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| American Power Group |
Lyle Jensen, American Power Group Corporation's President and Chief Executive Officer, stated, "We are very pleased with the progress we have made and the market leadership momentum we have created during the past year with both our vehicular and stationary dual fuel diesel engine solutions. We continue to work closely with the EPA to achieve approvals for additional Outside Useful Life (OUL) and Inside Useful Life (IUL) vehicular conversions. APGI is currently a leader in vehicular EPA OUL approvals with 88 engine families on four different OEM engine platforms. We expect to complete another 100 EPA OUL engine family approvals on four additional OEM engine platforms before the end of the second calendar quarter of 2013. We will begin testing for lower mileage IUL conversions at the University of Houston in January which we anticipate will result in additional IUL OEM engine platform approvals throughout the year."
Mr. Jensen added, "As these EPA approvals are secured, private and corporate fleets will be able to begin their own evaluation testing on a wide range of engine models, providing a platform for us to achieve our initial near term objective of 1,000 conversions per year which would equate to over $10 million of annual revenue. As these fleets move into production, our next targeted goal is 1,000 conversions per month. We anticipate that our recent National Distribution and Master Marketing Agreement with WheelTime Network, LLC will provide us with high-quality certified conversion centers across North America to support these scalability requirements."
Jensen further stated, "We made tremendous progress with our stationary conversion efforts this year, reporting fiscal 2012 stationary vertical drilling conversion revenue of $1.9 million, five times higher than revenues from that segment in fiscal 2011. Notably, second half conversion revenue was double the revenue generated in the first half of the year. Endorsements from the Linde Group, CONSOL Energy and EQT helped open up the Marcellus region for expanded APG conversions in 2012 and we expect to enter new regions in Canada and Colorado during the coming year. APG's technology is currently being tested by several of the world's largest Oil & Gas equipment corporations for the application of dual fuel technology on horizontal fracturing rigs and we anticipate that field testing will be completed in the first quarter of calendar 2013 with production orders to be awarded shortly thereafter. Our proprietary dual fuel technology that provides our customers the ability to lower energy costs and reduce emissions, has differentiated APG and positioned us as a recognized leader in dual fuel conversions."
Thank you Etrade for the update
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