Proxy Advisory Firms Have Reaffirmed Recommendation that Fuel Systems Shareholders Vote for the Proposed Merger
Merger Agreement already overwhelmingly approved by Westport shareholders
VANCOUVER, May 20, 2016 - Westport Innovations Inc. (TSX:WPT / NASDAQ:WPRT) ("Westport"), engineering the world's most advanced natural gas engines and vehicles, announced today that Institutional Shareholder Services Inc. ("ISS"), a leading independent proxy advisory firm that provides voting recommendations to institutional investors, has reaffirmed its recommendation that Fuel Systems Solutions, Inc. (Nasdaq:FSYS) shareholders approve the Amended Agreement and Plan of Merger between Westport and Fuel Systems.
In its May 19, 2016 report, ISS reaffirmed continued support for the merger, stating, "FSYS shares have benefitted from being linked to the WPRT stock price as a result of the merger agreement".
In addition, Glass Lewis Co., another leading independent proxy advisory firm, also issued an updated report on May 18, 2016 to reflect the Amended Agreement and Plan of Merger stating, "the amended merger agreement is, on balance, reasonable and in the best interests of Fuel Systems shareholders. Accordingly, we recommend that shareholders vote FOR this proposal".
"We are confident that there is widespread support for the merger from Fuel Systems shareholders and the Board", said David Demers, Westport CEO. "The Fuel Systems shareholder meeting is on May 31, 2016, and shareholders are still required to vote, even if they registered a vote for the earlier meeting."
The amendments to the original Agreement and Plan of Merger, dated September 1, 2015, were made to reflect current market conditions and provide greater certainty to Westport and Fuel Systems shareholders. The Amended Agreement has been approved, and is supported, by the Boards of Directors of both companies.
About Westport
Westport engineers the world's most advanced natural gas engines and vehicles. More than that, we are fundamentally changing the way the world travels the roads, rails and seas. We work with original equipment manufacturers worldwide from design through to production, creating products to meet the growing demand for vehicle technology that will reduce both emissions and fuel costs. To learn more about our business, visit www.westport.com
SOURCE Westport Innovations Inc.
CONTACT:
Investor Inquiries: Ryder McRitchie, Vice President, Investor Relations, Westport, T: +1 604-718-2046, invest@westport.com;
Media Inquiries: Holly Black, Director, Communications, Westport, T: +1 604-718-2011, media@westport.com
