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Gold/Mining/Energy : Global Thermoelectric - SOFC Fuel cells (GLE:TSE)
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To: terry who wrote (1882)5/12/1999 3:45:00 PM
From: Stephen O  Read Replies (1) of 6016
 
Here's the reason.

TORONTO (Dow Jones)--A visit to Global Thermoelectric Inc.'s (T.GLE) Calgary
office by Delphi Automotive Systems Corp. (DPH) executives this week should
help "move along" the release of details of an agreement between the two
companies, said Global Thermoelectric's chief financial officer Larry Kyle.
Kyle told Dow Jones that Delphi executives arrived in Calgary Tuesday to
work out details of the deal, which a Delphi spokeswoman described as a
"development agreement."
Global Thermoelectric announced on April 16 the "purchase order as an
initial commitment" from Delphi to develop a solid oxide fuel-cell system.
Later that day, Kyle told Dow Jones he expected more information to be
released in "the next few days." Finalizing the details is taking longer than
expected, but things are going well, Kyle said. He declined to say when more
news will be forthcoming.
Global Thermoelectric's share price rose to a 52-week high of 15,00 the day
the announcement was made before closing at 10.70, which was still more than
triple its value from the day before. Since then, the stock has lost some
ground, and is trading Wednesday at 8.00 in Toronto.
-By Lori McLeod; 416-943-7800; lori.mcleod@dowjones.ca
(END) DOW JONES NEWS 05-12-99
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