FOR IMMEDIATE RELEASE:
October 19, 2006
(Vancouver, BC) -– Westport Innovations Inc. (TSX:WPT) today announced that it ranked Number 2 on Deloitte’s 2006 Technology Fast 500, a ranking of the 500 fastest growing technology, media, telecommunications and life sciences companies in North America. Rankings are based on percentage revenue growth over five years, from 2001–2005.
Westport’s CEO, David Demers, credits the significant environmental advantages of natural gas as the source of the company’s market success over the last five years. However, with the recent sustained increase in oil prices, the economic advantage of natural gas around the world could accelerate further market success. Demers said, “Through our joint venture, Cummins Westport, more than 13,000 trucks and buses are operating on natural gas, which is the cleanest and most economical transportation fuel available today. We look forward to working with our partners and suppliers around the world to deliver this new solution to many more customers.”
“Sustaining high revenue growth over five years is an exceptional accomplishment. We commend Westport for making the commitment to technology and delivering on the promise of market longevity,” said Tony Kern, deputy managing principal of Deloitte’s Technology, Media & Telecommunications industry practice. We are proud to honour Westport’s ranking on the Deloitte Technology Fast 500 list.”
In addition to ranking on Deloitte’s Technology Fast 500, Westport ranked first on the Canadian Technology Fast 50, which is a ranking of the 50 fastest growing technology firms in Canada.
Fast 500 Selection and
Qualifying Criteria
The Fast 500 ranks the fastest growing technology, media, telecommunications and
life sciences companies in North America. It is compiled from Deloitte’s 16
regional North American Fast 50 programs, nominations submitted directly to the
Fast 500, and public company database research. Companies are selected based on
percentage revenue growth from 2001 to 2005.
Entrants must own proprietary intellectual property or proprietary technology that contributes to a significant portion of the company's operating revenues or devote a significant proportion of revenues to research and development of technology. Using other companies' technology or intellectual property in a unique way does not qualify. Base-year operating revenues must be at least $50,000 USD or $75,000 CD, and current-year operating revenues must be at least $5 million USD or CD. Companies must be in business a minimum of five years, and they must be headquartered within North America.
About Westport
Innovations Inc.
Westport Innovations Inc. is a leading global supplier of engine and alternative
fuel power technologies that allow engines to operate on clean-burning fuels
such as natural gas, hydrogen, and hydrogen-enriched natural gas (HCNG).
Westport has technology development alliances in place with Cryostar, Cummins,
Ford, BMW, and Isuzu, as well as an ownership interest in Clean Energy, the
largest provider of natural gas for vehicles in North America. Cummins Westport
Inc., Westport’s joint venture with Cummins Inc., manufactures and sells the
world's widest range of low-emissions alternative fuel engines for commercial
transportation applications such as trucks and buses. BTIC Westport Inc.,
Westport’s joint venture with Beijing Tianhai Industry Co. Ltd., manufactures
and sells liquefied natural gas (LNG) fuel tanks for vehicles.
www.westport.com
Inquiries: Jonathan
Burke, Investor Relations, Westport Innovations Inc., Phone: 604-718-2046,
Email:
invest@westport.com. ###