(Source: PrimeNewswire)SANTA ANA, Calif., June 23, 2009 (GLOBE NEWSWIRE) -- Fuel Systems Solutions, Inc. (Nasdaq:FSYS) has entered into definitive purchase agreements with selected institutional investors to sell 1,500,000 shares of its common stock, par value $0.001 per share, at a price of $20.00 per share in a registered direct offering. The company expects to receive gross proceeds from the offering of approximately $30.0 million, before deducting placement agent's fees and other offering expenses. The company intends to use the net proceeds from this offering for general corporate purposes, which may include the repayment or refinancing of indebtedness or the acquisition of complementary products or businesses which further its corporate strategy. The offering is expected to close on or about June 26, 2009, subject to customary closing conditions.

The shares of common stock are being offered by the company pursuant to its existing shelf registration statement, which was filed with and declared effective by the Securities and Exchange Commission on June 18, 2009. A prospectus supplement describing the terms of the offering, which forms a part of the effective Registration Statement, will be filed with the Securities and Exchange Commission.

Needham & Company, LLC served as exclusive placement agent for the offering. The shares of common stock may be offered only by means of a prospectus. Copies of the prospectus supplement and the accompanying base prospectus relating to this offering, when available, may be obtained at the Securities and Exchange Commission's website at http://www.sec.gov or from Needham & Company, LLC, 445 Park Avenue, New York, NY 10022.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This press release contains certain forward-looking statements, including, without limitation, statements concerning the amount of proceeds to be received by the company in the offering, the company's planned use of proceeds and the expected closing date of the offering, that are subject to risks and uncertainties that could cause actual results to differ materially from the statements made, including risks associated with the closing of the offering, the impact of market developments on demand for the company's products and changes in the company's operating and strategic plans.

All forward-looking statements are based upon our current expectations and various assumptions.