To: Boplicity who wrote (5058 ) 3/3/2000 8:56:00 PM From: Gilbert Drapeau Respond to of 5827
Ballard Power Systems Inc. Announces That Underwriters Exercise Their Over-Allotment Option MARCH 3, 2000 VANCOUVER, BRITISH COLUMBIA--Further to its news release of March 2, 2000, Ballard Power Systems Inc. announced today that it will issue an additional 48,750 shares of its common stock at US$105 per share for gross proceeds of US$5,118,750 to an underwriting group managed by Morgan Stanley Dean Witter pursuant to the exercise of its over-allotment option. The underwriting group, which is co-managed by BMO Nesbitt Burns Inc., Credit Suisse First Boston, Goldman, Sachs & Co., Merrill Lynch & Co. and Goepel McDermid Inc., exercised their over-allotment option in connection with Ballard's US$340.7 million (Cdn$499.2 million) public offering, which closed on March 2, 2000. Copies of the prospectus are available from the offices of Morgan Stanley Dean Witter, 1585 Broadway, New York, New York 10036 and from the offices of Morgan Stanley Canada Limited, 181 Bay Street, Toronto, Ontario M5J 2T3. Ballard is recognized as the world leader in proton exchange membrane fuel cell technology. Ballard's principal business is the development and commercialization of proton exchange membrane fuel cells and fuel cell systems for use in automotive, stationary power and portable applications. Note: The offering of the common stock may be made only by means of a prospectus. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State. Ballard's Common shares are listed on The Toronto Stock Exchange under the trading symbol "BLD" and on the Nasdaq National Market System under the symbol "BLDP". Ballard and the Ballard logo are registered trademarks of Ballard Power Systems Inc.