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

To: russet who wrote (5951)	8/5/2003 1:40:35 AM
From: russet	Read Replies (1) \| Respond to of 6016

Global Thermoelectric Terminates Combination Agreement With Quantum IRVINE, Calif., Aug. 4 /CNW/ -- Quantum Fuel Systems Technologies Worldwide, Inc., (Nasdaq: QTWW) announced today that Global Thermoelectric Inc. (TSE: GLE.TO) has terminated the Combination Agreement with Quantum as a result of a proposed combination between Global Thermoelectric and FuelCell Energy, Inc. (Nasdaq: FCEL). Pursuant to the terms of its Combination Agreement with Global Thermoelectric, Quantum had three days to respond to the competing proposal by FuelCell. Upon reviewing the terms of the competing proposal and after full consideration of the possible alternative terms that may be offered by Quantum, the board of directors of Quantum concluded that it is not in the best interest of Quantum or its stockholders to propose any adjustments or improvements to the terms and conditions of the transaction contemplated by the Combination Agreement between Quantum and Global Thermoelectric. As a result of the termination of the Combination Agreement, Quantum today received a USD$2 million break-up fee from Global Thermoelectric. (Logo: newscom.com ) About Quantum Quantum focuses on energy technologies in three main areas: Transportation, Stationary Power, and Hydrogen Refueling. Quantum designs and manufactures fuel storage, fuel metering, electronic components and integrated systems for alternative fuel vehicles and transportation and stationary power fuel cell applications. These components and systems were developed specifically for clean burning fuels such as propane, natural gas, and hydrogen. Leveraging this expertise, Quantum also designs and manufactures hydrogen-refueling products. Quantum's web site: www.qtww.com . Quantum is a member of the GM fuel cell alliance of fuel cell commercialization companies. GM is a strategic investor in Quantum with a 19.9% equity position. Forward-looking statements: Statements in this document about the future expectations, beliefs, goals, plans, or prospects expressed by the management of Quantum constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words "believes," "plans," "anticipates," "expects," "estimates," and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including the factors and risks described in Quantum 's Form 10-K for fiscal year ending April 30, 2003, and other documents filed with the Securities and Exchange Commission by Quantum. 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, expectations, or other circumstances should change. For further information, please contact: Andy Abele Director of Business Development +1-949-399-4527 aabeleqtww.com Cathy Johnston Director of Communications and Corporate Support +1-949-399-4548 cjohnstonqtww.com Dale Rasmussen Investor Relations +1-206-315-8242 drasmussenqtww.com (C)2003 Quantum Fuel Systems Technologies Worldwide, Inc. Advanced Technology Center 17872 Cartwright Road, Irvine, CA 92614 Phone 949-399-4500 Fax 949-399-4600