Westport Innovations Inc.

Westport Innovations Inc.

July 03, 2008 17:15 ET

Westport Innovations Completes $15 Million Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 3, 2008) -


Westport Innovations Inc. (TSX:WPT), a global leader in alternative fuel, low-emissions transportation technologies, announced today that it has completed the previously announced issuance of an aggregate of 15,000 debenture units for aggregate gross proceeds of $15,000,000. J.F. Mackie & Company Ltd. acted as the sole underwriter for this offering. Each debenture unit consists of $1,000 principal amount, 9% unsecured subordinated debentures maturing on July 3, 2011 and 180 common share purchase warrants. Each warrant entitles the holder to purchase one common share of Westport at an exercise price of $5.35 on or before July 3, 2010.

The securities forming the debenture units have not been registered under the U.S. Securities Act of 1933 (the "Securities Act)" and have not, and may not, be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

About Westport Innovations Inc.

Westport Innovations Inc. is a leading global supplier of proprietary solutions that allow engines to operate on clean-burning fuels such as compressed natural gas (CNG), liquefied natural gas (LNG), hydrogen and biofuels such as landfill gas. Cummins Westport Inc., Westport's joint venture with Cummins Inc., manufactures and sells the world's broadest range of low-emissions alternative fuel engines for commercial transportation applications such as trucks and buses. BTIC Westport Inc., Westport's joint venture with Beijing Tianhai Industry Co. Ltd., manufactures and sells LNG fuel tanks for vehicles.

Note: This document contains forward-looking statements about Westport's business, operations, technology development or the environment in which it operates, which are based on Westport's estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, or are beyond Westport's control. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Westport disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The Toronto Stock Exchange has not received and does not accept responsibility for the adequacy or accuracy of this news release.

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