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

To: John Curtis who wrote (4194)	5/20/1999 10:57:00 AM
From: Hawkeye	Respond to of 5827

MAY 20, 1999 Ballard Announces Senior Management Appointments VANCOUVER, BRITISH COLUMBIA--Ballard Power Systems announced today the appointment of Firoz Rasul as Chairman of the Board of Directors and Chief Executive Officer, and Layle K. (Kip) Smith as President and Chief Operating Officer. Dr. J. Fraser Mustard who has served as the Chairman of the Board of Directors for the last eighteen months is retiring as Chairman, and will continue to serve as a director for the coming year. All changes will be effective at the close of the Company's Annual Meeting of Shareholders in Vancouver today. In taking on his new responsibilities as Chairman, Firoz Rasul will build on the vision and leadership he has provided Ballard during the past 10 years and continue to provide Ballard with overall strategic leadership in his role as Chief Executive Officer. Kip Smith is adding the responsibilities of President to his current role as Chief Operating Officer, and will lead the Company's operations. Dr. Mustard will continue to serve on the Board of Directors until his retirement next year. Dr. Mustard has been a member of the Board of Directors since 1995 and has decided to retire from his Board duties next year as he has reached retirement age. As a result, Dr. Mustard and the Board of Directors agreed that Dr. Mustard continuing as a director while Mr. Rasul becomes Chairman this year would provide a smooth and orderly transition in the Chairman's role. "Dr. Mustard's vision and passion for fuel cells and the positive impact they can make on the world have been key factors in our success. He was instrumental in restructuring the Board of Directors and developing mandates for the Board and its committees for effective governance of the Company in its next stage of development," said Firoz Rasul, Chairman and Chief Executive Officer of Ballard Power Systems. "I want to thank Fraser for his commitment, leadership and dedication as Ballard's Chairman and for being my mentor and coach over the last five years. I look forward to his continued contribution." "It has been a tremendous honour for me to be Chairman of a world class organization like Ballard and contribute to the Company's success," said Dr. Mustard. "While we have made some tremendous strides, Ballard faces the challenge of bringing its fuel cell products to market over the next 5 years, which will require a strong visionary leader. Firoz is that leader, as he has proven over the last 10 years as the Company's Chief Executive Officer. I am proud to be turning over the Chairmanship to him and I am looking forward to remaining active with the Board over the coming year before I retire." Ballard Power Systems is the world leader in developing, manufacturing and marketing zero-emission proton exchange membrane (PEM) fuel cells for use in transportation, electricity generation and portable products. Ballard Power Systems' proprietary fuel cell technology is enabling automobile, electrical equipment and portable power product manufacturers to develop environmentally clean products for sale. The fundamental component of these end-user products is the Ballard(R) fuel cell which combines hydrogen (which can be obtained from methanol, natural gas or petroleum) and oxygen (from air) without combustion to generate electricity. Ballard is partnering with strong, world-leading companies including DaimlerChrysler, Ford, GPU International, ALSTOM and EBARA to commercialize the Ballard fuel cell. Additional customers using the Ballard fuel cell include General Motors, Nissan, Honda, Volkswagen, Volvo, Matsushita Electric Works, and Cinergy.

To: John Curtis who wrote (4194)	5/20/1999 11:00:00 AM
From: Hawkeye	Respond to of 5827

Annual meeting today. A taped version of the meeting will be be available at their website. I too am looking forward to that SA July edition! Regards

To: John Curtis who wrote (4194)	5/20/1999 11:10:00 AM
From: Hawkeye	Read Replies (2) \| Respond to of 5827

DOE Program Realizes Milestone in Gasoline to Electricity Conversion; Operates High-Efficiency, Low-Emission Automotive Fuel Cell System BOSTON and LATHAM, N.Y., May 20 /PRNewswire/ -- In an important development that signals a major shift in future automotive power generation, a program sponsored by the U.S. Department of Energy (DOE) and undertaken by Plug Power and Epyx Corporation, has achieved high efficiency and near zero emissions on gasoline. An integrated system was demonstrated using a Plug Power fuel cell stack and Epyx multi-fuel processor. Fuel utilization during the testing met the expected interim targets on the way to achieving an overall 40 percent system efficiency, significantly better than that of today's internal combustion engine. As well, the system produced greatly reduced emission levels, well below the Ultra Low Emission Vehicle classification given to automobiles that generate nearly immeasurable amounts of pollutants and other particulate matter which cause smog. ''This is an impressive accomplishment,'' states Dan Reicher, DOE's Assistant Secretary for Energy Efficiency and Renewable Energy, ''because obtaining high efficiency while operating on gasoline and other alternative fuels is our biggest challenge.'' Because fuel cells generate energy through an electrochemical process, pollutants such as nitrogen or sulfur oxides are nearly eliminated, and greenhouse gas emissions are reduced by more than 50 percent. ''These results prove that fuel cell-powered automobiles are the best bet we have for meeting our global environmental initiatives,'' said Gary Mittleman, Plug Power's President and CEO. Also, because the system requires less fuel to produce an equal amount of power, it is considerably more efficient. ''People can expect to get more than double their current gas mileage,'' Mittleman added. ''This test demonstrates that fuel cell vehicles can operate on fuels that are available everywhere today while preserving the option of using renewable fuels such as ethanol,'' said Jeffrey Bentley, Epyx Chief Operating Officer. This program was initiated through DOE's Page 2, MILESTONE IN GASOLINE TO ELECTRICITY CONVERSION participation in the Partnership for a New Generation of Vehicles (PNGV). PNGV is a public/private collaboration with the primary goal of developing an environmentally friendly automobile that can attain up to 80 mpg without sacrificing affordability, performance or safety. At the end of the program, Plug Power and Epyx will deliver a fully integrated automotive fuel cell system that can power a full-sized car. Gasoline is considered the most technically challenging fuel to work with. Current testing was performed using low sulfur gasoline. Over the next few weeks, the team will also demonstrate operation on California Phase II reformulated gasoline, ethanol, methanol, M-85, and natural gas. Another noteworthy achievement that resulted from this program was the first successful demonstration of gasoline to electricity, using fuel cell stack technology developed by Plug Power and fuel reformer technology developed by Epyx, which occurred in October of 1997. This collaborative effort received a 1998 PNGV medal to acknowledge teamwork and significant technical achievement in developing clean, highly efficient automotive technologies for the future.