Sevcon to Trade on NASDAQ Under Ticker Symbol "SEV"
07 Junio 2011 - 9:55AM
Tech/Ops Sevcon, Inc. (Nasdaq:TO) has changed its name to "Sevcon,
Inc." and will begin trading on NASDAQ under the ticker symbol
"SEV" (Nasdaq:SEV) tomorrow, June 8, 2011.
"Sevcon is the trade name our customers know all over the world.
Changing our corporate name reflects our increasing success in
penetrating global on-road electric vehicle markets," said Matt
Boyle, President and Chief Executive Officer.
Matt Boyle continued, "In 2009 we were selected by Peugeot as
the supplier of advanced control technology for their new 100%
electric E-Vivacity scooter, and our new business pipeline includes
designs for several other global automotive OEMs. We are also
involved in a number of promising alliances for the development of
breakthrough drivetrain technologies for electric and hybrid
vehicles."
"Given the strength of our new business and product development
pipelines – as well as our proven capabilities in volume
production, logistics and customer support – we expect to
complement growth in traditional off-road applications with
accelerating sales to on-road electric vehicle manufacturers in the
quarters ahead," Boyle said. "Sevcon's ability to leverage the
experience gained from 60 years of providing rugged, compact,
high-quality motor controls to makers of fork lift trucks, aerial
lifts, airport tractors and other electric vehicles strongly
positions us to expand our presence in the fast-growing global
market for zero-emission cars, trucks, buses and
motorcycles."
About Sevcon, Inc.
Sevcon is a world leader in the design and manufacture of
microprocessor based controls for zero emission electric vehicles.
The controls are used to vary the speed and movement of vehicles,
to integrate specialized functions, and to optimize the energy
consumption of the vehicle's power source. The company supplies
customers throughout the world from its operations in the USA, the
UK, France and the Asia Pacific region and through an international
dealer network. Sevcon's customers are manufacturers of on - and
off-road vehicles including cars, trucks, buses, motorcycles, fork
lift trucks, aerial lifts, mining vehicles, airport tractors,
sweepers and other electrically powered vehicles. For more
information visit www.sevcon.com.
The Tech/Ops Sevcon logo is available
http://www.globenewswire.com/newsroom/prs/?pkgid=9607
Forward-Looking Statements
Forward-looking statements in this release about Sevcon's
product development and sales growth are subject to risks and
uncertainties that could cause actual results to differ materially
from those we anticipate. In particular: global demand for
electric vehicles may not grow as much as we expect; our customers'
products may not be as successful as those of other entrants in the
electric vehicle market who are supplied by our competitors;
continuing economic instability may cause customers to delay,
decrease or cancel purchases of our products; we are dependent on a
few key suppliers and sub-contractors for most components,
sub-assemblies and finished products, and we may not be able to
establish alternative sources of supply in time if supplies are
interrupted; we have a small number of key customers whose loss
would adversely affect our results; and our worldwide operations
are subject to the risks of international trade, including without
limitation regional economic downturns, exchange rate fluctuations,
and changing laws, regulatory practices and tariffs.
CONTACT: David Calusdian
Sharon Merrill Associates
1 (617) 542 5300
dcalusdian@InvestorRelations.com
Matt Boyle
President and CEO
1 (508) 281 5503
matt.boyle@Sevcon.com
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