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Gold/Mining/Energy : Global Thermoelectric - SOFC Fuel cells (GLE:TSE) -- Ignore unavailable to you. Want to Upgrade?

To: CH4 who wrote (5528)	7/16/2002 11:28:44 AM
From: Al Baldy	Read Replies (1) \| Respond to of 6016

Global Thermoelectric Inc.'s fuel cell systems to be tested in Montana CALGARY, July 16 /CNW/ - Global Thermoelectric Inc. ("Global" or the "Company"), a leading developer of solid oxide fuel cell ("SOFC") products, announced today that Montana State University-Billings ("MSUB") in partnerships with Montana Dakota Utilities Co. ("MDU") will be evaluating Global's fuel cell systems. "This is an excellent opportunity for Global to work with others who share a similar commitment to developing new power generation products and also building markets for them," said Jim Barker, Global's Vice President, Business Development. "MSUB's role, like that of our other partners, will be to define the needs, scope and distribution channels of different early adopter markets as well as to test and demonstrate our fuel cell products. Also, we plan to test our systems using well-site gas as the feedstock for our fuel cell to demonstrate the fuel flexibility of our SOFC products," added Mr. Barker. Under the terms of the agreement with MSUB's Center for Applied Economic Research, Global will provide a 2kW natural gas fueled residential system and a 3-5 kW methane fueled remote power system for light industrial applications to MSUB for MSUB and MDU to test and evaluate. The two systems will be delivered over the next year for anticipated proceeds of US$125,000 to Global. MSUB's Center for Applied Economic Research provides energy technology commercialization research through strategic product development partnerships with industry and government. The Center is a member of the Association of State Energy research and Technology Transfer Institutions, a confederation of state and regional organizations with energy research and development and technology transfer responsibilities. Montana-Dakota Utilities Co. offers natural gas and electricity distribution and electricity generation and transmission to customers in North Dakota, South Dakota, Montana and Wyoming. MDU is a division of MDU Resources Group, Inc., a multidimensional natural resources enterprise traded on the New York Stock Exchange as "MDU". Additional information regarding MDU is available at www.montana-dakota.com. Global Thermoelectric Inc. is a world leader in the development of SOFC products. The Company is also the world's largest manufacturer and distributor of thermoelectric power generators for use in remote locations. Global is developing fuel cell products that are compatible with natural gas or propane. The Company is currently prototyping systems to address residential and remote applications. Global is listed on The Toronto Stock Exchange (stock symbol: GLE). Forward-looking statements: This news release contains forward-looking statements about the Company, the development of its technologies, and the establishment of its strategic business relationships. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "anticipates," "believes," "intends," "estimates," "projects" and similar expressions, or that events or conditions "will," "may," "could" or "should" occur. These forward-looking statements are subject to various risks, uncertainties and other factors that could cause the Company's actual results or achievements to differ materially from those expressed in or implied by forward looking statements. These risks, uncertainties and other factors include, without limitation, uncertainty as to the Company's ability to successfully implement its business strategy; the risk that development projects will not be completed successfully or in a timely manner; a dependence on the contributions and performance of the Company's major alliance partners; the ability of the Company to successfully negotiate and execute definitive agreements governing its relationships with its major alliance partners; the development of competing technologies and the possibility of increased competition; fluctuating energy prices; uncertainties involving government policies and government regulations affecting the Company's business; and other factors identified in the Company's Annual Information Form and other reports filed with securities commissions in Canada and available at www.sedar.com. Forward-looking statements are based on the beliefs, opinions and expectations of the Company's management at the time they are made, and the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances should change. For further information please visit our web site at www.globalte.com or contact Mark Kryzan, Director, Corporate Affairs, (403) 204-6100 To request a free copy of this organization's annual report, please go to newswire.ca and click on reports@cnw. Email this story - Most-emailed articles - Most-viewed articles -------------------------------------------------------------------------------- More Quotes and News: Global Thermoelectric Inc (Toronto:GLE.TO - News) Related News Categories: environmental, utilities