Capstone Turbine Corporation and United Technologies Corporation Announce Strategic Alliance.Business/Energy Editors CHATSWORTH, Calif.--(BUSINESS WIRE)--Oct. 28, 2002 Capstone Turbine Capstone Turbine Corporation NASDAQ: CPST, incorporated in 1988, is a California based gas turbine manufacturer that specializes in microturbine power and heat cogeneration systems. Capstone has sold and shipped more than 3,000 of these one-moving-part systems worldwide. Corp. (Nasdaq:CPST CPST Cable Programming Services Tier CPST Commission on Professionals in Science and Technology CPST Community Psychiatric Supportive Treatment (Ohio) CPST Child Passenger Safety Technician CPST Classical Perturbation Scattering Theory ) and United Technologies Corp. (NYSE NYSE See: New York Stock Exchange :UTX UTX United Technologies Corporation (stock abbreviation, AMEX) UTX Unreal Texture (a texture pack for Unreal-engine games) UTX Unit Training Exercise UTX Under Track Crossing ) through its UTC Power UTC Power provides On-Site Power Products, Transportation Products, and Space and Defense Solutions . UTC Power is a wholly owned subsidiary of United Technologies Corporation. History UTC Power began as a division of Pratt & Whitney in the 1960s. division announced today they have entered into a strategic alliance. The strategic alliance between UTC (Coordinated Universal Time, Temps Universel Coordonné) The international time standard (formerly Greenwich Mean Time, or GMT). Zero hours UTC is midnight in Greenwich, England, which is located at 0 degrees longitude. and Capstone is a long-term agreement to integrate, sell and service microturbine-based combined heat and power (CHP CHP Chapter CHP Combined Heat and Power CHP California Highway Patrol CHP Cumhuriyet Halk Partisi (Turkish: Republican People's Party) CHP Chemical Hygiene Plan (OSHA) CHP Community Health Plan ) solutions for commercial buildings. UTC and Capstone intend to build on key product, technology and channel strengths of the companies, including those of UTC's Carrier Corp. -- the leading manufacturer of heating, ventilation and air conditioning air conditioning, mechanical process for controlling the humidity, temperature, cleanliness, and circulation of air in buildings and rooms. Indoor air is conditioned and regulated to maintain the temperature-humidity ratio that is most comfortable and healthful. (HVAC (Heating Ventilation Air Conditioning) In the home or small office with a handful of computers, HVAC is more for human comfort than the machines. In large datacenters, a humidity-free room with a steady, cool temperature is essential for the trouble-free ) systems. The agreement covers North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and most of Europe. As part of the alliance agreement, UTC has committed to purchase a 4.9 percent stake in Capstone. Capstone is the leading producer of low-emission microturbine systems. UTC Power is leading UTC's efforts in distributed generation. UTC Fuel Cells, a leader in commercial fuel cells, is a part of UTC Power. Jan van Dokkum, president of UTC Power, said, "UTC is committed to improving the energy efficiency of commercial buildings. We believe Capstone microturbines will be an important element of our distributed generation strategy. Together, we will build upon the valuable lessons of our U.S. Department of Energy (DoE) Advanced Microturbine System and Building, Cooling, Heating and Power programs. Our investment in Capstone underlines our commitment and recognizes Capstone's leadership position in microturbines. We look forward to embarking on this long-term relationship." "We are pleased to announce the strategic alliance between UTC and Capstone," said Dr. Ake Almgren, president and chief executive officer of Capstone. "As we have consistently said, building a substantial business in distributed generation will require distinctive technology, proven products and world class channels. This alliance combines some of the best of these capabilities. We believe Capstone microturbines, integrated to work directly with UTC's CHP equipment, will provide significant benefits to our customers. Earlier this year, Capstone announced its focus on CHP, and this alliance with UTC provides a key step forward in enhancing opportunities for commercial CHP solutions." About Capstone Turbine Capstone Turbine Corporation is the world's leading producer of very-low-emission microturbine systems used for onsite power production. In 1998, Capstone was the first to offer commercial power products utilizing microturbine technology, the result of more than ten years of focused research. Capstone Turbine has sold and shipped nearly 2,400 commercial production Capstone MicroTurbine systems to customers worldwide. These award-winning systems have documented more than 2 million hours of operation serving, among others, the following applications: -- Hybrid electric vehicles (HEVs): onboard generation -- Resource recovery: converting oilfield, landfill and sewage gases into electricity -- Micro-cogeneration: combined heat/power/chilling/drying solutions -- The 9s market: power security, quality and reliability About UTC United Technologies Corp., based in Hartford, Connecticut, provides a broad range of high technology products and support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services to the building systems and aerospace industries. Additional information is available on the Internet at www.utc.com and www.utcpower.com. This announcement contains "forward-looking statements" made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, which can be identified by the use of forward-looking terminology such as "will," "believe" or other comparable terms. These forward-looking statements are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from future results expressed or implied in such statements. Such factors include, but are not limited to, 1) successful or timely completion of product integration efforts, 2) the fact that complex, multi-year strategic relationships may not achieve desired financial or operating results for either participant and 3) economic, political, climatic, currency, regulatory, technological, competitive and other factors detailed in each of UTC's and Capstone's filings with the Securities and Exchange Commission. The forward-looking statements contained herein speak only as of the date of this press release. Each of UTC and Capstone expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in either of their expectations or any change in events, conditions or circumstances on which any such statement is based. "Capstone Turbine Corp" is a registered trademark of Capstone Turbine Corporation. |
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