EL SEGUNDO, Calif., Nov 17, 2010 (GlobeNewswire via COMTEX) -- The Port of Long Beach and Vision Motor Corporation of El Segundo, California ( VIIC 0.15, -0.01, -6.25%) have entered into an agreement to develop and demonstrate one (1) hydrogen fuel cell/plug-in electric TYRANO(TM) class 8 on-road truck and one (1) hydrogen fuel cell/plug-in electric zero-emission terminal tractor (ZETT), which is produced jointly by Vision and Capacity of Texas. Vision's zero-emission heavy-duty vehicles will be tested to evaluate their suitability for short distance cargo-hauling ("drayage") and terminal operations. Vision trucks will be put into service and evaluated by Cal Cartage and TTSI, two trucking companies that operate at the Port of Long Beach and the Port of Los Angeles. Robert Curry, President of California Cartage Company, said: "Zero-emission is a laudable goal, if it can be coupled with the power to handle heavy-duty drayage, it could make these new trucks a valuable addition to any fleet. We are pleased to have been selected to test the capabilities of these tractors." Vic La Rosa, President of TTSI offers this statement: "TTSI has always been and will continue to be leading edge when it comes to the introduction and use of new clean technology. We are extremely excited about the Vision's zero-emission heavy duty vehicle. We believe that port cities located in the middle of major population areas will greatly benefit from this technology."
The Port of Long Beach is contributing $425,000 to assist in the project development and demonstration. The Port of Los Angeles Board of Harbor Commissioners is planning to consider cost-sharing this demonstration project in the amount of $212,500 at an upcoming board meeting. Vision CEO and President Martin Schuermann stated: "We are very excited to add the Port of Long Beach to our list of demonstration partners for our Heavy-Duty Zero Emission Trucks. Together with Cal Cartage and TTSI, we will be able to expose these exciting trucks to a large base of potential users and customers."
Stated Phillip Ford, President Capacity of Texas, "Capacity is the leader in the Terminal Tractor industry with environmentally friendly products. The world's first Pluggable Hybrid Terminal Truck (PHETT(R)) was introduced in 2009 and has been recognized as the most innovative new product in the terminal truck industry in the last 20 years. The Zero Emission Terminal Truck (ZETT(TM)) will be based on the PHETT's platform. The ZETT(TM) will be the only zero emission terminal truck that will meet the demanding environment and duty cycle of a terminal truck and have zero emissions. We have thousands of trucks in Southern California and are pleased to work with Vision Motor Corporation to provide this zero emission terminal truck to the Port of Long Beach.".Ãƒ‚Ãƒ‚
About Vision Motor Corp
Vision Motor Corp (Vision) headquartered in El Segundo, California designs and manufactures advanced zero emission, hydrogen fuel cell hybrid electric drive, Class VIII heavy-duty commercial trucks. Vision provides cost effective, zero emission, vehicle solutions to help short-haul freight carriers meet local, state and federal air emission standards and also provide a vehicle that delivers a lower cost of operation which has a direct impact on freight carriers profit margins. The Company is traded on the OTCBB (VIIC.OB) as Vision Industries Corp, and is a SEC reporting company. For more information on Vision Industries Corp., please visit www.visionmotorcorp.com
A Company Snapshot of Vision Motor Corp can be found at: http://ir.issuerdirect.com/tearsheet/html/VIIC
About Cal Cartage
Cal Cartage opened in 1944 as a small pickup and delivery carrier in Los Angeles supporting this country's aircraft industry during the war. This is a family-owned and controlled company. They are now into the third generation involved in the company's operations on a day-to-day basis as well as for the future. During the intervening 60 years, they have developed into a Southern California powerhouse for import trucking, warehousing, deconsolidation, and distribution. They have over 1200 owner-operators in their fleet nationwide, to provide drayage, intermodal drayage, and consolidation trucking services to their warehouses. Cal Cartage has specific terminals in three locations, in Southern California, as well as in San Diego, Seattle, and points along the border with Mexico. www.calcartage.com
TTSI began as an air-freight agency in 1989. They started with only the commitment to providing the highest levels of customer satisfaction and determination to deliver better expedited services. In 1991, TTSI started a cost-effective alternative to air freight by pooling shipments and using expedited trucks. It worked so well, customers asked to find better solutions to many of their supply chain needs. TTSI responded by creating companies that delivered better quality, service, and security in everything from drayage, transloading, warehousing, and truckload management. Since 2006 TTSI has made a major commitment to be a good corporate citizen and a steward of the environment. www.tts-i.com
About Capacity of Texas, Inc.
Capacity of Texas, Inc., has been serving the terminal tractor industry for over 39 years under the Trailer Jockey(R) brand. Capacity manufactures the Trailer Jockey(R) completely in-house and is solely focused on the manufacture and support of this product. Located in Longview, Texas, Capacity is a wholly owned subsidiary of Allied Specialty Vehicles, Inc, ("ASV") and is the largest American owned manufacturer of terminal tractors in North America, offering a full product line of terminal trucks used throughout the world. Capacity distributes products through a national and international authorized representative network. For a current listing of Capacity products and authorized representatives, visit www.capacitytexas.com
About Allied Specialty Vehicles, Inc.
ASV, with revenue of approximately $1 billion, is a market leader in three industry segments: Fire & Emergency, Recreational Vehicles, and Bus & Industrial. The Company was formed on August 25, 2010 through the combination of four existing portfolio companies of American Industrial Partners (AIP): E-ONE, Inc., Collins Industries, Inc., and Halcore Group, Inc.; with Fleetwood RV, Inc. to be combined in the fourth quarter of this year. Within the Fire & Emergency segment, ASV offers an extensive line of fire apparatus under the E-ONE brand name including pumpers, aerials, tankers, rescues, and airport firefighting equipment. Additionally, the Company offers a full line of ambulances under the Horton, Wheeled Coach, American Emergency Vehicles, and Leader Emergency Vehicles brand names. Within the Recreational Vehicle segment, the Company produces Class A and Class C Recreational Vehicles under many of the industry's iconic brand names including Discovery, American Coach, Bounder, and Tioga, among others. Within the Bus & Industrial segment, the Company produces Type A bus products for both the school and childcare markets under the Collins, Mid Bus, and Corbeil brand names as well as terminal trucks and street sweeper products under the Capacity and Lay-Mor brand names. For additional information on Allied Specialty Vehicles, Inc. please visit www.alliedsv.com
About American Industrial Partners
American Industrial Partners is an operationally focused middle market private equity firm comprised primarily of multi-discipline engineers and experienced operators which makes control investments in North-American based industrial businesses and implements strategies to grow the earnings of those businesses. AIP has managed three prior funds which totaled over $1 billion and is currently investing its fourth fund, $405.5 million American Industrial Partners Capital Fund IV, LP. For more information, visit www.aipartners.com
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors available from the Company.
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SOURCE: Vision Motor Corp