LYNNFIELD, MA--(Marketwire - Mar 20, 2013) - American Power Group Corporation (OTCQB: APGI) announced today its subsidiary, American Power Group, Inc. ("APG"), has partnered with Fitzgerald Glider Kits and the WheelTime Network to offer the nation's first natural gas dual fuel glider. The new natural gas glider makes its debut at APG's booth at the Mid-America Truck Show in Louisville, Kentucky and will be available beginning June 1, 2013.
Lyle Jensen, American Power Group Corporation's President and Chief Executive Officer, stated, "We expect the 2013 Fitzgerald/APG Dual Fuel Glider to become one of most innovative and exciting new Class 8 vehicles on the road with 20%-30% lower net fuel costs as compared to standard diesel engines and up to 70% lower annual maintenance costs." Mr. Jensen added, "The introduction of a Dual Fuel Glider, coupled with the resources provided by a Fitzgerald/WheelTime Network/APG collaboration, could be the game-changer that accelerates the transition of Class 8 truck fleets to natural gas as an alternative fuel."
A glider kit is basically a new truck delivered without an engine, transmission or accessory components and parts. Fitzgerald works with Freightliner and offers a variety of new model year Columbia and Coronado cab options. Fitzgerald assembles gliders with rebuilt Detroit Series 60 12.7 liter engines from the WheelTime Network and remanufactured transmissions from Eaton Fuller.
The benefits of a glider kit are significant. The initial purchase price is typically 25% lower than a new diesel truck. The Detroit Series 60 12.7 liter engine, which is rated at 500hp and 1,650 lb-ft torque, was one of the most popular engines of the 1990s, pre-dating the addition of emissions reduction equipment required on later model year engines. There are significantly less maintenance costs and downtime with the Series 60 12.7 liter engine. Additionally, fuel efficiency is typically better, with fuel mileage of up to 7 miles per gallon. The Fitzgerald Glider comes with a three-year, 300,000 mile warranty on both the engine and transmission.
APG Dual Fuel Add-On Option
By adding APG's V5000 Turbocharged Natural Gas™ System to a Fitzgerald Glider, the fleet owner can realize the additional benefits of today's favorable price spread between diesel fuel and natural gas. Typical net annual fuel savings when operating on APG's patented dual fuel technology range from 20%-30% compared to standard diesel operation. APG will secure "EPA OUL Approval" for the Detroit Series 60 engine family in accordance with the EPA Clean Alternative Fuel Vehicle and Engine Conversion Regulations. APG will market and service the APG Dual Fuel Add-On Option through its recently announced national WheelTime Network Authorized Dealer Network of nearly 200 service centers, 2,800 service bays and 3,000 factory-trained technicians.
The APG system is a cost-effective and non-invasive patented turbocharged natural gas dual fuel conversion technology. The system displaces a large percent of diesel with either CNG or LNG, uses normal diesel oil, allows a vehicle to retain existing diesel maintenance cycles, and offers a 300-800 mile dual fuel range with no loss of power and torque, depending on the route profile and tank configuration. No high-temperature parts or custom high-pressure fuel injectors are required.
With no practical design limits for engine models or horsepower, the APG system is currently EPA-approved for 110 OUL engine families and APG is expected to receive EPA approval for more than 100 additional OUL and IUL engine families by the end of calendar 2013. Additionally, the APG system offers the flexibility to return a vehicle to 100% diesel operation at any time. At end-of-life or vehicular rotation, the APG system and natural gas tank can be easily removed and installed on another EPA approved engine.
Mr. Jensen concluded, "In addition to providing fleet owners the opportunity to convert and upgrade their existing diesel fleet to APG's dual fuel technology, we now offer fleets a viable path to new natural gas vehicles. We encourage them to work with Fitzgerald Glider Kits and the WheelTime Network to purchase new gliders which include the APG Dual Fuel Add-On Option right off the production line. This lower cost, winning combination will provide customers with no loss of power and torque, significant net fuel savings, significantly lower post-install maintenance costs, lower gaseous emissions, and it will eliminate the drivability hassles associated with maintaining diesel exhaust fluid levels and regeneration drive cycles. I can't think of a better venue to debut the first Dual Fuel Glider than at the Mid-America Truck Show which has the largest Class 8 fleet owner attendance of its kind. The 2013 Fitzgerald Freightliner Columbia Dual Fuel Day Cab will be at the American Power Group booth (#61220 West Wing) and we look forward to a successful product launch during the balance of 2013."
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.
About Fitzgerald Glider Kits
For over 20 years, Fitzgerald Truck Sales has been the largest glider kit dealer in the country. The company refined its production of gliders into a steady enterprise, which earned it the name of "The Glider Kit Specialist." Fitzgerald's work in the industry has resulted in a reputation for building gliders with unbeatable performance and reliability. The company constantly tests new technology and products to ensure that its glider trucks are the ultimate choice -- unsurpassed by any competition. The company offers several different types of modifications available for trucks. Some modifications include lengthening or shortening the frame or wheelbase, custom paint options, changing tires, adding accessories or chrome, and much more. See additional information at: www.fitzgeraldgliderkits.com.
About WheelTime Network LLC
Established in 2004 as a strategic alliance among all North American Detroit Diesel-Allison distributors, the founding goal of the WheelTime Network was to adopt and implement a common set of quality metrics that would help members monitor and continually enhance specific service performance criteria as defined by their customers. Each WheelTime member is an equity owner in the Network and has a vested interest in achieving WheelTime's exclusive truck repair service metrics and standards. Over $11 million in systems and staffing resources has been invested by the 18 member Network to create and manage systems and metrics that enhance repair quality, service consistency and customer satisfaction on all makes of truck repairs. In addition to more than 30 training facilities and more than 200 service centers located across the U.S., Canada and Australia, WheelTime members also offer mobile repair services and on-site truck care through more than 1,500 service vehicles. WheelTime strives to be easy to do business with while remaining focused on speed and customer priorities as it drives toward delivery of a consistent experience everywhere. For more information about WheelTime, or to find the nearest service location, log on to: WheelTime.com.
Caution Regarding Forward-Looking Statements and Opinions
With the exception of the historical information contained in this release, the matters described herein contain forward-looking statements and opinions, including, but not limited to, statements relating to new markets, development and introduction of new products, and financial and operating projections. These forward-looking statements and opinions are neither promises nor guarantees, but involve risk and uncertainties that may individually or mutually impact the matters herein, and cause actual results, events and performance to differ materially from such forward-looking statements and opinions. These risk factors include, but are not limited to, results of future operations, difficulties or delays in developing or introducing new products and keeping them on the market, the results of future research, lack of product demand and market acceptance for current and future products, adverse events, product changes, the effect of economic conditions, the impact of competitive products and pricing, governmental regulations with respect to emissions, including whether EPA approval will be obtained for future products and additional applications, the results of litigation, factors affecting the Company's future income and resulting ability to utilize its NOLs, and/or other factors, which are detailed from time to time in the Company's SEC reports, including the report on Form 10-K for the year ended September 30, 2012 and the Company's quarterly reports on Form 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements and opinions, which speak only as of the date hereof. The Company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements and opinions that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.