Vairex Announces Strategic Partnership with Tecumseh
03 June 2005
Boulder, Colorado, USA –June 2, 2005 - VAIREX corporation announced today a preliminary nonbinding Memorandum of Understanding with Tecumseh Products Company of Tecumseh, Michigan. The Memorandum contemplates that, subject to the satisfaction of certain conditions, the parties will negotiate and enter into a definitive agreement for the use of Tecumseh products and services in the future development, manufacture, and sale of "Fuel Cell Balance of Plant" components. It is expected that if a definitive agreement is reached, Tecumseh will make an equity investment in VAIREX, and have access to VAIREX technology for future Tecumseh products in noncompetitive markets.
Under a definitive agreement it is anticipated that VAIREX will provide fuel cell technical and market knowledge, and high efficiency air compressor technology and development direction, and Tecumseh will provide the product development and manufacturing experience
necessary to satisfy customer requirements for rapid and cost effective rampup of high volume, high quality, component manufacturing.
VAIREX is a developer and supplier of fuel cell air management systems with customers in North America, Europe and Asia actively developing fuel cell products for commercial introduction over the next few years. Fuel cells are an emerging high efficiency, low emissions electrical power technology with applications from battery replacement and power generation to transportation powerplants.
