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Revenues for the Quantum Fuel Systems operating segment during the quarter were $6.2 million compared to $5.2 million in the second quarter of fiscal 2007, representing a 19% increase. This increase is primarily due to higher development program revenues to support hybrid development programs, GM Fuel Cell Hybrid Equinox program and military and aerospace programs. The operating loss for the Quantum Fuel Systems operating segment was $2.0 million in the second quarter of fiscal 2008 compared to an operating loss of $3.8 million in the second quarter of fiscal 2007. This decrease in operating loss was primarily a result of higher product margins and customer funded development programs covering a significant portion of research and development expenses.
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Quantum Corp. QTM is the leading global storage company specializing in backup, recovery and archive. Combining focused expertise, customer-driven innovation, and platform independence, Quantum provides a comprehensive, integrated range of disk, tape, and software solutions supported by a world- class sales and service organization. As a long-standing and trusted partner, the company works closely with a broad network of resellers, OEMs and other suppliers to meet customers' evolving data protection needs. Quantum Corp., 1650 Technology Drive, Suite 800, San Jose, CA 95110, (408) 944-4000, http://www.quantum.com.
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"Quantum is pleased to have its hydrogen hybrid Toyota Priuses selected to be part of the California Hydrogen Highway initiative. Interest in Quantum's hydrogen hybrid technologies continues to grow, with 30 hydrogen Priuses currently in operation in Southern California and 23 more now on order, including 15 that are bound for Norway," said Alan P. Niedzwiecki, President and CEO of Quantum. "We are proud to supply our California-developed alternative fuel and alternative energy technologies as solutions to the environmental and energy issues impacting the State, our nation, as well as the rest of the world. Quantum is ready today to fulfill the California Hydrogen Blueprint's plan for 20,000 hydrogen fueled vehicles."
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"Quantum's StorNext software solves mission-critical workflow problems requiring extreme performance and shared access," said Brian Garrett, technical director of ESG Lab. "It is unique in its ability to provide an extremely scalable platform for high-speed data sharing across the SAN and LAN, automated tiered storage migration to lower cost disk and tape, data reduction via de-duplication and enhanced online serviceability. ESG Lab verified the cost savings, enhanced performance and high-availability benefits offered in StorNext 3.0, affirming Quantum's position as a key provider of data protection and management solutions."
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Quantum theory, the branch of physics which is based on quantization, began in 1900 when Max Planck published his theory explaining the emission spectrum of black bodies. In that paper Planck used the Natural system of units he invented the previous year. The consequences of the differences between classical and quantum mechanics quickly became obvious. But it was not until 1926, by the work of Werner Heisenberg, Erwin Schrödinger, and others, that quantum mechanics became correctly formulated and understood mathematically. Despite tremendous experimental success, the philosophical interpretations of quantum theory are still widely debated.
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As part of a restructuring of certain debt obligations of TAG, which were guaranteed by Quantum, the TAG operations were transferred and assigned to WB Holdings in full satisfaction of approximately $20.3 million in debt obligations. Also, as part of the restructuring, WB Holdings provided approximately $2.0 million of additional financing to Quantum. The transfer of the Tecstar business segment was structured as a voluntary surrender of assets under Article 9 of the Uniform Commercial Code.
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