Ballard: Ford, Daimler-Benz, and Ballard Complete Agreement to Develop Fuel-Cell Technology for Fututre Vehicles.BASEL, SWITZERLAND--(BUSINESS WIRE)--April 7, 1998--Ballard Power System(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 .) (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 :BLDPF) The global alliance whose goal is to be the world's leading commercial producer of fuel-cell powered drive-trains and components for cars, trucks and buses was formalized today by 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. Inc., Daimler-Benz AG, and Ford Motor Company. Representatives met in Basel, Switzerland, to complete and sign the final alliance agreements. The three companies have worked enthusiastically toward this objective since signing a memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. on December 15, 1997, in Stuttgart, Germany. Under the agreement, which consists of three parts, Ballard will be responsible for fuel cells, with Daimler-Benz and Ford holding 20 percent and 15 percent of Ballard Power Systems, respectively. Daimler-Benz will have majority ownership of DBB Fuel Cell Engines GmbH, which is responsible for fuel-cell systems, with Ballard holding about 27 percent and Ford 22 percent. Ford will be the majority owner of a new company responsible for electric drive-train systems, with Ballard and Daimler-Benz owning 21 percent and 17 percent, respectively. Ford's total investment in the alliance is about C$600 million (US $420 million), consisting of cash, technology and assets. Together Ballard, Daimler-Benz, and Ford have invested over a billion Canadian dollars in this alliance. As part of the agreement, Ballard issued from treasury 3,746,900 Common shares to Ford for total cash consideration of C$302,749,520. Mazda Motor Corporation will participate in the Ford/Daimler-Benz/Ballard alliance, through its close association with Ford Motor Company. Ballard Power Systems is the world leader in the development of 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. fuel cell power systems. At the heart of its products is the Ballard Fuel Cell, a proprietary zero-emission engine that converts natural gas, methanol, gasoline, or hydrogen fuel into electricity without combustion. Ballard Fuel Cells are currently being used by leading international companies including Daimler-Benz, Ford, General Motors, Chrysler, Nissan, Honda, Volkswagen, Volvo, 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. , GPU International, GEC ALSTHOM, and Cinergy to develop zero-emission vehicles, clean stationary electric power plants and portable power systems. Ballard's Common shares are listed on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the trading symbol "BLD" and on the Nasdaq National Market System under the symbol "BLDPF". CONTACT: Ballard Power Systems Inc. Paul Lancaster, 604/412-3195 604/412-4700 (FAX) or Debby Roman, 604/412-4740 604/412-3131 (FAX) Email: debrom@ballard.com or Daimler-Benz North America Bernd Harling, 212/909-9716 212/308-4252 (FAX) or Ford Motor Company Terry Bresnihan, 313/337-2456 |
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