Business
AFS (2004) announces update on sales
AFS (2004) announces update on sales.
About this update from Arctic Fox Lithium Corp
[{"type":"text","content":"\n\n\n\nCALGARY, Feb. 6 /CNW/ - Alternative Fuel Systems (2004) Inc. (\"AFS\n(2004)\" or the \"Company\") (TSX Venture: AFX) announced today an update on\nsales to its largest customer, an OEM manufacturer of CNG taxis and other\nvehicles for the European market. As previously announced, this customer had\nslowed production for the Christmas holidays, and to allow time to resolve\ncertain production issues unrelated to AFS supplied parts. AFS has recently\nbeen informed by its European based distributor, who handles sales to this\ncustomer, that resumption of CNG vehicle production is now scheduled to occur\nin April 2007. As a result, the Company will continue to build inventory of\nnatural gas pressure regulators in anticipation of shipments again taking\nplace. However, without significant sales to this customer in the first\nquarter of 2007, revenue for the quarter will be impacted. AFS President and\nCEO Jim Perry stated, \"We realize that our first quarter results will be\naffected by this slowdown. It is likely that we will not be profitable for the\nperiod. However, we have substantial cash resources in place, which will allow\nus to continue with regular operations, including our ongoing efforts to\nobtain contracts for vehicle electronic systems in both North America and\nSoutheast Asia. We look forward to resuming pressure regulator shipments in\nthe second quarter, and to continuing to provide our products to this high\nprofile customer.\"\n\n\nAFS (2004) is a Canadian company providing innovative and cost-effective\nsolutions to the growing global problem of harmful exhaust emissions from\ninternal combustion engines. AFS (2004) has commercialized electronic engine\nmanagement systems enabling internal combustion engines to operate on a\nvariety of fuels. The Company is headquartered in Calgary, Canada and trades\non the TSX Venture Exchange under the trading symbol AFX.\n\n\nForward-looking statements - this news release may contain\nforward-looking statements about AFS' business, marketing and product\ndevelopment plans based on the current expectations of management.\n\n\nAFS (2004) cautions investors that any forward-looking statements are\nsubject to various risks, uncertainties and other factors that could cause the\nCompany's actual results to differ materially from those expressed in, or\nimplied by forward ...