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Technology Stocks : Ballard Power -world leader zero-emission PEM fuel cells -- Ignore unavailable to you. Want to Upgrade?

To: Hawkeye who wrote (4382)	10/8/1999 9:40:00 AM
From: HarveyO	Read Replies (1) \| Respond to of 5827

(BLD.) Ballard Announces Change in Senior Management VANCOUVER, British Columbia, Oct 8, 1999 (BUSINESS WIRE) -- Ballard Power (Nasdaq:BLDP) (TSE:BLD.) Ballard Power Systems announced today that Mr. Michael Graydon is leaving the Company. Mr. Graydon joined Ballard in November 1998 as Vice President and Chief Financial Officer. During his 11 months at Ballard, Michael focused on internal accounting, financial management and administrative activities. Pending the selection of a successor, Paul Lancaster, Ballard's Vice President, Corporate Development, has been appointed acting Chief Financial Officer. Mr. Lancaster was acting Chief Financial Officer before Mr. Graydon's appointment and during the nine years he has been with Ballard he also served as the Company's Treasurer and Controller. In addition, Noordin Nanji, Ballard's Vice President, Corporate Affairs, will assume the administrative responsibilities that Mr. Graydon held. Prior to Mr. Nanji joining Ballard in 1998, he served as the Company's lead outside counsel for six years and was instrumental in negotiating the strategic partnerships with key shareholders, customers and suppliers. Shareholder relationships, capital markets, strategic relationships and transactions have been, and will remain, the responsibilities of Mr. Lancaster and Mr. Nanji. Firoz Rasul, Chairman and Chief Executive Officer, commented, "As Ballard advances in its development, the responsibilities of Ballard's Chief Financial Officer also evolve. As that process unfolded over the past few months, Kip Smith, our President and Chief Operating Officer, and I discussed with Michael the Company's requirements and we collectively agreed that Michael's aspirations did not match the Company's needs. As a result, Michael will pursue other opportunities. We thank him for his contribution and wish him well in his future endeavors. While we are searching for a successor, Kip and I are confident that with the strength of our team, led by Paul and Noordin, our financial, accounting, and administrative groups will operate without disruption."