Schneider Power Inc.

Schneider Power Inc.

February 01, 2010 12:36 ET

Schneider Power Inc.: Update on Transaction With Quantum Technologies

Special Meeting to approve transaction to be held in early April, 2010

TORONTO, ONTARIO--(Marketwire - Feb. 1, 2010) - Schneider Power Inc. (TSX VENTURE:SNE) ("Schneider Power") announced today it currently anticipates that it will be in a position to hold a special meeting of its shareholders in early April, 2010 to consider and vote on the stock-for-stock exchange transaction with Quantum Fuel Systems Technologies Worldwide Inc. ("Quantum") that it announced on November 25, 2009. Quantum, through a wholly owned Canadian subsidiary, will acquire by way of Plan of Arrangement all the outstanding common shares of Schneider Power being approximately 71.0 million common shares, and Quantum will assume all of Schneider Power's outstanding warrants. The purchase price payable by Quantum is 0.236 of a Quantum common share for each Schneider Power common share. If the transaction is approved by shareholders at the special meeting, it is anticipated that closing of the transaction would occur shortly thereafter. In accordance with this timing, the board of directors of Schneider Power expects to set a record date in late February, 2010 for the determination of shareholders of Schneider Power entitled to receive notice of and vote at the special meeting. Further details regarding the transaction, including procedures for voting, will be contained in a management information circular of Schneider Power and other materials which Schneider Power expects to mail to its registered shareholders in early March, 2010.

The implementation of the transaction has been delayed pending the re-statement of certain historical financial information by Quantum. However, on January 26, 2010 Quantum announced that it filed its Annual Report on Form 10-K for the fiscal year ended April 30, 2009 and that it expects to file its outstanding Quarterly Reports on Form 10-Q for the fiscal quarters ended July 31, 2009 and October 31, 2009 on or before February 17, 2010 thereby bringing Quantum into compliance with the listing rules of The NASDAQ Stock Market.

Forward Looking Statements

This press release contains forward-looking information within the meaning of applicable securities legislation. Forward looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Schneider Power's control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, general and local economic and business conditions; conditions within the renewable energy industry; Quantum's ability to file the Quarterly Reports and regain compliance with the NASDAQ Rule; interest and currency rate functions; and competition for acquisitions. Our objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable, conditions within the renewable energy industry remain consistent, Quantum files the Quarterly Reports and regains compliance with the NASDAQ Rule within the expected timeframe, interest and currency rates remain stable, competition for acquisitions remains consistent with the current climate and that the capital markets continue to provide ready access to equity and/or debt. All forward looking information in this press release speaks as of the date of this press release. Schneider Power does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, unless required by applicable law. Additional information about these assumptions and risks and uncertainties is contained in Schneider Power's filings with securities regulators, including its latest MD&A. These filings are also available at Schneider Power's website at

About Schneider Power:

Schneider Power Inc. 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

Contact Information