HydroGen Corporation Reaches Key Milestones in First Half of 2006; Company Achieves Technical, Manufacturing, Personnel and Financing Goals.
CLEVELAND -- HydroGen Corporation (OTCBB OTCBB
See OTC Bulletin Board (OTCBB). :HYDG), a company that designs and manufactures multi-megawatt air-cooled phosphoric acid fuel cell Phosphoric acid fuel cells (PAFC) are a type of fuel cell that uses liquid phosphoric acid as an electrolyte. The electrodes are made of carbon paper coated with a finely-dispersed platinum catalyst, which make them expensive to manufacture. (PAFC PAFC Phosphoric Acid Fuel Cells
PAFC Plymouth Argyle Football Club (UK)
PAFC Port Adelaide Football Club ) systems, today announced that it had made considerable progress in the first half of year in a number of key areas such as manufacturing, personnel and financing.
Among the accomplishments to date in 2006, the company has:
--Achieved planned operations at its fuel cell manufacturing plant in Versailles, PA, including plate production lines and heat treatment;
--Hired key technical personnel to support growth and continuity in the company's engineering, manufacturing, systems design, and projects departments;
--Closed on $25.775 million in a May private placement of common stock, to support commercial demonstration, advanced manufacturing and sales and marketing activities; and
--Commenced work under a $1 million grant agreement with the State of Ohio Third Frontier Fuel Cell Program, to support the company's advanced manufacturing efforts.
"We are dedicated to becoming the first fully profitable manufacturer of stationary Stationary can mean:
Leo [Lat.,=the lion], northern constellation lying S of Ursa Major and on the ecliptic (apparent path of the sun through the heavens) between Cancer and Virgo; it is one of the constellations of the zodiac. Blomen. "We now run a fully operational manufacturing plant that is producing plates for our 400kW air-cooled PAFC fuel cell module, which serves as the building block of HydroGen's core product, a 2MW Power Island. The key technical personnel we hired over the past six months were an integral part to building, outfitting and operating our plant, and they ensure that the Company has the technical competence technical competence,
n the ability of the practitioner, during the treatment phase of dental care and with respect to those procedures combining psychomotor and cognitive skills, consistently to provide services at a professionally acceptable level. and leadership in place for years to come."
Joshua Tosteson, President of HydroGen Corporation, added: "In the first part of the year we were able to strengthen our balance sheet and commercial prospects. The funds we raised in the second quarter have helped us execute our strategy for market introduction, and the grants from the State of Ohio continue to advance us toward our first installation and operation of a 400kW air-cooled phosphoric acid fuel cell (PAFC) module demonstration facility."
About HydroGen Corporation
HydroGen Corporation is a manufacturer of multi-megawatt fuel cell systems utilizing its proprietary 400-kilowatt phosphoric acid fuel cell (PAFC) technology. Utilizing fuel cell technology originally developed by Westinghouse Corporation, HydroGen Corporation offers a multi-megawatt, zero-emission power generation product that supports the growth of industrial distributed energy. The company targets market applications where hydrogen is currently available and other drivers favoring favoring
an animal is said to be favoring a leg when it avoids putting all of its weight on the limb. A part of being lame in a limb. the adoption of fuel cells are present.
Forward-Looking Statements forward-looking statement
A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections.
Except for historical information contained herein, the statements in this release are forward-looking and made pursuant 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. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements are inherently unreliable and actual results may differ materially. Examples of forward-looking statements in this news release include statements regarding HydroGen's anticipated economically competitive fuel cell systems. Factors which could cause actual results to differ materially from these forward-looking statements include such factors as fluctuations in demand for HydroGen's products, HydroGen's ability to maintain strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of HydroGen's liquidity and financial strength to support its growth, and other information that may be detailed from time to time in HydroGen's filings with the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities and Exchange Commission. HydroGen undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.