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TORONTO, June 4 /CNW/ - Exco Technologies Limited (TSX-XTC) today announced that it has been awarded Chrysler's next generation V6 (Phoenix) engine program and a rear wheel drive transmission program. Exco has been working with stakeholders on the Phoenix project for over a year and will ship the prototype mould this month. Exco has also been awarded a transmission case tooling program by Ford and has secured its first transmission case tooling program for Honda on a sole source basis.
Exco expects that, over the next five years, based on anticipated production volumes and anticipated releases and rebuild requirements these programs combined will generate approximately $75,000,000 in sales. While certain programs may impact the current fiscal year, most programs will begin to ship in fiscal 2008.
The introduction of these programs reflects the desire by automakers to produce more fuel-efficient vehicles. This trend is very positive for Exco. Exco currently has the capacity to fill these contracts and anticipates increased profitability as capacity utilization increases. Exco continues to pursue significant automotive tooling opportunities in the market and will make further announcements as required.
Exco Technologies Limited is a global supplier of innovative technologies servicing the die-cast, extrusion and automotive industries. Through our 13 strategic locations, we employ 2,200 people and service a diverse and broad customer base.
This news release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws. We use words such as "anticipate", "plan", "may", "will", "should", "expect", "believe", "estimate" and similar expressions to identify forward-looking information and statements. Such forward-looking information and statements are based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe to be relevant and appropriate in the circumstances. Readers are cautioned not to place undue reliance on forward-looking information and statements, as there can be no assurance that the assumptions, plans, intentions or expectations upon which such statements are based will occur. Forward-looking information and statements are subject to known and unknown risks, uncertainties, assumptions and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed, implied or anticipated by such information and statements. These risks, uncertainties and assumptions include, among other things: industry cyclicality; global economic conditions, causing decreases in automobile production volumes and demand for capital goods; changing demand for specific models or products; price reduction pressures; pressure to absorb certain fixed costs; dependence on major customers and changes in such customers' financial capabilities; technological changes; compliance with various laws; obtaining necessary permits and consents; fluctuations in currency exchange and interest rates; employee work stoppages; dependence on key employees; the competitive nature of the automotive and capital goods industries, including competition with suppliers operating in low cost countries; product supply and demand; the conduct of business in foreign countries; and other risks, uncertainties and assumptions as described in the Company's Management's Discussion and Analysis included in our 2006 Annual Report, in our 2006 Annual Information Form and, from time to time, in other reports and filings made by the Company with securities regulatory authorities.
While the Company believes that the expectations expressed by such forward-looking information and statements are reasonable, there can be no assurance that such expectations and assumptions will prove to be correct. In evaluating forward-looking information and statements, readers should carefully consider the various factors which could cause actual results or events to differ materially from those indicated in the forward-looking information and statements. Readers are cautioned that the foregoing list of important factors is not exhaustive. Furthermore, the Company disclaims any obligations to update publicly or otherwise revise any such factors or any of the forward-looking information or statements contained herein to reflect subsequent information, events or developments, changes in risk factors or otherwise.
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