And the fun continues :0) . Still amazes me people are turning their nose at this stock. Seems like they are headed in the right direction. Oh well, there are always people out there looking for the next big thing and are able to spot them ahead of the herd. I am sure glad that I found this one.
Global Thermoelectric and Enbridge add Superior to team
Global Thermoelectric Inc GLE
Shares issued 28,948,347 Feb 19 close $6.30
Tue 19 Feb 2002 News Release
Also Superior Propane Income Fund (SPF)
Also Enbridge Inc (ENB)
Mr. Jim Perry reports
SUPERIOR PROPANE JOINS GLOBAL-ENBRIDGE ALLIANCE TO DISTRIBUTE ...
Global Thermoelectric has signed a memorandum of understanding whereby
Superior Propane Income Fund will join the existing Global-Enbridge
partnership to distribute Global's fuel cell products in Canada. To date,
Global and Enbridge Inc. have undertaken market research, including focus
groups, and are conducting prototype testing and development. Superior will
participate in market research and product development that will be
co-ordinated by Global which will coincide with the previously announced
work under way with the U.S. Propane Education Research Council (PERC) and
Suburban Propane (of Whippany, N.J.).
"This step consolidates our position in Canadian markets and builds on our
North American initiative already under way with Suburban Propane and PERC
to be the first to commercialize propane-compatible fuel cell products,"
said Jim Perry, Global's president and chief executive officer. "With
Superior on board, our team will have excellent access to propane markets
throughout North America. We see this as a significant accomplishment for
the company," added Mr. Perry.
"Superior's leading position in Canada's propane markets complements our
position as a leader in natural gas distribution. The broader market access
which Superior offers, notably to early adopters, is important as it is
expected to provide added momentum for the widespread adoption of Global's
fuel cells," stated Steve Letwin, group vice-president, Enbridge
distribution and services.
Geoff Mackey, Superior's president and CEO, observed that: "Superior has an
opportunity to further differentiate its offerings through this
state-of-the-art technology and to offer its clients a truly unique product
in Canada. We are also excited about an initiative that may increase sales
of propane for a cleaner and more efficient way of generating electricity."
Enbridge and Global signed an agreement in July, 2000, whereby Enbridge
invested $25-million in Global and became the exclusive distributor of
Global's residential fuel cell products in Canada. Under the terms of the
agreement announced today, Superior and Enbridge are expected to develop a
sublicence agreement whereby Superior will be able to distribute propane
compatible solid oxide fuel cell products, including residential products,
developed by Global.
Enbridge is a leader in energy transportation and distribution. As a
distributor of energy, Enbridge owns and operates Canada's largest natural
gas distribution company with over 1.5 million customers. Superior Propane
is Canada's largest and only national marketer of propane, propane
appliances and related support services with over 300,000 customers and a
50- to 55-per-cent market share in Canada. Additional information on each
company is available at www.enbridge.com and at www.superiorpropane.com.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
(c) Copyright 2002 Canjex Publishing Ltd. stockwatch.com |
