Quantum Technologies, Inc. (Nasdaq: QTWW) announced today that it has fully repaid all of the outstanding indebtedness owed to its senior secured lender and, as a result of such repayment, the Credit Agreement between the Company and its senior secured lender has been terminated.
Alan P. Niedzwiecki, President and CEO of Quantum, commented:
We are extremely pleased to have fully repaid the debt obligations owed to our senior secured lender. Over the past twelve months, we have significantly improved our balance sheet by reducing our debt by approximately $13.5 million. Going forward, we can direct our resources on executing and expanding on our natural gas and hybrid vehicle programs as well as other business opportunities.
Quantum Fuel Systems
Technologies Worldwide Inc.
17872 Cartwright Road
Irvine, CA 92614
Tel. (949) 399-4500
Fax. (949) 399-4600
Quantum Fuel Systems Technologies Worldwide, Inc., a fully integrated alternative energy company, is a leader in the development and production of advanced propulsion systems, energy storage technologies, alternative fuel vehicles, and solar technologies. The company spun off from Impco Technologies in 2002 and has been at the forefront of green technology innovation ever since.