Aetherion Technologies Inc 6-K, filed Mar 27, 2020
Aetherion Technologies Inc. (AETR)
6-K
2020-03-27
For: 2020-03-27
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April 06, 2026
About this 6-K
Aetherion Technologies Inc filed this 6-K on March 27, 2020.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of March, 2020
Commission File Number: 001-34152
WESTPORT FUEL SYSTEMS INC.
(Translation of registrant's name into English)
1750 West 75th Avenue, Suite 101, Vancouver, British Columbia, Canada, V6P 6G2
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
☐ Form 20-F ☒ Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
EXHIBIT INDEX
* Previously filed with our Form 40-F for the fiscal year ended December 31, 2019, which was filed with the Securities and Exchange Commission on March 17, 2020.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Westport Fuel Systems Inc. | |||
(Registrant) | |||
Date: March 27, 2020 | By: | /s/ Richard Orazietti | |
Richard Orazietti Chief Financial Officer | |||
Letter to Shareholders
Dear Fellow Shareholders,
2019 was a milestone year for your company. Each of our businesses delivered improved operating results, both top line and bottom line. I am proud that in 2019 we continued our transformation into a profitable and sustainable enterprise, building on our prior year improvements.
Our range of clean technology solutions, distributed to markets around the world and supporting our OEM customers and partners, is helping to reduce the environmental impact of transportation. And doing so economically, enabling our technologies to reach the scale that is needed in our industry. Since transportation is a necessity, not a luxury, and because global demand for energy is increasing due to the mega-trends of population growth and economic development, our cost-effective and market-ready technologies are leading the way to improve the sustainability of transportation right now. From personal transportation, to light commercial vehicles, to transit buses, to heavy freight haulers, Westport Fuel Systems has products that deliver air quality and emission reduction benefits and do so affordably.
Our products are developed, validated, in production, and commercially available for all segments of the on-road transportation market. These are not just trade show announcements, prototypes, or demonstrations but production solutions that are gaining market share around the world. It is this combination of environmental and economic attributes which continues to inspire us to deliver every day.
In China, the liquefied natural gas (LNG) truck market is already the largest in the world and about 80% of the LNG trucks sold globally are sold there. Recent projections state that heavy-duty LNG trucks could approach a 20% share of annual sales. Our joint venture partner, Weichai-Westport, is the leading natural gas engine supplier in China and poised to grow with the launch of Westport HPDI 2.0™ into the Chinese market.
In India, the growth of compressed natural gas (CNG) vehicle sales is being driven by a significant fuel price advantage, stringent emission regulations, proposed diesel bans, and the build-out of the CNG refuelling infrastructure. One of our customers, a leading OEM, expects natural gas vehicle sales to be greater than 30% of their future sales mix.
In Europe, the first ever CO2 standards for heavy-duty vehicles were enacted by Parliament in April 2019. Westport HPDI 2.0™ beats the 2025 requirement to reduce CO2 emissions by 15%, and, with renewable gas and/or other vehicle efficiency improvements, enables OEMs to meet the 2030 mandate of a 30% reduction.
The significant growth of renewable natural gas (RNG) in the transportation energy mix in California and Europe offers a proof-point of the pathway for deep decarbonisation with gaseous fuels. The potential to get to net-zero carbon for trucking in Europe (and globally) using HPDI and RNG is available now. And it can be done at a competitive total cost of ownership compared to other technologies and with no compromise in performance, reliability, or durability.
We are in a great strategic position.
Over the course of the year, I have been able to work with the Westport Fuel Systems team in our offices and factories around the world. Our people and the products they engineer, design, and manufacture contribute clean transportation solutions and provide a valuable economic benefit to our customers. I am proud of our global team and their continued and sustained efforts to make the company a success.
On behalf of the management team and Westport Fuel Systems employees around the world, thank you for your continued support.
Sincerely,
David M. Johnson
Chief Executive Officer
WESTPORT FUEL SYSTEMS INC. 2019 ANNUAL REPORT | 1
Information for Shareholders
DIRECTORS & EXECUTIVE OFFICERS | |||||
Name / position | Residence | Start date | Committees | ||
AU | HR | NC | |||
Jim Arthurs Executive Vice President | North Vancouver, British Columbia | May 2011 | |||
Michele Buchignani Director | Vancouver, British Columbia | Mar 2018 | x | x | |
Brenda J. Eprile Chair & Director | North York, Ontario | Oct 2013 | x | x | |
Massimiliano Fissore Senior Vice President | Cherasco, Italy | Jun 2016 | |||
Dan Hancock Director | Indianapolis, Indiana, USA | Jul 2017 | x | x | |
Anthony Harris Director | Alameda, California, USA | June 2016 | x | x | |
David Johnson CEO and Director | Scottsdale, Arizona, USA | Jan 2019 | |||
Colin Johnston Director | Turin, Italy | June 2016 | x | x | |
Jim MacCallum Former Acting CFO | West Vancouver, British Columbia | Aug 2014 | |||
Richard Orazietti CFO | Burnaby, British Columbia | Sep 2019 | |||
Rodney T. Nunn Director | Chatham, Ontario | Mar 2016 | x | ||
Bart van Aerle Vice President | Eindhoven, Netherlands | Dec 2014 | |||
Peter M. Yu Director | New York City, New York, USA | Jan 2016 | |||
Committees are as follows: AU = Audit; HR = Human Resources & Compensation; NC = Nominating & Corporate Governance
Corporate Information
STOCK LISTINGS | |
NASDAQ | WPRT |
Toronto Stock Exchange | WPRT |
Legal Counsel
Bennett Jones LLP, Calgary, Alberta, Canada
Auditors
KPMG LLP, Independent Registered Public Accounting Firm, Vancouver, British Columbia, Canada
Annual General and Special Meeting of Shareholders
WHEN: Wednesday, April 29, 2020 at 10:00 AM (Pacific Time)
WHERE: Suite 101, 1750 West 75th Avenue, Vancouver, BC
Westport Shareholder Services
Shareholders with questions about their account-including change of address, lost stock certificates, or receipt of multiple mail-outs and other related inquiries-should contact our Transfer Agent and Registrar:
Computershare Trust Company of Canada
510 Burrard Street, 2nd Floor,
Vancouver, BC, Canada V6C 3B9
T 604-661-9400 F 604-661-9401
Westport Fuel Systems on the Net
Topics featured can be found on our websites:
WESTPORT FUEL SYSTEMS | wfsinc.com |
TWITTER | twitter.com/westportdotcom |
CUMMINS WESTPORT | cumminswestport.com |
The information on these websites is not incorporated by reference into this Annual Report. Financial results, Annual Information Form, news, services, and other activities can also be found on the Westport Fuel Systems website, on SEDAR at sedar.com, or at the SEC at www.sec.gov.
Shareholders and other interested parties can also sign up to receive news updates in a variety of formats including email, Twitter, and RSS feeds: wfsinc.com/investors/subscriptions.
Contact Information
1750 West 75th Avenue, Suite 101
Vancouver, BC, Canada V6P 6G2
T 604-718-2000 F 604-718-2001
invest@wfsinc.com