Press Release: Sale of Initial TP56 Locomotive
December 9, 2014 – North Vancouver, British Columbia
Tractive Power Corporation (“Tractive”, “TPC” or the “Company”) announces that it has completed the sale of its initial TP56 industrial switching locomotive to Parish & Heimbecker Limited of Winnipeg, Manitoba (“P&H”). This locomotive was first placed in demonstration service at P&H’s Cloverdale, BC facility in May of 2014, where it is expected to remain.
“We are pleased and impressed with the performance of the TP56 within our facility. It has proven to be robust and reliable. The Tractive Power team has been helpful and responsive in tailoring the locomotive to our specific needs”, said Dustin Stewart, Production Manager at Parrish and Heimbecker’s facility in Cloverdale.
Frank Donnelly, President and founder of Tractive Power Corporation remarked: “We have demonstrated that the locomotive design has met, and exceeded, our expectations for tractive effort. The reliability and availability is just what we thought it would be during our design and build process. Now that this initial locomotive has been sold, we are moving ahead with a build program for additional units.”
About Tractive Power Corporation
TPC is a private 100% employee owned company organized and operating in British Columbia, focused on developing better product and technology solutions for the rail industry. The Company was founded by Frank Donnelly in 2010. Frank is a well known innovator, with over 30 patents to his name. Using a unique approach, Frank and his talented team have taken up the challenge of offering solutions to moving material by rail in a more efficient manner than current technology. Tractive’s initial product is the TP56. This new design is a solution to the large industrial user seeking efficiencies in moving railcars within their facility. For more information on Tractive, please visit www.tractivepowercorp.com.
This release is provided for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the common shares in any jurisdiction (including the United States) in which such offer, solicitation or sale would be unlawful. Statements in this press release contain forward-looking information and forward-looking statements within the meaning of applicable securities laws (collectively, “forward-looking information”) including statements concerning the development of future models of the TP56 and other products. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may”or “will” occur. Although we believe that the expectations and assumptions reflected in the forward-looking information are reasonable, there can be no assurance that such expectations or assumptions will prove to be correct.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Tractive does not undertake any obligation to update or revise any forward-looking statements to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
For further information please contact:
Timothy Sanderson
Chief Operating Officer
Tractive Power Corporation
Tel: (604) 992-8844
Frank Donnelly,
President
Tractive Power Corporation
Tel: (604) 816-8553