Ballard Confirms Ford's TH!NK City Decision Will Not Affect 2002 Revenue Guidance.Business Editors & Environment Writers VANCOUVER, British Columbia--(BUSINESS WIRE)--Sept. 3, 2002 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) ) (TSX:BLD) announced today that Ford Motor Company's recent decision to not place the battery electric TH!NK City vehicle into North American production will have no impact on Ballard's 2002 revenue guidance of $82-million. Ballard was to supply the electric drive for this vehicle. "Ballard supports Ford Motor Company's decision to focus their resources on the development of fuel cell and hybrid vehicle technology," said Paul Lancaster, Ballard's Vice President, Finance. "Ballard will not be revising its revenue guidance as a result of Ford's decision as the impact on Ballard's revenue for 2002 will be negligible due to the conservative forecast it uses for new products." "Ballard is continuing to develop its electric drive technology for use in airport ground support equipment, hybrids and fuel cell vehicles
In general, the right of a person or company to purchase something before the offering is made available to others. Notes: For example, a football team may have the right of first refusal on a player's contract. to supply Ford's electric drive requirements and it will continue to work with Ford to identify opportunities for Ballard's technology." Ballard Power Systems is recognized 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. fuel cells. Ballard is commercializing fuel cell engines for transportation applications and fuel cell systems for portable and stationary products ranging from 1 kilowatt to 250 kilowatts. Ballard is also commercializing electric drives for fuel cell and battery-powered electric vehicles, power conversion products for fuel cells, natural gas and hydrogen generator sets and other distributed generation products, and is a Tier 1 automotive supplier of friction materials for power train components. Ballard's proprietary technology is enabling automobile, bus, electrical equipment, portable power and stationary product manufacturers to develop environmentally clean products for sale. Ballard is partnering with strong, world-leading companies, including DaimlerChrysler, Ford, EBARA, ALSTOM and FirstEnergy, to commercialize BALLARD(R) fuel cells. Ballard has 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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