GARDNERVILLE, NV--(Marketwire - 08/06/09) - SymPowerco Corporation (Pinksheets:SYMW - News) CEO John Davenport commented today on the $2.4 billion in federal funding for electric vehicle manufacturing that President Obama announced during his visit to Indiana. The funding included about $400 million to buy thousands of plug-in hybrid and all-electric vehicles for demonstration projects, $1.5 billion to foster an advanced vehicle battery industry in the U.S. and about $500 million granted to makers of electric drive components, power system and the other parts needed to make electric vehicles.
SymPowerco President and CEO John Davenport commented, "At SymPowerco, we believe that the funding for electric vehicle manufacturing announced by President Obama signals the beginning of a serious effort on the part of America to become the world leader in not only the research and development of electric vehicles, but also in the development of the resources, technologies and components required for efficient manufacturing of electric vehicles that can then be offered at the lowest cost.
"Federal support can drastically lower the cost of components such as batteries, electronic control systems and electric drives by encouraging early development and adoption of efficient, standardized and mass produced components. At SymPowerco we believe that this will shorten the timeline to market and substantially lower the cost of commercialization of our Flowing Electrolyte Direct Methanol Fuel Cell and Hybrid Power System technologies because we can expect to couple our unique fuel cell to 'off-the-shelf' components for most of our commercial applications."
Mr. Davenport further stated, "Not only can we benefit from funding granted directly to SymPowerco through our own application processes but we can benefit directly when funding is provided to other corporations and institutions that are developing the components we'll need to advance our own technologies. It's a win-win situation for the entire industry."
SymPowerco Corporation develops advanced fuel cell and power delivery systems for the rapidly growing personal transportation and portable power system markets. SymPowerco's soon-to-be majority-owned subsidiaries, HOSS Motor Sports and Highline Hydrogen Hybrids Systems, offer potentially expansive synergies and marketing opportunities with SymPowerco's Flowing Electrolyte Direct Methanol Fuel Cell and Hybrid Power System technologies.
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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