions range between $50,000 and several million dollars. Transactions under $100,000 are typically approved for funding within twenty-four hours of submittal and VFG offers customized payment plans that enable customers to match payments to cash flows. The company offers 100% financing for qualified customers. During calendar year 2013, VFG Energy Leasing & Finance funded over $18 million of natural gas related transactions. The company provides funding nationwide and has offices in PA, NC, NH, GA and SC. See additional information at www.vfgusa.com.
About American Power Group Corporation
American Power Group's alternative energy subsidiary, American Power Group, Inc., provides a cost-effective patented Turbocharged Natural Gas™ conversion technology for vehicular, stationary and off-road mobile diesel engines. American Power Group's dual fuel technology is a unique non-invasive energy enhancement system that converts existing diesel engines into more efficient and environmentally friendly engines that have the flexibility to run on: (1) diesel fuel and liquefied natural gas; (2) diesel fuel and compressed natural gas; (3) diesel fuel and pipeline or well-head gas; and (4) diesel fuel and bio-methane, with the flexibility to return to 100% diesel fuel operation at any time. The proprietary technology seamlessly displaces up to 80% of the normal diesel fuel consumption with the average displacement ranging from 40% to 65%. The energized fuel balance is maintained with a proprietary read-only electronic controller system ensuring the engines operate at original equipment manufacturers' specified temperatures and pressures. Installation on a wide variety of engine models and end-market applications require no engine modifications unlike the more expensive invasive fuel-injected systems in the market. See additional information at: www.americanpowergroupinc.com.
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