Quantum Subsidiary Acquires Empire Coach Enterprises
Quantum Fuel Systems Technologies Worldwide Inc. (Irvine, CA), a manufacturer of packaged fuel systems for hydrogen fuel cell and alternative fuel applications, announced that its subsidiary, Tecstar Automotive Group, has acquired a 51-percent interest in Empire Coach Enterprises LLC (East Brunswick, NJ), a second-stage limousine manufacturer, for $600,000 cash. Michael Misseri, who will serve as Empire Coach's Chief Operating Officer, will own the remaining 49 percent. Empire will be able to offer alternative fuel limousines using Quantum's advanced fuel system technologies for compressed natural gas, propane, and hydrogen applications.
"We have announced our strategic direction to expand our markets and customer base in our second-stage manufacturing business in order to increase revenues. We believe Empire Coach Enterprises fits this mission," said Quantum President and CEO Alan Niedzwiecki. "We believe the limousine market is growing and, as a result, we believe the addition of Empire Coach Enterprises will result in increased revenues for the company by enhancing our existing second-stage manufacturing capabilities and capturing new alternative fuel vehicle opportunities."