GLE and Dana Corp.
Friday December 14, 1:58 pm Eastern Time
Press Release
SOURCE: Global Thermoelectric Inc.
Global Thermoelectric Inc. and Dana Corporation Announce Component Optimization Program
CALGARY, Dec. 14 /CNW/ - Global Thermoelectric Inc. ("Global"), a leading developer of solid oxide fuel cell ("SOFC") products, today announced that it has signed a Memorandum of Understanding ("MOU") with Dana Corporation ("Dana"), of Toledo, Ohio, whereby the two companies will work together to enhance the performance and reduce the cost of certain elements of Global's proprietary fuel cell systems. Global expects design simplification and high-volume production processes to materially reduce the cost of producing SOFC products, while at the same time improving system reliability.
The MOU also contemplates that Dana and Global may enter into manufacturing agreements whereby Dana would provide Global with high-volume manufacturing capabilities and expertise. The MOU is expected to be translated into a definitive agreement in early 2002.
"As we move toward Global's commercial product launch, it is imperative that we develop component designs that can be manufactured in high volume and at low cost. Dana and its worldwide affiliates have an enormous amount of expertise in this area, as well as the necessary manufacturing capacity to meet consumer demand for fuel cell products. We are delighted to be working with such a capable partner," said Jim Perry, Global's President & CEO.
"Dana Corporation is an experienced developer of leading-edge technology in seals, bipolar plates, and heat exchangers for fuel cell integrators," said Heinz Eilks, Dana's Vice President of Sealing Products. "We are pleased to have been chosen by Global as a co-developer to meet its cost and quality expectations for this emerging market."
Dana Corporation is one of the world's largest suppliers of components, modules and complete systems to global vehicle manufacturers and their related aftermarkets. Founded in 1904 and based in Toledo, Ohio, the company operates some 300 major facilities in 34 countries and employs approximately 75,000 people. The company reported sales of $12.3 billion in 2000. Dana's Internet address is www.dana.com.
Global Thermoelectric Inc. is a world leader in the development of SOFC products. The Company is also the world's largest manufacturer and distributor of thermoelectric power generators for use in remote locations. Global is developing SOFC products that can easily, cleanly and economically obtain hydrogen from hydrocarbon fuels. The Company is prototyping residential and remote power systems to be fuelled by natural gas or propane. Global is listed on The Toronto Stock Exchange (stock symbol: GLE).
Certain statements included in this release may constitute "forward-looking" statements within the meaning of the U.S. Private Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance and achievements of the Company, or industry results, to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among other things, general economic and business conditions, the ability of the Company to implement its business strategy, commodity prices and their effects on the energy industries and risks inherent in research and development projects.
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