LONGMONT, Colo.--(BUSINESS WIRE)--UQM Technologies, Inc. (NYSE American: UQM) a developer of alternative energy technologies, today announced that the Committee on Foreign Investment in the United States (“CFIUS”) has notified the Company by letter dated June 7, 2019 that it will extend its period of investigation regarding the previously announced merger with Danfoss Power Solutions (US) Company (“Danfoss”). The extended period will be completed no later than July 25, 2019. Management has been given no reason to believe that the results will differ from earlier expectations about the successful closing of the merger with Danfoss. Given the extended review period, management now believes that the closing with Danfoss should occur in the early part of the third quarter of 2019 following CFIUS approval.
UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators, power electronic controllers and fuel cell compressors for the commercial truck, bus, automotive, marine and industrial markets. A major emphasis for UQM is developing propulsion systems for electric, hybrid electric, plug-in hybrid electric and fuel cell electric vehicles. UQM is IATF 16949 and ISO 14001 certified and located in Longmont, Colorado. For more information, please visit www.uqm.com.
This Release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. These statements appear in a number of places in this Release and include statements regarding our plans, beliefs or current expectations; including those plans, beliefs and expectations of our management with respect to, among other things, completion of the announced transaction upon the terms and conditions and within the timelines expected, the financial performance of each of UQM and Danfoss through the completion of the Merger, including in particular UQM’s cash flows and cash balances, the timing of, and regulatory and other conditions associated with, the completion of the merger, including approval by CFIUS, UQM’s extended history of losses and current financial limitations, risks related to UQM’s intellectual property and litigation and claims in which UQM or its principals may become involved; and other factors that are described from time to time in UQM’s periodic filings with the U.S. Securities and Exchange Commission. Important Risk Factors that could cause actual results to differ from those contained in the forward-looking statements are contained in our Form 10-K and Form 10-Q’s, which are available through our website at www.uqm.com or at www.sec.gov.