Quantum Announces Plans to Acquire Starcraft

November 22, 2004 by Jeff Shepard

Quantum Fuel Systems Technologies Worldwide Inc. (Irvine, CA) announced that it has entered into an agreement to acquire all of the outstanding shares of Starcraft Corp. in a stock-for-stock exchange valued at approximately $185 million, including the assumption of debt and other consideration.

Under the terms of a definitive agreement and plan of merger dated November 23, 2004, each Starcraft shareholder will receive approximately 2.34 shares of Quantum common stock for every share of Starcraft common stock. The merger of Quantum and Starcraft will create a well-capitalized company with strong, complementary revenue streams with a solid product and service portfolio to address the mainstream automotive and hydrogen economy markets.