LYNNFIELD, MA--(Marketwired - Apr 28, 2014) - American Power Group Corporation (OTCQB: APGI) announced that its subsidiary, American Power Group, Inc. ("APG") has been notified by one of its WheelTime Dealers, Clarke Power Services, of a follow-on order for fourteen additional APG Dual Fuel Conversion systems from an existing early adopter customer who had evaluated an initial unit for approximately 90 days. The conversion order, for one of the nation's leading toll processors of rolled steel, aluminum, and copper, will be filled from Clarke Power's existing dealer inventory of APG dual fuel conversion kits.
Chad Marti, Field Services Manager of Clarke Power Services stated, "We are pleased to see several of our early-adopter customers complete their evaluations and take the next step and order additional systems. We are convinced the power performance and economic fuel savings of the APG dual fuel system will continue to attract new customers and motivate others to move into production as well. Introducing a new natural gas fueling technology to the U.S. trucking industry will not happen over-night but we are encouraged by the interest level and commitment being shown by a growing number of fleets."
Lyle Jensen, American Power Group Corporation's Chief Executive Officer stated, "Clarke Power's customer's early-adopter evaluation process is very typical of many prospective customers considering using natural gas in their fleets for the first time. We are pleased that our APG turbocharged dual fuel natural gas system has once again been selected as best in class for a heavy-duty trucking application. We expect many more early-adopter fleets will follow suit and begin to place production orders in the near future."
Mr. Jensen concluded, "We are particularly happy to see that our new award winning APG Dual Fuel Glider™ is attracting Class 8 fleet attention. This group of fifteen trucks will be the single largest APG Dual Fuel Glider™ fleet on the road today. The favorable economics of a glider kit combined with lower maintenance costs and a significant net fuel savings makes for a very compelling and competitive argument to expand its use."
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. Clarke Power Services, Inc. is one of WheelTime's 18 Member Companies.
About Clarke Power Services, Inc.
Clarke Power Services, Inc. ("Clarke") is a commercial vehicle maintenance provider that is celebrating a 50 year track record of delivering value to the transportation and service industries. Clarke is committed to working with light, medium, and heavy duty fleets of all types and sizes, whether in over-the-road long haul, regional, or local pickup and delivery.Their 25 locations are conveniently located in nine states in the Mid-West, South, and East Coast. Clarke is a member of the WheelTime Network and uses the WheelTime Performance Metric System to provide consistent quality on on-time completions. Clarke specializes in Detroit Diesel, MTU, Mercedes Benz Trucks, Allison Transmissions, and Sterling Trucks. Clarke became an APG Vehicular V5000 Dual Fuel Authorized Dealer and Certified Installer in early-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 75% 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.
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, the fact that our dual fuel conversion business has lost money in the last five consecutive fiscal years, the risk that we may require additional financing to grow our business, the fact that we rely on third parties to manufacture, distribute and install our products, we may encounter difficulties or delays in developing or introducing new products and keeping them on the market, we may encounter lack of product demand and market acceptance for current and future products, we may encounter adverse events economic conditions, we operate in a competitive market and may experience pricing and other competitive pressures, we are dependent on governmental regulations with respect to emissions, including whether EPA approval will be obtained for future products and additional applications, the risk that we may not be able to protect our intellectual property rights, factors affecting the Company's future income and resulting ability to utilize its NOLs, the fact that our stock is thinly traded and our stock price may be volatile, the fact that we have preferred stock outstanding with substantial preferences over our common stock, the fact that the conversion of the preferred stock and the exercise of stock options and warrants will cause dilution to our shareholders, the fact that we incur substantial costs to operate as a public reporting company and other factors that 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, 2013 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.