SymPowerco Corporation (Pinksheets:SYMW - News) CEO John Davenport announced today that the company and Hoss Motor Sports, Inc. ("HMSI") have entered discussions for the development of design criteria and specifications for Prototype Hybrid Electric Powered Test Vehicles. The company recently announced that it had signed a Letter of Intent to acquire a majority interest in HMSI, the manufacturer of Ultimate Terrain Vehicles.
The joint design project will include a needs assessment to determine the suitability of HMSI's new facility for research and development of prototype electric vehicles to be used as test vehicles for SymPowerco's Flowing Electrolyte Direct Methanol Fuel Cell and related Hybrid Power Systems.
Stated SymPowerco CEO, John Davenport, "Hoss Motor Sports is entering a new phase of its operation in a new facility. They are already engaged in the development of new small vehicles for several diverse markets, including markets for electric vehicles. We will require test vehicles of varying design and weight that can be easily modified for several combinations of power supplies and battery systems. We believe that SymPowerco and HMSI can advance their respective technologies at substantially reduced costs if we develop projects with shared engineering objectives, personnel and facilities."
SymPowerco Corporation develops advanced fuel cell and power delivery systems for the rapidly growing personal transportation and portable power system markets being created by today's energy and environmental challenges.
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the level of business and consumer spending, the amount of sales of the Company's products, the competitive environment within the industry, the ability of the Company to continue to expand its operations, the level of costs incurred in connection with the Company's expansion efforts, economic conditions in the industry and the financial strength of the Company's customers and suppliers. The Company does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.
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