HydroGen Corporation Reports Results for the Fiscal 2007 First Quarter.CLEVELAND -- HydroGen Corporation (Nasdaq: HYDG), a designer and manufacturer of 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 its financial results for the quarter ended March 31, 2007. HydroGen is currently in the development stage and is expected to remain so for at least the next several quarters. Recent Operational Highlights * HydroGen Corporation achieved the mechanical completion and initiation of pre-commissioning activities at its full-scale 400 kW PAFC Module Demonstration and Acceptance Test Facility. This test facility will be utilized for demonstration and acceptance testing (programming) acceptance testing - Formal testing conducted to determine whether a system satisfies its acceptance criteria and thus whether the customer should accept the system. of 400 kW fuel cell modules manufactured in HydroGen's Versailles, Pennsylvania Versailles is a borough in Allegheny County, Pennsylvania, United States. The population was 1,724 at the 2000 census. Despite being named after the extraordinary Palace of Versailles, the name of the borough is almost universally pronounced ver-sales manufacturing plant. The 400 kW Module Test Facility will be followed by HydroGen's 400 kW full-scale commercial demonstration power plant, currently under construction at ASHTA Chemicals Inc.'s chlor-alkali facility in Ashtabula, Ohio
Ashtabula is a city in Ashtabula County, Ohio, United States, and the center of the Ashtabula Micropolitan Statistical Area (as defined by the United States Census Bureau in 2003). . * The Company's stock began trading under the symbol "HYDG" on The Nasdaq Capital Market Originally called the NASDAQ Small Cap Market, NASDAQ announced a name change to the NASDAQ Capital Market on September 27, 2005. [1] The NASDAQ Capital Market exists for securities of smaller, less-capitalized companies (small caps) that do not qualify for on March 6. Previously, the Company's common stock traded on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. . "Fuel cells are a proven technology and possess many important advantages over fossil-fuel based electricity generators. For example, fuel cell technology is combustion-less, emissions-free, and energy efficient, among other attractive attributes. Rising energy prices, energy security concerns, and the need for cleaner energy sources are driving interest in alternatives to fossil fuels and hydrogen-based solutions such as ours offer one of the most compelling long-term options for sustainable energy
Sustainable energy sources are energy sources which are not expected to be depleted in a timeframe relevant to the human race, and which production. As we are getting closer to market entry with our product throughout the year 2007, we are ramping up our fuel cell manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. as well as our sales and marketing activities," said Dr. Leo Leo, in astronomy 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, HydroGen Chairman 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. . Joshua Tosteson, President of HydroGen Corporation, added: "Interest in our technology among industrial companies continues to grow given the concerns about the global energy market and the increasing interest in alternative fuels. In addition to offering a compelling economic proposition, our technology produces zero-emissions. For the remainder of this year, we will continue to focus on executing our strategies for market introduction. We are financially sound and remain strategically focused on expanding our commercial demonstration efforts and manufacturing activities." 2007 First Quarter Results For the quarter ended March 31, 2007, HydroGen's net loss was $3.15 million, or $(0.25) per basic and diluted share, based on the weighted average of 12,769,904 common shares outstanding. This compares with a net loss of $1.26 million, or $(0.17) per basic and diluted share for the quarter ended March 31, 2006, based on the weighted average of 7,614,904 common shares outstanding. HydroGen's balance of cash, cash equivalents and short-term investments at March 31, 2007, totaled $19.9 million, as compared to a balance totaling $24.1 million at December 31, 2006. Spending on research and development for fiscal 2007 first quarter amounted to $2.4 million, increasing more than 282% over the first quarter of 2006. 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 the adoption of fuel cells are present. Forward-Looking Statements 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 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. [TABLE OMITTED] [TABLE OMITTED] |
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