USA, California
IMPCO Technologies' Stockholders Approve Reorganization and Establishment of Holding Company — Fuel Systems Solutions
IMPCO Technologies, Inc. reported that stockholders at the company's annual meeting have approved a proposed corporate reorganization and name change to Fuel Systems Solutions, Inc. As part of the reorganization, stockholders of IMPCO will receive one whole share of common stock of Fuel Systems Solutions, Inc. in exchange for every two shares of IMPCO common stock owned at the time of the reorganization.
"The adoption of a new corporate name and holding company represents a significant milestone in the company's evolution. Equally important, the new corporate name better describes the company's business and its focus on providing innovative solutions to address escalating oil prices, energy security and clean air solutions on a global basis," said Mariano Costamagna, president and chief executive officer.
He reiterated management's recently updated guidance that the company is on track to achieve revenue growth of approximately $200 million in 2006, gross profit of 25 to 27 percent and operating income of approximately 10 percent.
Fuel Systems Solutions is a newly established holding company currently comprised of two operating subsidiaries, IMPCO Technologies and BRC Gas Equipment.
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