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Technology Stocks : FUEL CELLS 1999's Hottest Sector -- Ignore unavailable to you. Want to Upgrade?

To: Scoobah who wrote (90)	5/2/1999 11:41:00 AM
From: Stephen O	Read Replies (3) \| Respond to of 171

CALGARY, April 16 /CNW/ - Global Thermoelectric Inc. (TSE: GLE) today announced that it has received a purchase order as an initial commitment from Delphi Automotive Systems to develop a solid oxide fuel cell system. Delphi, with annual revenue of $28.5 billion and over 200,000 employees is the world's largest supplier of automotive components, systems and modules. Fuel cells operate by chemically combining oxygen and hydrogen to produce electricity with water as a by-product. They may be much more efficient than internal combustion engines and generally produce only small amounts of pollutants compared to other energy sources. ''This commitment is a major endorsement of our fuel cell work'', said Jim Perry, President and C.E.O. ''We have been searching for a strategic partner to facilitate rapid progress on our fuel cells development programs, and we are delighted that a company with the resources and reputation of Delphi has selected us as their partner''. ''We were chosen to work with Delphi because of our advanced fuel cell technology, proprietary sealing systems and our recent breakthroughs in power capability'' stated Jim Lumsden, Vice President of Research and Development. ''This project should allow us to achieve our milestones in fuel cell system development much faster than we could have done alone. In addition, we will benefit from Delphi's world class expertise in controls and system integration.'' Global intends to negotiate an agreement with Delphi covering the entire solid oxide fuel cell project. In the meantime, the initial purchase order will allow Global to immediately commence work. While the parties believe that these negotiations will reach a successful conclusion, there is no assurance that such will be the case. The value of the transactions has not been disclosed. Global Thermoelectric Inc. is the world's largest supplier of thermoelectric power generation equipment for use in remote locations, and produces crew compartment heaters for use in military vehicles. The Calgary-based company is also quickly becoming a world leader in the fuel cell development industry. > %SEDAR: 00002531E > -0- 04/16/1999 > /For further information: Jim Perry, President and C.E.O.; Larry Kyle, > Chief Financial Officer; Jim Lumsden, VP - R&D or Mark Kryzan, Investor > Relations at (403) - 236-5556/ > (GLE.)