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Fuel Systems Solutions Co-Founder Calls on Board to Provide an Update on the Status of the Westport Transaction

CHERASCO, Italy--(BUSINESS WIRE)--

Pier Antonio Costamagna, a co-founder of Fuel Systems Solutions, Inc. (“FSS”) (FSYS) today sent a letter to the board of directors of FSS calling for an update on the status of FSS’ proposed merger with Westport Innovations, Inc. (“Westport”) (TSX:WPT / NASDAQ:WPRT). Mr. Costamagna additionally reiterated his intent to vote against the proposed merger of Westport and FSS, should a special meeting of stockholders be held. Mr. Costamagna has sole voting power over 1,576,043 shares of FSS common stock, representing approximately 8.7% of outstanding shares.

A copy of the letter follows:

Fuel Systems Solutions, Inc.
780 Third Avenue, 25th Floor
New York, New York 10017

Members of the Board:

As one of the largest stockholders of Fuel Systems Solutions, Inc. (“FSS”), I am writing to you to express my concern over the future of FSS following a combination with Westport Innovations, Inc. (“Westport”). I hold sole voting power over 1,576,043 shares of FSS common stock, representing approximately 8.7% percent of the outstanding shares of FSS common stock as of April 8, 2016.

I am surprised to see that you have yet to provide stockholders with an update on the status of the special meeting of stockholders adjourned in March. Nor have you filed an updated proxy statement for the amended transaction. You committed to announce a new date for the special meeting four days following your last public statement on March 18, 2016.

It has now been nearly three...


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