Ballard Shareholders Approve Sale of Automotive Fuel Cell Assets

VANCOUVER, CANADA -- (MARKET WIRE) -- Jan 25, 2008 -- Ballard Power Systems (TSX: BLD)(NASDAQ: BLDP) announced that shareholders have approved the previously announced transaction to sell the company's automotive fuel cell assets to Daimler AG and Ford Motor Company. Of the shares voted, 97.8% were in favor, giving overwhelming support to the transaction. Daimler and Ford were restricted from this vote.

"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. (TSX: BLD)(NASDAQ: BLDP) is recognized as a leader in the development, manufacture and sale of hydrogen fuel cells. Ballard's mission is to make fuel cells a commercial reality. To learn more about what Ballard is doing with Power to Change the World®, visit www.ballard.com.

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





Review Article Be the first to review this article
Rand3D

SolidCAM: SolidCAM Dec 2017 Campaign Save 28 percent

Featured Video
MCAD Corporate Newsletter
rss feed
Jobs
Mechanical Design Engineer 3 for KLA-Tencor at Milpitas, CA
Urban Designer - Urban Design/Planning for SERA Architects, Inc at Portland, OR
Geospatial Analyst - Senior for BAE Systems Intelligence & Security at Springfield, VA
Geospatial Systems Administrator for BAE Systems Intelligence & Security at arnold, MO
Upcoming Events
ESPRIT World 2018 at Indianapolis Marriott Downtown 350 West Maryland Street Indianapolis IN - Jun 11 - 15, 2018
HxGN LIVE 2018 at The Venetian Las Vegas NV - Jun 12 - 15, 2018
IMTS2018 International Manufacturing Tech Show at McCormick Place Chicago IL - Sep 10 - 15, 2018
Kenesto: 30 day trial



Internet Business Systems © 2017 Internet Business Systems, Inc.
25 North 14th Steet, Suite 710, San Jose, CA 95112
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation GISCafe - Geographical Information Services TechJobsCafe - Technical Jobs and Resumes ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise