WOOD DALE, Ill., June 19, 2013 (GLOBE NEWSWIRE) -- Power Solutions International, Inc. ("PSI") (Nasdaq:PSIX) announced today an agreement with AMP Holding, Inc. (OTCBB:AMPD) to supply powertrain options for all of the Workhorse Chassis models that AMP will offer to their customers. AMP's chassis are used in a variety of Class 3 - 6 on-highway applications, most commonly for medium-duty delivery trucks.
PSI will equip the chassis models with fuel-flexible, certified powertrains utilizing GM 4.8-liter and 6.0-liter engines. The systems will be capable of running on gasoline, compressed natural gas (CNG) and propane (LPG) using PSI's proprietary controls.
"This AMP agreement marks another significant step for PSI in developing its on-highway program," said PSI President and CEO Gary Winemaster.
Winemaster explained that in 2012 the company began moving beyond its industrial focus with the introduction of a newly-designed 8.8-liter "big block" engine designed for on-highway applications. This year, the company continued its progress with a multi-year supply agreement with GM to sell 4.8-liter and 6.0-liter engines for on-highway use. The new agreement enabled PSI to offer alternatively-fueled, certified powertrains for the full range of Class-4 through Class-7 applications, including delivery trucks and municipal bus fleets.
In March 2013, AMP Holdings acquired Workhorse Custom Chassis, LLC from Navistar. The acquisition of the Workhorse brand and assembly plant in Union City, Indiana made the company an OEM of medium-duty truck chassis in the 10,200 to 25,800 GVW class.
"AMP is committed to pushing the fleet industry forward," said Martin Rucidlo, AMP's President. "This collaboration with PSI will help us do that by offering a full range of cost-effective, alternative-fuel engines designed for today's market." With propane, CNG, gasoline and electric options, AMP has positioned itself as a chassis OEM able to provide fleet customers with purpose built solutions for their specific needs and requirements.
About PSI
Power Solutions International (PSI) is a leader in the design, engineering and manufacture of emissions-certified, alternative-fuel power systems. PSI provides integrated turnkey solutions to leading global original equipment manufacturers in the industrial, off- and on-road markets. The company's unique in-house design, prototyping, engineering and testing capacities allow PSI to customize clean, high-performance engines that run on a wide variety of fuels including natural gas, propane, biogas, and gasoline.
PSI develops and delivers complete power systems ranging from .97-liter to 22-liters of displacement, including the new 8.8-liter engine aimed at industrial and on-highway markets such as medium-duty fleets, delivery trucks, school buses, and refuse trucks. PSI power systems are currently used worldwide in power generators, forklifts, aerial lifts, and industrial sweepers, as well as in oil and gas, aircraft ground support, agricultural, and construction equipment.
For more information on PSI, visit http://www.psiengines.com.
About AMP Holding Inc.
AMP Holding is the parent company of AMP Electric Vehicles, a manufacturer of electric drive systems for medium-duty class 3-6 commercial truck platforms. AMP Electric Vehicles, Inc. was founded in 2007 by entrepreneurs who have created several hi-tech companies. The AMP team is comprised of top automotive industry veterans and business executives. AMP has been focused on the electrification of fleet vehicles, including medium-duty class 3-6 trucks and vans. Over the past several years, the company's vehicle electrification technology has provided new solutions to America's energy demands. For additional information visit http://www.ampelectricvehicles.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding the current expectations of Power Solutions International, Inc. (the "Company") about its prospects and opportunities. The Company has tried to identify these forward looking statements by using words such as "expect," "anticipate," "estimate," "plan," "will," "would," "should," "forecast," "believe," "guidance," "projection," "target" or similar expressions, but these words are not the exclusive means for identifying such statements. The Company cautions that a number of risks, uncertainties and other important factors could cause the Company's actual results to differ materially from those expressed in, or implied by, the forward-looking statements, including, without limitation, the development of the market for alternative fuel power systems, technological and other risks relating to the Company's development of its new 8.8 liter engine, introduction of other new products and entry into on-road markets (including the risk that these initiatives may not be successful), the significant strain on the Company's senior management team, support teams, manufacturing lines, information technology platforms and other resources resulting from rapid expansion of the Company's operations, changes in environmental and regulatory policies, significant competition, global economic conditions (including their impact on demand growth) and the Company's dependence on key suppliers. For a detailed discussion of factors that could affect the Company's future operating results, please see the Company's filings with the Securities and Exchange Commission, including the disclosures under "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.
CONTACT: Jeremy Lessaris Director of Marketing Power Solutions International Mobile: 1.630.350.9400 E-mail: jlessaris@psiengines.com
