Thursday, October 18, 2012
American Power Group Reports Over $500,000 of New Orders
American Power Group Corporation (OTCQB: APGI) announced today that its subsidiary, American Power Group, Inc. ("APG") has received orders for vehicular dual fuel conversions valued at more than $500,000. These orders were received from several certified dealers and customers who intend to install APG's dual fuel system on forty-two heavy-duty trucks. The certified dealers intend to distribute these dual fuel trucks to more than thirty prospective customers so that they may evaluate the costs savings and benefits of APG's V5000 Dual Fuel Turbocharged Natural Gas(TM) System. Eighteen of these systems were shipped in September with the balance scheduled to be delivered within the next sixty to ninety days.
Lyle Jensen, American Power Group Corporation's President and Chief Executive Officer, stated, "With the eighty-eight EPA Over Useful Life ('OUL') engine family approvals received since May 1, 2012, we are entering the next phase of our production roll-out. The forty-two trucks in this most recent order will be evaluated by fleet owners who operate fleets ranging from hundreds to thousands of trucks. Because the units ordered encompass both CNG and LNG configurations, we are looking forward to receiving important feedback from fleet operators who return to a home base daily as well as long haul routes."
Mr. Jensen further commented, "We are working to complete all remaining EPA OUL emission testing in the next few months, to bring our total to approximately two hundred OUL engine families, representing a multi-million dollar market opportunity. Concurrently, we have begun our Intermediate Age (IUL) testing at the University of Houston Diesel Test Center and anticipate completing our first IUL test within the next 60 days. We believe APG's aftermarket dual fuel technology is the key stepping stone for thousands of fleet owners to gain the economic benefits of the price spread between diesel fuel and natural gas while also enjoying the flexibility and comfort level of diesel-like performance."