January 24, 2005

Hydrogenics moves ahead with plan to acquire Stuart Energy Systems

MISSISSAUGA, ONT-Hydrogenics has succeeded in its offer, first made in December 2004, to acquire Stuart Energy Systems Corporation. Once the transaction is completed, the company has said it intends to de-list the Stuart Energy shares from the Toronto Stock Exchange. The integrated company will be well financed and positioned to pursue its business plan for global growth. It also expects to achieve significant synergies in facilities rationalization, production cost, supply chain management, and utilization of existing systems and processes that will drive margin improvement. In other activities, Hydrogenics last week reported that that the Japan Automobile Research Institute (JARI) in Tsukuba, Japan, has purchased a Hydrogenics HyPM(R) 10 power module with associated test stand to be used as part of JARI's mandate to establish standards for fuel cell power module testing. The standards development program is sponsored by Japan's Ministry of Economy, Trade and Industry and the New Energy and Industrial Technology Development Organization. The delivery is scheduled for the first quarter of 2005.
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