Global Thermoelectric Merger With FuelCell Energy Completed
Monday November 3, 10:16 am ET
TSX STOCK SYMBOL: GLE Web site:www.globalte.com
CALGARY, Nov. 3 /CNW/ - Global Thermoelectric Inc. ("Global" or the "Company") announced today that it has completed its previously announced combination with FuelCell Energy, Inc. ("FuelCell") of Danbury, Connecticut. Each company's shareholders approved the combination on Friday, October 31, 2003, and subsequently later that day the Alberta Court of Queen's Bench approved Global's plan of arrangement.
Under the terms of the transaction, Global's common shareholders elected to receive either (i) 0.279 of a share of FuelCell common stock, which is traded on NASDAQ under the symbol "FCEL", or (ii) 0.279 of an exchangeable share of FCE Canada Inc., an indirect wholly-owned subsidiary of FuelCell, which exchangeable shares have been listed for trading on the Toronto Stock Exchange ("TSX"). The exchangeable shares will commence trading on Wednesday, November 5, 2003 under the symbol "FCX". The exchangeable shares have the same voting rights, dividend entitlements and other attributes as FuelCell's shares of common stock. FuelCell is issuing 1,859,762 exchangeable shares to former Global common shareholders.
Company Profile
Global Thermoelectric Inc. (www.globalte.com) is a world leader in the development of SOFC products. The Company is also the world's largest manufacturer and distributor of thermoelectric stationary power generators for use in remote locations. Global is developing fuel cell products that are compatible with natural gas or propane. Global is listed on the Toronto Stock Exchange (stock symbol: GLE). |
