WESLEY CHAPEL, FL--(Marketwire - April 11, 2012) - HPEV, Inc. (
Final assembly will begin shortly with a target date for completion of the introductory unit at the end of the third calendar quarter. This unique vehicle conversion technology is scalable and the Company intends to establish vehicle platforms for Class 4 and 5 trucks concurrently.
Upon completion of independent third party testing, the Company expects to begin promotional and marketing activities to increase consumer awareness and generate revenues.
While final assembly and testing occurs, the marketing team will begin marketing fleet licenses for truck fleet conversions as well as dealership licenses for both new and used vehicles. The Company has entered into initial discussions for purchase orders with several large truck fleet operators and automobile dealerships.
HPEV management anticipates that it will convert a number of vehicles before year's end that could lead to meaningful revenues. Tim Hassett, HPEV's CEO, commented, "We are seeing a lot of traction and demand in the commercial fleet market as well as the retail vehicle market. We expect great things to come from this product category in 2012 and beyond."
About HPEV, Inc.: HPEV's conversion system enables the conversion of existing vehicles into plug-in hybrid electric vehicles. The Company's thermal technologies enable companies across a broad spectrum of industries that utilize motors and generators to better remove heat from their products. HPEV's composite heat pipe technology quickly transfers thermal energy in any direction, even against the pull of gravity. www.hpevinc.com.
Safe Harbor Statement. This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on plans and expectations of management and are subject to uncertainties and risks that could affect the Company's plans and expectations, as well as results of operations and financial condition. A listing of risk factors that may affect the Company's business prospects and cause results to differ from those described in the forward-looking statements can be found in Company reports and documents filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.