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CALGARY, July 30 /CNW/ - Alternative Fuel Systems (2004) Inc. ("AFS or the Company") (TSX Venture: AFX) today provided an update on operational activities. President and CEO Jim Perry stated "The second quarter of 2008, the three months ended June 30, was good for AFS. Revenue was up more than 60% from the same quarter of 2007, and we should show a profit for the period. We are now working on our detailed financial statements for the quarter and plan to release them in due course."
Sales of the AFS "Falcon" natural gas pressure regulator have increased by more than 35% versus the same quarter of the previous year. Sales of engine management systems are up by several hundred percent compared to Q2 of 2007 as higher volume shipments to customers in India were recorded.
The Company previously announced that it is working on three projects for Tata Motors of India. Mr. Perry added that "the third project, development of a custom engine controller for the compressed natural gas ("CNG") fuelled "Winger" personnel carrier, is now underway. One of these vehicles has recently arrived in Calgary for engine calibration and driveability testing. In addition, we are seeing a strong increase in orders for products destined for other Asian countries such as Thailand." AFS has received deposits for several large runs of custom engine controllers destined for Asian markets. Components for first production of these controllers are now on order. Initial shipments to customers are expected to begin before the end of the third quarter of 2008.
AFS is a Canadian company that develops and manufactures equipment that allows internal combustion engines to operate on cleaner burning natural gas and other alternative fuels. The Company is headquartered in Calgary, Canada and trades on the TSX Venture Exchange under the trading symbol AFX.
Forward-looking statements:
Certain statements in this document including (i) statements that my contain words such as "anticipate", "could", "expect", "seek", "may" "intend", "will", "believe", "should", "project", "forecast", "plan" and similar expressions, including the negatives thereof, (ii) statements that are based on current expectations and estimates about the markets in which the Company operates and (iii) statements of belief, intentions and expectations about developments, results and events that will or may occur in the future, constitute "forward-looking statements" and are based on certain assumptions and analysis made by the Company. Forward-looking statements in this news release include, but are not limited to, statements with respect to future business opportunities, nature and timing thereof; business strategy; expansion and growth of the Company's business and operations and other such matters. Such forward-looking statements are subject to important risks and uncertainties, which are difficult to predict and that may affect the Company's operations, including, but not limited to: the impact of general economic conditions; industry conditions; customer base changes; financial market conditions; government and regulatory developments; oil and natural gas product supply, demand and pricing; foreign exchange rates; competition; and the Company's ability to attract and retain qualified personnel. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do transpire or occur, what benefits or disadvantage the Company may derive there from. Subject to applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
All forward-looking statements contained in this document are expressly qualified by this cautionary statement. Further information about the factors affecting forward-looking statements is available in the Company's current financial statements and associated documents which are available on www.sedar.com
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