Ms. Elizabeth Owens reports
WESTPORT ANNOUNCES $6.5 MILLION MILESTONE PAYMENT FROM LIGHT-DUTY DIVESTITURE
Westport Fuel Systems Inc. has received $6.5-million (5.5 million euros) as part of its previously announced sale of the light-duty segment. The escrow payment was triggered under the terms of the sale agreement following the achievement of a defined postclosing milestone.
"This milestone payment reflects continued progress in the postclosing steps of our light-duty business divestiture," said Elizabeth Owens, chief financial officer at Westport. "While additional payments are expected as the transaction phases are completed, this interim payment strengthens our cash position today to support ongoing operations and our strategic initiatives. We remain disciplined in executing the remaining elements of the divestiture process along with our ongoing operational efficiency improvements."
About Westport
Fuel Systems Inc.
Westport is a technology and innovation company connecting synergistic technologies to power a cleaner tomorrow. As a leading supplier of affordable, alternative fuel, low-emissions transportation technologies, the company designs, manufactures and supplies advanced components and systems that enable the transition from traditional fuels to cleaner energy solutions.
The company's proven technologies support a wide range of clean fuels -- including natural gas, renewable natural gas and hydrogen -- empowering OEMs (original equipment manufacturers) and commercial transportation industries to meet performance demands, regulatory requirements and climate targets in a cost-effective way. With decades of expertise and a commitment to engineering excellence, Westport is helping the company's partners achieve sustainability goals -- without compromising performance or cost-efficiency -- making clean, scalable transport solutions a reality.
Westport is headquartered in Vancouver, Canada.
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