Ballard, DaimlerChrysler Dismiss Incorrect News Article, Reaffirm Fuel Cell Alliance Status.Business Editors VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Jan. 15, 2001 Ballard Power (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BLDP BLDP Ballard Power Systems (stock symbol) ) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BLD BLD Build BLD Blood BLD Blade BLD Blonde BLD Breakfast Lunch Dinner BLD Bukas-Loob Sa Diyos (Filipino: Open In Spirit To God) BLD BASIC Bload Graphics (File Name Extension) BLD Below Limit of Detection .TO) A news article in the January 15 edition of Japan's Nikkan Kogyo Shimbun Nikkan Kogyo Shimbun (日刊工業新聞, The Business & Technology Daily News), one of the leading daily newspapers in Japan, specializes in business and industrial affairs, and is published by The Nikkan Kogyo Shimbun, Ltd. is factually incorrect in stating that DaimlerChrysler AG will buy automotive fuel cells from the Mitsubishi Group, ending an exclusive relationship with Ballard Power Systems Ballard Power Systems (TSX: BLD, NASDAQ: BLDP), located in Burnaby, British Columbia -- a suburb of Vancouver -- is a company that designs, develops, and manufactures zero emission proton-exchange-membrane fuel cells. . Ballard and DaimlerChrysler remain committed to their exclusive proton exchange membrane A proton exchange membrane (PEM) is a semipermeable membrane generally made from ionomers and designed to conduct protons while being impermeable to gases such as oxygen or hydrogen. (PEM) fuel cell alliance, which also includes Ford Motor Company. "Our long-standing relationship with DaimlerChrysler is very strong, as is the formal fuel cell alliance and exclusive supply agreement we formed with them in 1997," said Ballard Chairman and Chief Executive Officer Firoz Rasul. "Ballard is recognized as the world leader in the PEM fuel cell industry. DaimlerChrysler and Ford are committed to maintaining this leadership through our alliance." "DaimlerChrysler is firmly committed to its strategic relationship and exclusive PEM fuel cell supply agreement with Ballard Power Systems, " said Dr. Ferdinand Panik, Vice-President, Fuel Cells with DaimlerChrysler. "DaimlerChrysler is Mitsubishi's largest shareholder and our relationship with them does not have a negative impact on our fuel cell alliance with Ballard and Ford. As the world leader in the development of PEM fuel cells, Ballard's development activities continue to drive our fuel cell vehicle programs." Ballard Power Systems is recognized as the world leader in developing, manufacturing and marketing zero-emission proton exchange membrane fuel cells for use in transportation, electricity generation and portable power products. Ballard Power Systems' proprietary fuel cell technology is enabling automobile, electrical equipment and portable power product manufacturers to develop environmentally clean products for sale. The fundamental component of these end-user products is the Ballard(r) fuel cell that combines hydrogen (which can be obtained from methanol, natural gas, petroleum or renewable sources) and oxygen (from air) without combustion to generate electricity. Ballard is partnering with strong, world-leading companies, including DaimlerChrysler, Ford, GPU International, ALSTOM and EBARA, to commercialize Ballard fuel cells. Ballard has also supplied fuel cells to Honda, Nissan, Volkswagen, Yamaha, Cinergy, Coleman Powermate and Matsushita Electric Works Matshushita Electric Works (MEW), Ltd. can trace its beginnings to a company that was founded in 1918 by Konosuke Matsushita. Matshushita began making the flashlight components for bicyles, then progressed to making lighting fixtures. , among others. |
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