Grande West LOI With Weichai Power
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/16/15 -- Grande West Transportation Group Inc. (TSX VENTURE: BUS) ("Grande West" or the "Company") is pleased to announce that it has entered into a non-binding letter of intent (LOI) with the Weichai Power Co. Ltd. group of companies.
Under the terms of the LOI, Grande West and the bus manufacturing subsidiaries of the Weichai Power Co. Ltd. agree to jointly explore opportunities for the mutual development of bus and motor coach products manufactured under the Weichai Group. The objective of the agreement is to increase product sales and distribution in North America to the mutual benefit of both parties. This agreement will serve as a starting point for future discussions to allow Grande West access to valuable resources of the Weichai Group.
This greatly enhances the scope of the relationship between the companies as the Weichai Group currently assembles parts and provides the uni-body frame for Grande West''s Vicinity bus.
"Grande West has had great success with the Vicinity buses. The execution of this agreement with Weichai Power will open up opportunities for the joint development of other models. The Weichai Group has a fully developed line up of Transit buses, Motor Coaches, and School Buses, many of which would be suitable for the North American market and allow us to expand to our line up," commented William Trainer, President and CEO of Grande West Transportation.
About Weichai Group of Companies
The Weichai Group was founded in 1946. Weichai is one of the largest commercial vehicle, engine and equipment manufacturing groups in the world. Having approximately 55,000 employees around the globe, the Group has achieved total revenues of over USD, $16B. Weichai Power is headquartered in Asia with subsidiaries globally, including Europe, and the United States. Weichai Power is a vertically-integrated global heavy duty powertrain producer, offering products along the entire value chain, including engines, transmissions, axles, and components.
Weichai America, the arm of Weichai Group responsible for business in North America, recently purchased a 40 Acre manufacturing and support facility in Chicago. This is to provide development of product to meet local Buy America market needs, as well as the parts and service support that customers expect.
About Grande West Transportation Group
Grande West is a Canadian bus manufacturer who designed, engineered and manufactures Vicinity buses. With little competition in the "mid-size" bus range, Grande West has set itself apart from others with the Vicinity bus - a heavy duty mid-size, true community transit bus now in operation in many cities and municipalities across Canada.
The Vicinity is designed with affordability, accessibility and global responsibility in mind. It costs significantly less than a regular 40 foot transit bus, burns less fuel and emits less harmful emissions. Clearly a Smart Choice for Right Sizing your transit fleet.
Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding the use of proceeds from the Private Placement, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ materially from Grande West''s expectations include uncertainties relating to the receipt of final approval from the TSX-V; and other risk and uncertainties disclosed in Grande West''s reports and documents filed with applicable securities regulatory authorities from time to time. Grande West''s forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made. Grande West assumes no obligation to update the forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by law.
Contacts:
Grande West Transportation Group
William R. Trainer
President & CEO
1-604-607-4000
The Howard Group
Jeff Walker
1-888-221-0915
The Howard Group
Ariel Cobangbang
1-888-221-0915
Paradox Public Relations
Carl Desjardins
1-866-460-0408
Paradox Public Relations
Jean-Francois Meilleur
1-866-460-0408
Paradox Public Relations
Karl Mansour
1-866-460-0408
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Datum: 16.11.2015 - 08:30 Uhr
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News-ID 1399698
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