"This transaction lowers Ballard's risk profile by addressing the realities of the high cost and long timeline for automotive fuel cell commercialization," said John Sheridan, Ballard's President and CEO. "It enables us to concentrate on growth in fuel cell applications which provide clean energy solutions in commercial markets such as materials handling, backup power and residential cogeneration."
The transaction is expected to close on January 31, 2008. Details of the transaction are contained in Ballard's Management Information Circular dated December 13, 2007. This document is available at www.sedar.com, www.sec.gov/edgar.shtml and on Ballard's website, www.ballard.com.
About Ballard Power Systems
Ballard Power Systems Inc. (
This release contains forward-looking statements that are based on the beliefs and assumptions of Ballard's management and reflect Ballard's current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Such assumptions relate to our financial forecasts and expectations regarding our product development efforts, manufacturing capacity, and market demand. These statements involve risks and uncertainties that may cause our actual results to be materially different, including, without limitation, the rate of mass adoption of our products, product development delays, changing environmental regulations, our ability to attract and retain business partners and customers, our access to funding, increased competition, our ability to protect our intellectual property, changes in our customers' requirements, and our ability to provide the capital required for product development, operations and marketing. Readers should not place undue reliance on Ballard's forward-looking statements and Ballard assumes no obligation to update or release any revisions to these forward looking statements. For a detailed discussion of the risk factors that could affect Ballard's future performance, please refer to our most recent Annual Information Form.
Contacts: Ballard Power Systems Inc. Rebecca Young (604) 454-0900 (604) 412-4700 Website: www.ballard.com