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Uqm Technologies Inc (UQM) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Uqm Technologies Inc

CIK: 315449 Ticker: UQM

Exhibit 99.1

Picture 9

 

For Immediate Release

 

 

UQM Technologies Reports First Quarter Financial Results

Revenue $3.7 Million; Acquisition by Danfoss Approved by Shareholders

 

 

LONGMONT, COLORADO, MAY 14, 2019 –

UQM Technologies, Inc. (NYSE American: UQM) (“UQM” or the “Company”), a developer of alternative energy technologies, today announced operating results for the first quarter ended March 31, 2019.  

 

Recent Highlights

·

Reported revenue of $3.7 million for the first quarter of 2019 versus $1.6 million for the prior-year period

·

Held special meeting of shareholders on April 23, 2019 at which the acquisition by Danfoss A/S (“Danfoss”) was approved by 69.65% of outstanding shares – such that 92.38% of total shares voted were in favor of the merger  

·

The transaction – at $1.71 per share, or approximately $100 million total valuation – is anticipated to close during the second quarter of 2019, subject to government and regulatory approvals

 

“UQM took the next step in its evolution on April 23, 2019, when the acquisition by Danfoss was overwhelmingly approved by shareholders,” said Joe Mitchell, UQM Technologies’ President and Chief Executive Officer. “With over 92% of votes cast in favor of this monumental transaction, everything is moving in the right direction for our merger to close during the second quarter. We continue to work with CFIUS – and Danfoss – to prepare for this transformational event where our products can more effectively compete, penetrate new markets, and play an important role in the electric vehicles of tomorrow.” 

 

Results for the Three Months Ended March 31, 2019

Revenue for the first quarter of 2019 was $3.7 million compared with $1.6 million for the first quarter of 2018. UQM’s net loss for the first quarter was $2.6 million, or $(0.05) per common share, compared to a net loss of $1.9 million, or $(0.04) per common share, last year, primarily reflecting higher SG&A costs due to merger-related professional and administrative expenses. 

 

Conference Call

The Company will host a conference call tomorrow, May 15, 2019, at 10:30 a.m. Eastern Time, to discuss operating results for the quarter ended March 31, 2019. To attend the conference call, please dial 888-241-0326 approximately ten minutes before the conference is scheduled to begin and provide the conference ID “2289855” to access the call. International callers should dial +1 647-427-3411. The call will also be webcast live and accessed from the company’s website at www.uqm.com/investors. Parties listening via the webcast will be in a “listen-only” mode. Please log onto UQM’s website ten minutes prior to the start of the webcast to register.

 

UQM TECHNOLOGIES, INC. 4120 SPECIALTY PLACE, LONGMONT, COLORADO 80504 (303) 682-4900 FAX (303) 682-4901


The following information was filed by Uqm Technologies Inc (UQM) on Tuesday, May 14, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Uqm Technologies Inc provided additional information to their SEC Filing as exhibits

Ticker: UQM
CIK: 315449
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-19-004989
Submitted to the SEC: Tue May 14 2019 4:15:36 PM EST
Accepted by the SEC: Tue May 14 2019
Period: Sunday, March 31, 2019
Industry: Electronic Components

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