RE: HaltedPerseus, L.L.C. Completes $22.1 Million Strategic Investment in Westport Innovations
For immediate release - June 12, 2006
VANCOUVER, BC – Westport Innovations Inc. (TSX:WPT), a global leader in gaseous-fuelled power technologies, today announced that one or more investment funds managed by Perseus, L.L.C., a U.S.-based private equity fund management company, have completed definitive agreements for a strategic investment of approximately $22.1 million in Westport to be completed in two separate tranches. The closing of the first tranche of $13.8 million is committed and will be funded on or before July 15, 2006. The parties also have agreed to a further investment of approximately $8.3 million to be used to pursue new business opportunities, with this second tranche being subject to, amongst other requirements, shareholder approval being received at Westport’s upcoming 2006 Annual & Special General Meeting and the satisfaction of certain business development milestones. Assuming receipt of shareholder approval and satisfaction of the milestones, the second tranche is expected to be completed within 180 days of the 2006 Annual & Special General Meeting.