Will this announcement have any impact on BLDPF's business?
Fuel Cell Strategic Alliance between Zevco Ltd., PTC Holdings, and PTC Group,Inc.
Business Editors
VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 10, 1998--PTC
Group, Inc, [NASDAQ Symbol: PWRE] is pleased to announce that
consistent with its most recent press release, it has come to an
Agreement in Principle with PTC Holdings, Inc. and Zevco, Ltd.
regarding the development, manufacturing and marketing of fuel cells
within North and South America.
The exact structure of the arrangement will be determined during
the next 30 days. Under the Agreement in Principal, Zevco will
contribute exclusive rights to all of its Alkaline Fuel Cell (AFC)
technology; PTC Holdings, will contribute its manufacturing, system
and fuel processing technology, as well as marketing and business
development; while PTC Group will provide financing.
The Zero Emission Vehicle Company Limited (ZEVCO) was formed in
the UK in 1994 to develop and commercialize an integrated zero
emission vehicle system for a wide range of commercial and industrial
vehicles. It has already successfully demonstrated several, including
a London Taxi and an airport tug. Zevco's core fuel cell technologies
were acquired in 1995 through the acquisition of all assets of Elenco
BV, a Belgian company with 16-year development history and a total
investment of some 30 million pounds. Since this acquisition the
company has focused on the development of cost effective manufacturing
processes and strategic partnerships. This proposed activity with PTC
will become a springboard for the launch of Zevco as a major player in
the fuel cell systems markets in the US and eventually the rest of
North and South America.
PTC Holdings, Inc. is a two-year-old, California based company
committed to becoming, through its regional and international joint
ventures, a major builder, owner and operator of seawater desalination
systems running on environmentally friendly power sources such as
hydrogen fuel cells. PTC Holdings sees its propriety design and
manufacturing processes combined with the Zevco fuel cell technology
as a commercially viable path to renewably fueled, greenhouse gas
neutral systems. Initial pilot plants are planned for the Caribbean,
the ASEAN Region, and Greece.
Additionally, to accommodate the new structure, Dr. Rocco
Guarnaccia has stepped down as a Director, Chairman and CEO of PTC
Group, Inc effective November 5, 1998.
Investor Relations: Toll Free (800) 398-7425 and Visit pwre.com
The above statements in regard to the reorganization of PTC
Holdings, Inc. and PTC Group, Inc. which are not purely historical are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including PTC Groups'
beliefs, expectations, hopes or intentions regarding the future. All
forward-looking statements are made as of the date hereof and are
based on information available to PTC Group, Inc. as of such date. It
is important to note that actual outcome and the actual results could
differ materially from those in such forward-looking statements.
Factors that could cause actual results to differ materially include
risks and uncertainties such as technological, legislative and
marketplace changes.
--30--SH/dx*
CONTACT: PTC Group Inc.
Investor Relations, 800/398-7425
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: ENVIRONMENT
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