Hydrogenics Sells Hydrogen Refueler to Korean Gas Technology.MISSISSAUGA, Ontario -- Hydrogenics Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :HYG HYG Hydaburg, AK, USA (Airport Code) HYG Here You Go )(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 :HYGS HYGS Hydrogenics Corporation (stock symbol) ) today announced that it has sold a hydrogen reformer and refueling system to Korean Gas Technology Corporation (KOGAS-Tech, www.kge.co.kr/english/index.asp). The reformer will generate hydrogen by reforming natural gas and will be installed at the Korea Gas research and development facility in Incheon, near Seoul. The hydrogen produced will be used for refueling vehicles. "KOGAS-Tech is quickly becoming a leader in hydrogen and alternative energies. As this refueler will be one of the first in South Korea, KOGAS-Tech will play a major role in demonstrating the potential of hydrogen technologies," said Pierre Rivard, 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. , Hydrogenics Corporation. "Hydrogen refueling stations are paving the way for the hydrogen economy and hydrogen generation continues to be a major focus for our organization." Hydrogenics is a world leader in on-site electrolysis-based generation with a strong reach into the industrial and energy markets worldwide. This natural gas-based product will complement the Company's product offering and is expected to expand revenues in areas where the economics are more favorable to natural gas-based generation than to electricity-based generation. The reformer will be able to generate 65 kilograms of hydrogen a day, which is enough to refuel re·fu·el v. re·fu·eled also re·fu·elled, re·fu·el·ing also re·fu·el·ling, re·fu·els also re·fu·els v.tr. To supply again with fuel. v.intr. approximately 20 fuel cell powered vehicles. The reformer and refueling system is anticipated to be delivered and installed by June 2006. "We chose Hydrogenics because of the company's experience in the system integration of reformer-based refueling stations, as well as the high efficiency of their packaged reformer product," said Mr. Jong Hyun Shin, President and CEO, KOGAS-Tech. "KOGAS KOGAS Korea Gas Corporation KOGAS Korea Gas Corp. (South Korea) is the world's largest importer of liquefied natural gas liquefied natural gas: see under natural gas. Liquefied natural gas (LNG) A product of natural gas which consists primarily of methane. Its properties are those of liquid methane, slightly modified by minor constituents. and is committed to protecting the environment. Demonstrating and innovating with a clean technology like hydrogen is a natural step for our company." About Hydrogenics Hydrogenics Corporation (www.hydrogenics.com) is a leading global developer of clean energy solutions, advancing the Hydrogen Economy by commercializing hydrogen and fuel cell products. The company has a portfolio of products and capabilities serving the hydrogen and energy markets of today and tomorrow. Hydrogenics, based in Mississauga, Ontario, Canada, has operations in North America, Europe and Asia. CAUTION REGARDING FORWARD-LOOKING STATEMENTS This release contains forward-looking statements within the meaning of 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 U.S. Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Law of 1995. These statements are based on management's current expectations and actual results may differ from these forward-looking statements due to numerous factors, including changes in the competitive environment adversely affecting the products, markets, revenues or margins of Hydrogenics' business. Readers should not place undue reliance on Hydrogenics' forward-looking statements. Investors are encouraged to review the section captioned "Risk Factors" in Hydrogenics' regulatory filings with the Canadian securities regulatory authorities and the United States Securities and Exchange Commission for a more complete discussion of factors that could affect Hydrogenics' future performance. Furthermore, the forward-looking statements contained herein are made as of the date of this release, and Hydrogenics undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release. The forward-looking statements contained in this release are expressly qualified by this. Hydrogenics Corporation (TSX:HYG) (NASDAQ:HYGS) |
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