UQM Technologies and CNHTC Provide Update on CFIUS Application Status
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Based upon the request of CFIUS, UQM and CNHTC have withdrawn their
application for investment approval. -
The parties expect to resubmit an application with CFIUS after further
analysis is completed for modifications to the proposed business
relationship of UQM and CNHTC.
LONGMONT, Colo.–(BUSINESS WIRE)–UQM Technologies, Inc. (NYSE American: UQM) announced today that
it, along with China National Heavy Duty Truck Group Co., Ltd.
(“CNHTC”), have decided to withdraw their joint application to the
Committee on Foreign Investment in the United States (“CFIUS”) for the
approval of the second stage investment provided for in the Stock
Purchase Agreement signed by both parties on August 25, 2017. Based upon
the request of CFIUS, the application has been withdrawn to allow for
more time for review and consultation. Upon completion of this
re-evaluation, both parties currently expect to resubmit the application
to CFIUS for approval.
“We look forward to working with our CNHTC partner and CFIUS to ensure
all stakeholder interests are protected,” said Joe Mitchell, President
and CEO of UQM. “We have met with top executives of CNHTC and mutually
agreed that our collective business goals have not changed, and CNHTC is
very committed to partnering with us to capitalize on the electric
vehicle market in China. We have formed a very strong relationship with
the CNHTC team, and with the first stage investment that is not in
question, CNHTC remains UQM’s largest shareholder and our main partner
in China. Furthermore, we are optimistic that together we can resubmit
our application for approval. We are also exploring other alternatives
to solidify our relationship with CNHTC. CNHTC’s subsidiary, Sinotruk,
recently placed follow-on orders with UQM for a number of propulsion
systems for both the PowerPhase® HD and PowerPhase Pro
product lines that will be used for vehicle certification and
preparation to produce in the joint venture. We are mutually pushing
forward with our joint plans and we look forward to working out the
business arrangement that will satisfy all stakeholders and allow us to
execute on our overall strategy.”
Mr. Mitchell continued, “We continue to see growth in the commercial EV
market globally. We are involved with many new customers and
applications, including E-axles, increased trials of our eDT system, and
growth in the fuel cell compressor system market. We are excited about
the opportunities in front of us and believe that UQM’s outlook for the
future is bright.”
About UQM
UQM Technologies is a developer and manufacturer of power-dense,
high-efficiency electric motors, generators, power electronic
controllers and fuel cell compressors for the commercial truck, bus,
automotive, marine, and industrial markets. A major emphasis for UQM is
developing propulsion systems for electric, hybrid electric, plug-in
hybrid electric and fuel cell electric vehicles. UQM is TS 16949 and ISO
14001 certified and located in Longmont, Colorado. For more information,
please visit www.uqm.com.
About China National Heavy Duty Truck Group Co., Ltd.
CNHTC is the parent company of Sinotruk (Hong Kong) Limited
(“Sinotruk”), a leading heavy-duty commercial vehicle manufacturer in
China and one of the largest commercial vehicles groups in the world.
Its products are distributed in over 90 countries worldwide, including
in South America, Africa, Southeast Asia, the Middle East, Ireland and
Australia, among many others.
Since its founding in 1950, Sinotruk has had a long and successful
history cooperating with international partners in developing new
products and markets in China and elsewhere, including Steyr of Austria,
MAN SE of Germany, and Cargotec of Finland. CNHTC has two subsidiaries
listed on the Shenzhen Stock Exchange and the Hong Kong Stock Exchange,
respectively.
This Release contains statements that constitute “forward-looking
statements” within the meaning of Section 27A of the Securities Act and
Section 21E of the Securities Exchange Act. These statements appear in a
number of places in this Release and include statements regarding our
plans, beliefs or current expectations; including those plans, beliefs
and expectations of our management with respect to, among other things,
resubmitting an application with CFIUS and obtaining CFIUS approval.
Important Risk Factors that could cause actual results to differ from
those contained in the forward-looking statements are contained in our
most recent Annual Report on Form 10-K and any subsequent reports filed
with the Securities and Exchange Commission, which are available through
our website at www.uqm.com
or at www.sec.gov.
Source: UQM Technologies, Inc.
Contacts
EnergyTech Investors, LLC
Shawn Severson, 415-233-7094
or
UQM
Technologies, Inc.
David Rosenthal, 303-682-4900