Ballard Announces Closing of Sale of German Subsidiary to DaimlerChrysler and Ford.VANCOUVER, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography -- 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. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :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 :BLDP BLDP Ballard Power Systems (stock symbol) ) announced today the previously announced sale of its German subsidiary, Ballard Power Systems AG (BPSAG), to DaimlerChrysler AG (DaimlerChrysler) and Ford Motor Company (Ford) has closed as planned. "At Ballard, we have one vision, one goal - to develop fuel cell power as a practical alternative to internal combustion automotive engines. We will succeed through our relentless commitment to technology leadership. Today, we are better positioned than ever to achieve that goal," said Dennis Campbell, Ballard's President and Chief Executive Officer. "We are stronger financially, with the recovery of approximately $20 million in expenses and an annual reduction in cash consumption of $25 million. We are stronger strategically, with a sharpened focus on our core competency A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
About Ballard Power Systems Ballard Power Systems is recognized as the world leader in the design, development, and manufacture of zero-emission 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 cells. Ballard's mission is to develop fuel cell power as a practical alternative to internal combustion engines through technology leadership. To learn more about what Ballard is doing with Power to Change the World(R), visit www.ballard.com. This release contains forward-looking statements that are based on the beliefs 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. When used in this release, the words "estimate", "project", "believe", "anticipate", "intend", "expect", "plan", "predict", "may", "should", "will", the negative of these words or such other variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current views of Ballard with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in those forward-looking statements. All figures are reported in U.S. dollars. Ballard, the Ballard logo and Power to Change the World are registered trademarks of Ballard Power Systems Inc. Ballard Power Systems Inc. (TSX:BLD) (NASDAQ:BLDP) |
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