LAKE FOREST, Calif., Sept. 15, 2014 /PRNewswire/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ: QTWW), a global leader in natural gas storage systems, integration, and vehicle system technologies, today announced it has entered into an amended and restated lease agreement for its facilities located in Lake Forest, California, comprising an aggregate of 156,374 square feet, which include the Company's corporate headquarters, a tank manufacturing and systems assembly building, a super low-emissions testing laboratory and an advanced technology center. The amended and restated lease extends the existing lease term from May 31, 2015 to May 31, 2018 for two of the three buildings and to May 31, 2020 for the third building and, beginning in June 2015, will reduce the monthly base rent by approximately 23%. The Company will also receive up to $234,561 for future tenant improvements.
The Company has the option to extend the lease terms through May 31, 2020 for the two buildings and to May 31, 2025 for the third building.
"Extending the lease for our Lake Forest facilities allows us to continue to leverage the investments we have made to our manufacturing and assembly facility and, at the same time, continue to tap into California's unparalleled engineering and technology pool as part of the advanced technology center's activities," said Brad Timon, Chief Financial Officer and Treasurer of Quantum.
About Quantum: Quantum Fuel Systems Technologies Worldwide, Inc. is a leader in the innovation, development, and production of natural gas fuel storage systems and the integration of vehicle system technologies including engine and vehicle control systems and drivetrains. Quantum produces one of the most innovative, advanced, and lightweight compressed natural gas storage tanks in the world and supplies these tanks, in addition to fully‐integrated natural gas storage systems, to truck and automotive OEMs and aftermarket and OEM truck integrators. Quantum provides low emission and fast‐to‐market solutions to support the integration and production of natural gas fuel and storage systems, hybrid, fuel cell, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum is headquartered in Lake Forest, California and has operations and affiliations in the United States, Canada, and India.
Forward Looking Statements: This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements included in this report, other than those that are historical, are forward looking statements and can generally be identified by words such as "may," "could," "will," "should," "assume," "expect," "anticipate," "plan," "intend," "believe," "predict," "estimate," "forecast," "outlook," "potential," or "continue," or the negative of these terms, and other comparable terminology. Various risks and other factors could cause actual results, and actual events that occur, to differ materially from those contemplated by the forward looking statements. The Company undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.
More information about the products and services of Quantum can be found at http://www.qtww.com/ or you may contact:
Quantum Investor Relations
Phone: 949-399-4555
Email: ir@qtww.com
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.