Vancouver, BC, August 1, 2008--(T-Net)--Railpower Technologies Corp. (TSX: P) announced today that Virginia International Terminal (VIT) purchased two multi-genset, low emission, fuel efficient, four-axle RP20BD locomotives and one hybrid GG20B locomotive from the Corporation. The agreement reached between Railpower and VIT is a three year long term lease with the commitment to purchase at its expiry.
"Over time, these locomotives will pay for themselves in fuel savings, efficiency, maintenance and overall operating costs while significantly reducing the Port of Virginia's carbon emissions" said Heather Mantz, VPA's Director of Environmental Affairs.
The four-axle RP20BD model sold is the first of the low emission, fuel efficient Eco-Motive series of four-axle units to be designed with a new modular platform. Also included in the Eco-Motive series low horsepower solutions are the six-axle RP20CD and the RP14BD. Accompanied by the medium horsepower six-axle RP27CD, the Eco-Motive series has the ability to cover the complete array of medium and low horsepower needs for the rail industry. All three of these models achieve unrivaled adhesion levels that allow customers to re-evaluate the historic locomotive requirements for their freight movements and optimize the utilization of their assets.
The four-axle GG20B hybrid model requested by VIT demonstrates that the interest in hybrid technology for rail application still exists. The GG20B is a viable product for customers who want the greatest emissions and fuel savings, which are completely unattainable with conventional technology. The return to service of Railpower GG20B Generation III units across America, represents Railpower's commitment to continually standing behind its products. First-and-only to market with hybrid, Railpower will continue to develop its technologies to meet evolving customer needs.
"This new award combined with the success of our new six-axle model at Union Pacific, demonstrates that Railpower is the supplier of choice of locomotives that provide a return-on-investment both in economical and ecological terms" said Mr. José Mathieu, President and CEO of Railpower.
Railpower Technologies (TSX: P) is a leader in specialized energy technology systems for the transportation and related industries. It is engaged in the development, construction, marketing and sales of specialized, patented, environmentally friendly technology systems for the transportation and related industries. Railpower's technologies significantly reduce fuel usage, operating and maintenance costs and emissions. While Railpower's origins are in the transportation industry, its technologies have broad potential and applications in other markets and industries. Railpower is headquartered in Montreal, Quebec. It U.S. office is located in Erie, Pennsylvania (www.railpower.com)
Caution regarding forward-looking statements
Certain statements contained in this release contain forward-looking statements. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions may be used to identify forward-looking statements. Those statements reflect our current views with respect to future events or conditions, including prospective results of operations, financial position, and predictions of future actions, plans or strategies. Certain material factors and assumptions were applied in drawing our conclusions and making those forward looking statements. By their nature, those statements reflect management's current views, beliefs and assumptions and are subject to certain risks and uncertainties, known and unknown, including, without limitation, the ability to secure new orders, the ability to retain our employees, product development or manufacturing delays, the ability of our current manufacturing supplier to meet our production demands in terms of quantity, quality and costs, our ability to reach a satisfactory agreement with another supplier if necessary or to build, rent or buy a manufacturing facility, changing environmental regulations, the ability to attract and retain business partners, the acceptance of our existing and new products, future levels of government funding, the need to obtain and maintain proprietary rights over our technology, competition from other technologies or new competitors, the ability to access the capital required for research, product development, operations and marketing, the need to generate positive cash flow in the foreseeable future, potential legal liability related to the recall of our Green Goat(R) locomotives, changes in energy prices and currency levels. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize, or should the assumptions underlying our projections or forward-looking statements prove incorrect, our actual results may vary materially from those described in this report as intended, planned, anticipated, believed, estimated, or expected.
For further information
Kamila Wirpszo, Vice-President, General Counsel and Corporate Secretary, Railpower Technologies Corp., (450) 678-5277 ext.518, Toll Free: 1-866-678-5277, email@example.com