Ballard Announces Completion of the Purchase of EBARA's Interest in Ballard Generation Systems and Direct Relationship Between Ballard and EBARA.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--Dec. 12, 2001 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. (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 .) announced today that it has completed the acquisition of the interest of EBARA Corporation ("EBARA") in Ballard's stationary power subsidiary, Ballard Generation Systems Inc. ("BGS BGS British Geological Survey BGS Below Ground Surface (depth below the ground surface) BGS Bundesgrenzschutz (German: Federal Border Guard) BGS Bachelor of General Studies (degree) "), through the issuance of 1,233,566 of Ballard's common shares in a transaction valued at US $35.8-million. EBARA is subject to a minimum four-year hold period for these shares. "This completes an important step in the streamlining of our stationary alliance," said Mike Murry, Vice-President of Ballard's Power Generation Division. "We are focussed on optimizing the structure of our Power Generation Division to enable us to leverage product development investments across markets and enhance the development of commercial fuel cell generators." BGS was formed in 1996 to commercialize PEM (Privacy Enhanced Mail) A standard for secure e-mail on the Internet. It supports encryption, digital signatures and digital certificates as well as both private and public key methods. Not widely used, work on PEM later evolved into S/MIME. See MIME. fuel cell stationary power generators that use the BALLARD(R) fuel cell. After completion of the pending sale of the interest of First Energy Corp. (formerly GPUI) in BGS, Ballard Power Systems will own 81.6 percent of BGS. The remaining shares of BGS are held by Alstom SA of France. "EBARA having a direct investment in Ballard Power Systems forms a strong basis for the ongoing productive relationship between Ballard and EBARA," said Shirou Nagato, Managing Director, EBARA Corporation. Ballard's relationship with EBARA also continues through the jointly owned company EBARA BALLARD Corporation ("EBARA BALLARD"), based in Japan. EBARA BALLARD has exclusive manufacturing and distribution rights for Ballard's fuel cell stationary power generators in Japan and is owned 51 percent by EBARA and 49 percent by Ballard. EBARA BALLARD is developing distributed power generation products for both residential and commercial customers. Ballard Power Systems is recognised as the world leader in developing, manufacturing and marketing 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. ("PEM") fuel cells for use in transportation, electricity generation and portable power products. Ballard's Transportation Division develops, manufactures and markets complete fuel cell engines for the transportation market. Ballard's Electric Drive and Power Conversion Division develops, manufactures and markets electric drive trains for both fuel cell and battery powered electric vehicles, and power conversion equipment for microturbines and other distributed generation products. Ballard's Power Generation Division develops, manufactures and markets fuel cell power generation equipment for markets ranging from 1-kilowatt portable power products to larger stationary power generation products. Ballard's Material Products Division is a Tier 1 automotive supplier of friction materials for power train components to General Motors and Borg Warner, as well as a supplier of gas diffusion layer materials to the fuel cell industry. Ballard's proprietary fuel cell technology is enabling automobile, electrical equipment and portable power product manufacturers to develop environmentally clean products for sale. Ballard is partnering with strong, world-leading companies, including DaimlerChrysler, Ford, ALSTOM and EBARA, to commercialise BALLARD(R) 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. 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 "BLDP". Ballard, the Ballard logo and Power to Change the World are registered trademarks of Ballard Power Systems Inc. |
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