Skip to main content

Westport Fuel Systems Announces Strong Support from Export Development Canada

Written by Customer Service on . Posted in Public Companies.

VANCOUVER, British Columbia, March 25, 2020 (GLOBE NEWSWIRE) — Westport Fuel Systems Inc. (“Westport Fuel Systems”) (TSX:WPRT / Nasdaq:WPRT) today announced measures to improve liquidity given the impact of COVID-19 on global operations.
Export Development Canada (“EDC”) and Westport Fuel Systems have amended the terms of the secured term loan announced on December 21, 2017 to defer $6.0 million in principal payments in 2020 and to extend the term of the loan until September 30, 2022. “We have been working aggressively to mitigate the potential impact of COVID-19 for our employees, in our operations and with our customers to ensure that we are well-positioned to weather these current market headwinds,” said David M. Johnson, Chief Executive Officer of Westport Fuel Systems. “EDC has been a valued partner since 2017 when their support was instrumental in the successful commercial launch of Westport HPDI 2.0™ in Europe. We are deeply appreciative of their ongoing and unwavering commitment to Canadian clean-technology exporters.”“Our strong 2019 year-end results announced on March 17, 2020 are evidence of the fundamental demand for our technology in key markets like Europe, China, and India where compelling economics and stringent emission regulations are driving adoption,” Johnson continued. “We will continue to evaluate options to improve our liquidity, strengthen our balance sheet and fund our growth.”EDC is a financial Crown corporation dedicated to helping Canadian companies of all sizes compete in global markets. They provide financial solutions to equip Canadian companies with the tools they need including trade knowledge, financing solutions, equity, insurance, and connections. During the COVID-19 crisis EDC adjusted its products and services to provide relief to meet the needs of Canadian businessesAbout Westport Fuel SystemsAt Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow.  We are a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the global automotive industry.  Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges.  Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America and South America, we serve our customers in more than 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.Investor Inquiries:Shawn Severson
Investor Relations
T: +1 604-718-2046
E: invest@wfsinc.com

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.