Quantum Fuel Systems Tech Completes Phase 1 Of Trout Creek Wind Farm Sale

(RTTNews) - Quantum Fuel Systems Technologies Worldwide Inc. (QTWW) announced that its wholly owned subsidiary, Schneider Power Inc. and certain of Schneider Power Inc.'s wholly-owned subsidiaries, closed Phase 1 of the previously announced sale of Schneider Power's 10 Megawatt or MW Trout Creek wind farm development project on September 18, 2013.

Previously, the company said that the sale of the Trout Creek Project would occur in two phases. The Phase 1 closing resulted in the purchaser acquiring 74.9% of the ownership interests in the Trout Creek Project for an aggregate purchase price of C$1.21 million, of which C$966,916 was paid in cash and C$241,403 was paid by the purchaser's assumption of certain Trout Creek Project liabilities.

The closing of Phase 2 of the transaction is projected to be completed in 18 to 24 months, subject to the project achieving commercial operation. The Phase 2 transaction, if completed, would provide additional cash proceeds of about C$1.1 million in exchange for the purchaser acquiring the remaining 25.1% of the ownership interest in the Trout Creek Project.

As per the terms of the definitive agreements, the purchaser will be solely responsible for all development costs and expenses related to the Trout Creek Project.