Ballard Secures $1 Million Contract from General Motors for Fuel Cell Test Equipment and Services.VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Aug. 14, 1998-- 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 :BLDPF) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BLD.) 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. announced today that it had secured a $1.0 million contract (US$0.7 million) from General Motors Corporation, to supply fuel cell test equipment and related services. General Motors will use the test equipment as part of their ongoing research and development program for fuel cell powered electric vehicles. "Ballard values its ongoing relationship with General Motors," said Firoz Rasul, President and Chief Executive Officer of Ballard. "This purchase of fuel cell test equipment and related services shows GM's continued interest and dedication to the development of fuel cell powered vehicles." 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, Hitachi, Honda, Mazda, 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, ALSTOM, EBARA, and Cinergy to develop zero-emission engines for vehicles and clean stationary power plants. 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)
e-mail: investors@ballard.com
or
Ballard Power Systems Inc.
Debby Roman, 604/412-4740
604/412-3131 (FAX)
e-mail: debrom@ballard.com
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