To: REDDY who wrote (3085 ) 3/29/1998 6:29:00 PM From: Matt Brown Respond to of 6464
READ THIS NOW! Type in Symbol: BLD.TO to find more news...This does not look good folks... ------------------------------------------ Ballard Secures $3.6 Million Contract From General Motors for Fuel Cells VANCOUVER, Canada--(BUSINESS WIRE)--March 17, 1998--BALLARD POWER(TSE:BLD. - news; NASDAQ:BLDPF - news) Ballard Power Systems announced today that it had secured a $3.6 million contract (US$2.5 million) from General Motors Corporation [NYSE:GM - news], to supply Ballard Fuel Cells and related equipment and support services. General Motors will use the Ballard Fuel Cells in their research and development program for development of fuel cell powered electric vehicles. ''Ballard values its ongoing relationship with General Motors,'' said Firoz Rasul, President and Chief Executive Officer of Ballard. ''GM's continuation of their development of fuel cell powered vehicles reflects their dedication to providing environmentally friendly automobiles.'' Ballard Power Systems is the world leader in the development of proton exchange membrane fuel cell power systems. At the heart of its products is the Ballard Fuel Cell, a proprietary zero-emission engine that converts natural gas, methanol, gasoline, or hydrogen fuel into electricity without combustion. Ballard Fuel Cells are currently being used by leading international companies including Daimler-Benz, Ford, General Motors, Chrysler, Nissan, Honda, Volkswagen, Volvo, Matsushita Electric Works, GPU International, GEC ALSTHOM, and Cinergy to develop zero-emission vehicles, clean stationary electric power plants and portable power systems. 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 ''BLDPF''. -------------------------------------------------------------------------------- Contact: Ballard Power Systems Inc. Paul Lancaster, 604/ 454-0900 604/412-4700 (FAX) ballard.com or Ballard Power Systems Inc. Debby Roman, 604/ 412-4740 604/412-3131 (FAX) debrom@ballard.com