Product Design & Development

Schneider Power agrees to takeover by Quantum Fuel Systems

By The Associated Press
Wednesday, November 25, 2009
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Schneider Power agrees to takeover by Quantum Fuel Systems

Schneider Power Inc. (TSXV:SNE) has agreed to a takeover by Quantum Fuel Systems Technologies Worldwide Inc. (NASDAQ:QTWW) in an all-stock transaction valued at C$21 million or 30 cents per Schneider share.

The deal will combine Schneider's wind and solar power generation portfolio with Quantum's alternative fuel and solar power technologies to create a new renewable energy company.

Once the deal is complete, Quantum shareholders will have an 87 per cent stake in the new company, leaving Schneider shareholders with a 13 per cent interest.

Quantum will acquire Schneider's 71 million outstanding shares and assume all its outstanding warrants as well.

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Upon closing Quantum will issue about 16.8 million shares and reserve an additional two million for issuance upon exercise of the outstanding warrants.

"We believe this acquisition will further expand Quantum's commitment to alternative energy and wind/solar farm development capability with expanded resources in terms of development and operation of renewable energy farms," said Alan Niedzwiecki, Quantum's president and chief executive officer.

Schneider said it was happy with the deal.

"This merger allows our shareholders to rapidly transition from a successful niche in small renewable energy project development to a dynamic and exciting diversified alternative energy platform," said Lewis Reford, Schneider's chief executive officer.

The transaction has been approved by the boards of both companies.

Schneider's shares closed at nine cents Tuesday on the TSX Venture Exchange.

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