Headwaters Incorporated Announces Fuel Cell Partnership with Leading Chinese Research Institute.Business Editors SOUTH JORDAN, Utah--(BUSINESS WIRE)--July 10, 2003 Headwaters Incorporated (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 : HDWR) has announced formation of a fuel cell technology development and commercialization joint venture with the Dalian Institute of Chemical Physics ("DICP DICP Defense Intelligence Counterdrug Program DICP Dublin Inner City Partnership DICP Drop In Communications Package (MKV SOC) ") of the Peoples Republic of China. Housing three national laboratories for the Chinese Academy of Sciences The Chinese Academy of Sciences (CAS) (Simplified Chinese: 中国科学院; Pinyin: Zhōngguó Kēxuéyuàn), formerly known as Academia Sinica , the Dalian Institute of Chemical Physics has a similar role to U.S. national laboratories such as Sandia and Argonne. Established for over 50 years, DICP is a world leader in chemical research. With more than 1,200 research scientists covering a broad range of fields, DICP has developed cutting-edge technology in catalysis catalysis Modification (usually acceleration) of a chemical reaction rate by addition of a catalyst, which combines with the reactants but is ultimately regenerated so that its amount remains unchanged and the chemical equilibrium of the conditions of the reaction is not , molecular reaction dynamics and fuel cells. Headwaters NanoKinetix ("HNI HNI Heinz Nixdorf Institut (Germany) HNI HealthNet International HNI Hajime No Ippo (anime) HNI High Networth Individual HNI Home Network Identity HNI Havelock North Intermediate School "), a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Headwaters, is a leader in nanocatalyst development. With unique technology to control catalyst structure at a molecular level, HNI is working with major chemical and catalyst producers to create high-performance catalysts. The new partnership will develop and plans to market fuel cell nanocatalysts, fuel cell membrane Cell membrane The membrane that surrounds the cytoplasm of a cell; it is also called the plasma membrane or, in a more general sense, a unit membrane. This is a very thin, semifluid, sheetlike structure made of four continuous monolayers of molecules. electrode assemblies, fuel cell systems and other related electronic devices. Initial focus will be on direct alcohol fuel cells for portable applications. The nanocatalysts used in these devices facilitate the conversion of simple alcohol fuels such as methanol to electrical energy. Fuel cells are being developed to power portable electrical devices such as cell phones and laptop computers. Through the combination of HNI expertise in nanocatalysis and DICP's world-class fuel cell capabilities, the partnership looks to produce small, durable and cost-efficient fuel cells. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Ray Balee, president of Headwaters NanoKinetix, "By bringing together leaders in nanocatalysis and fuel cell technology, the partnership is well positioned to pursue the development of economically viable fuel cells." Balee credits Dr. Bing Zhou, vice president and chief technology officer of HNI, for bringing the two institutions together. Zhou was honored earlier this year by the Chinese Academy of Sciences as one of its "outstanding overseas scholars," which included an endowment for nanocatalysis developmental work to be done under Zhou's direction. Dr. Gong-Quan Sun, who led the Dalian Institute's Direct Alcohol Fuel Cell team to its world competitive position, stated, "Our partnership with Headwaters NanoKinetix capitalizes on our strong relationship with Dr. Zhou, joins us with a leader in nanocatalyst development and provides an international showcase for commercialization of the Institute's world-class fuel cell technologies." About Headwaters Incorporated Headwaters Incorporated is a world leader in providing technology and services that maximize the value of fossil fuels. The company is focused on providing services to energy companies, conversion of fossil fuels into alternative energy products, and generally adding value to energy. Headwaters generates revenue from managing coal combustion products Coal combustion products (CCPs) are categorized in four groups, each based on physical and chemical forms derived from coal combustion methods and emission controls:
. 1. (language) CCP - Concurrent Constraint Programming. 2. business and its solid alternative fuels business, the company earns a growing revenue stream that provides the capital needed to expand and acquire synergistic new business opportunities. Forward-Looking Statements Certain statements contained in this document may be deemed to be forward-looking statements under federal securities laws, and Headwaters intends that such forward-looking statements be subject to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. created thereby. Such forward-looking statements relate to: (i) the growth of Headwaters' revenues, earnings, or earnings per share; (ii) the expectation that operating results will be higher for the June and September quarters; (iii) the ability of Headwaters to sustain the earnings stream from its alternative fuels, coal combustion products, and other businesses; (iv) the expectation that Headwaters' stock is undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. or will increase in value in the future; (v) the identification and completion of any future acquisitions and the expectation that the value of such acquisitions will increase; (vi) the commercialization of any technology acquired or developed. Headwaters cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to: (a) the availability of tax credits to us and our licensees under the tax code; (b) our dependence on licensees to use our technology; (c) collection of payments outstanding; (d) the company's ability to repay its debt and comply with covenants in financing agreements Financing Agreements In the context of project financing, the documents which provide the project financing and sponsor support for the project as defined in the project contracts. , limitations in the capital available to Headwaters to execute on its business plan, and the cost of that capital; (e) the ability of Headwaters to locate and close on attractive acquisition opportunities; (f) Headwaters' limited operating history with its new business strategy and its ability to sustain and manage its growth under that strategy; and (g) the success of Headwaters in replacing and growing its financial performance before its legacy alternative fuels business decline. More information about potential factors which could affect either company's business and financial results is included in Headwaters' Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended Sept. 30, 2002, Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. , and other periodic filings and prospectuses. All forward-looking statements are based on information available to Headwaters on the date hereof, and Headwaters assumes no obligation to update such statements. Investors and security holders may obtain a free copy of the Annual and Quarterly Reports and other documents filed by Headwaters with the Securities and Exchange Commission at the Commission's Web site at http://www.sec.gov. Free copies of Headwaters' Annual Report and other filings with the Commission may also be obtained by directing a request to smadden@hdwtrs.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion