CORRECTING and REPLACING FuelCell Energy Announces Execution of a Memorandum of Understanding to Develop Strategic Distribution Alliance with Enbridge Inc.Energy Editors/Business Editors CORRECTION...by FuelCell Energy, Inc. DANBURY, Conn.--(BUSINESS WIRE)--Oct. 16, 2003 In BW6079 issued Oct. 15, 2003: first graph, first sentence of release should read: FuelCell Energy, Inc. (NasdaqNM: FCEL), a leading manufacturer... (sted xxx FuelCell Energy, Inc. (NasdaqNM: FCEL), a leading manufacturing...) The corrected release reads: FUELCELL ENERGY ANNOUNCES EXECUTION OF 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. TO DEVELOP STRATEGIC DISTRIBUTION ALLIANCE WITH ENBRIDGE INC. Agreement Will Expand Market Development for Its DFC DFC - A dataflow language. ["Data Flow Language DFC: Design and Implementation", S. Toshio et al, Systems and Computers in Japan, 20(6):1- 10 (Jun 1989)]. Products FuelCell Energy, Inc. (NasdaqNM: FCEL), a leading manufacturer of stationary fuel cell power plants for distributed generation Distributed generation generates electricity from many small energy sources. It has also been called also called on-site generation, dispersed generation, embedded generation, decentralized generation, decentralized energy or , announced today that it has entered into a Memorandum of Understanding with Enbridge Inc. (NYSE NYSE See: New York Stock Exchange :ENB), a leader in energy transportation and distribution in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and internationally, to develop a strategic distribution alliance agreement for its Direct FuelCell(R) (DFC(R)) products in Canada. The alliance agreement, the definitive terms still subject to negotiation by both companies, is expected to include an initial term of three years, and incentive warrants issued to Enbridge which will vest based on order commitments for DFC power plants. The alliance agreement is expected to be completed prior to the special shareholder meetings required to approve the combination agreement between FuelCell Energy, Inc. and Global Thermoelectric ther·mo·e·lec·tric also ther·mo·e·lec·tri·cal adj. Characteristic of, resulting from, or using electrical phenomena occurring in conjunction with a flow of heat. Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension : GLE GLE Grade-Level Expectations (education) GLE Greater London Enterprise GLE Graphics Layout Engine GLE Glencairn Gold Corp (stock symbol) GLE Ground Level Enhancements GLE Grand Lodge of England ) ("Global") scheduled for October 31, 2003. "Developing this distribution alliance agreement with Enbridge is consistent with our strategy to partner with global energy industry leaders to introduce and develop markets for our DFC products," said Jerry D. Leitman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of FuelCell Energy, Inc. "We have demonstrated successes in Japan, Europe and the U.S., and we look forward to building upon those with Enbridge in Canada." Enbridge has agreed to not oppose the FuelCell Energy/Global combination agreement. About Direct FuelCells Direct FuelCells efficiently generate clean electricity at distributed locations near customer locations, including hospitals, schools, universities, hotels and other commercial and industrial facilities, as well as in grid-support applications for utility customers. Essentially, Direct FuelCells are like large, continuously operating batteries that generate electricity as long as fuel, such as natural gas, is supplied. Since the fuel is not burned, there is no pollution commonly associated with the combustion of fossil fuels. Because hydrogen is generated directly within the fuel cell module from readily available fuels such as natural gas and wastewater treatment gas, DFC power plants are ready today and do not require the creation of a hydrogen infrastructure. This high-efficiency technology generates more electric power from less fuel and with less carbon dioxide carbon dioxide, chemical compound, CO2, a colorless, odorless, tasteless gas that is about one and one-half times as dense as air under ordinary conditions of temperature and pressure. emissions than traditional combustion methods. About FuelCell Energy, Inc. FuelCell Energy, Inc., based in Danbury, Connecticut, is a world leader in the development and manufacture of highly efficient hydrogen fuel cells for clean electric power generation, currently offering DFC power plant products ranging in size from 250 kilowatts to 2 megawatts for applications up to 50 megawatts. The Company has developed commercial distribution alliances for its carbonate Direct FuelCell technology with MTU (1) (Maximum Transmission Unit, Maximum Transfer Unit) The largest frame size that can be transmitted over the network. For example, an Ethernet MTU is 1,500 bytes. Messages longer than the MTU must be divided into smaller frames. CFC CFC See: Controlled foreign corporation Solutions GmbH, a company of DaimlerChrysler AG, in Europe; Marubeni Corporation in Asia; and Caterpillar, PPL PPL - Polymorphic Programming Language. An interactive, extensible language, based on APL, from Harvard University. ["Some Features of PPL - A Polymorphic Programming Language", T.A. Standish, SIGPLAN Notices 4(8) (Aug 1969)]. Energy Plus, Chevron Energy Solutions and Alliance Power in the U.S. FuelCell Energy is developing Direct FuelCell technology for stationary power plants with the U.S. Department of Energy through its Office of Fossil Energy's National Energy Technology Laboratory. More information is available at www.fuelcellenergy.com. This press release contains forward-looking statements, including statements regarding the Company's plans and expectations regarding the development and commercialization of its fuel cell technology. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could cause such a difference include, without limitation, the risk that commercial field trials of the Company's products will not occur when anticipated, general risks associated with product development, manufacturing, changes in the utility regulatory environment, potential volatility of energy prices, rapid technological change, and competition, as well as other risks set forth in the Company's filings with the Securities and Exchange Commission. The forward-looking statements contained herein speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based. |
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