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

To: DTC who wrote (2952)	7/25/1998 12:45:00 PM
From: RightChoice	Read Replies (1) \| Respond to of 5827

I thought this would be of interest to investors. I did not realize they would be in production so soon. RJ BN 7/24 Ballard to Hire Chief Operating Officer Within Weeks, CEO Says Vancouver, British Columbia, July 24 (Bloomberg) -- Ballard Power Systems Inc. said it plans to create a new management position and hire a Chief Operating Officer within weeks as it prepares to put its fuel cells into production. "As part of the changes in senior management we will be adding a COO,' within weeks said Ballard Chief Executive Firoz Rasul in a Bloomberg Forum. "He will come from an industry steeped in the kind of experience we need... somebody who will contribute greatly in helping us through our transition.' Ballard is developing fuel cells that can convert natural gas, methanol or hydrogen into electricity without combustion and is getting ready to begin producing market-ready products for automakers and power plants. Daimler-Benz AG, which bought a 25 percent stake in Ballard for about $150 million last year, has said it plans to introduce a fuel cell car by 2004. While it is working most closely with Daimler and another investor Ford Motor Co., Ballard has sold fuel cells to almost every auto maker in the world in recent years. "We will be ready around the year 2000. When the cars will be put on the road or in the showroom is outside our control but our understanding (2004) is what companies have mind,' Rasul said. In fact, "recently companies like Toyota have been talking about trying to make that earlier and certainly we will be ready to supply them at an earlier date.' "We are already in the period in the transition from R&D to manufacturing and are continuing to add skills in the company at all levels,' said Rasul. "We not only have to change skills but also the culture and mind of the people within Ballard.' The need for change and altered roles led to the unexpected resignation of the company's Chief Financial Officer Mossadiq Umdedaly in June because he expected his responsibilities to narrow. Shares have fallen almost 30 percent since the resignation. Rasul said he expected to replace Umedaly, who is still working for Ballard in a consultational role, within the next three months. "We had to restructure the role of everyone including his and my role and that meant bringing in a COO that would change my role and narrow his responsibility,' Rasul said.-Rupert Spiegelberg in the Frankfurt newsroom (4969) 92041 224; through the Paris newsroom (331) 5365 5050 /col Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources but they do not guarantee its accuracy. Neither the information nor any opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. c Copyright 1998 BLOOMBERG L.P. BLOOMBERG, THE BLOOMBERG, BLOOMBERG NEWS, BLOOMBERG FINANCIAL MARKETS, BLOOMBERG NEWS RADIO, BLOOMBERG TELEVISION and BLOOMBERG PERSONAL FINANCE are trademarks and service marks of Bloomberg L.P.