VANCOUVER, CANADA, Jan 25, 2008 (MARKET WIRE via COMTEX News Network) -- Ballard Power Systems (TSX: BLD)(NASDAQ: BLDP) announced that
shareholders have approved the previously announced transaction to
sell the company's automotive fuel cell assets to Daimler AG and Ford
Motor Company. Of the shares voted, 97.8% were in favor, giving
overwhelming support to the transaction. Daimler and Ford were
restricted from this vote.
"This transaction lowers Ballard's risk profile by addressing the
realities of the high cost and long timeline for automotive fuel cell
commercialization," said John Sheridan, Ballard's President and CEO.
"It enables us to concentrate on growth in fuel cell applications
which provide clean energy solutions in commercial markets such as
materials handling, backup power and residential cogeneration."
The transaction is expected to close on January 31, 2008. Details of
the transaction are contained in Ballard's Management Information
Circular dated December 13, 2007. This document is available at
www.sedar.com, www.sec.gov/edgar.shtml and on Ballard's website,
About Ballard Power Systems
Ballard Power Systems Inc. (TSX: BLD)(NASDAQ: BLDP) is recognized as
a leader in the development, manufacture and sale of hydrogen fuel
cells. Ballard's mission is to make fuel cells a commercial reality.
To learn more about what Ballard is doing with Power to Change the
World(R), visit www.ballard.com.
This release contains forward-looking statements that are based on
the beliefs and assumptions of Ballard's management and reflect
Ballard's current expectations as contemplated under section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities and Exchange Act of 1934, as amended. Such assumptions
relate to our financial forecasts and expectations regarding our
product development efforts, manufacturing capacity, and market
demand. These statements involve risks and uncertainties that may
cause our actual results to be materially different, including,
without limitation, the rate of mass adoption of our products,
product development delays, changing environmental regulations, our
ability to attract and retain business partners and customers, our
access to funding, increased competition, our ability to protect our
intellectual property, changes in our customers' requirements, and
our ability to provide the capital required for product development,
operations and marketing. Readers should not place undue reliance on
Ballard's forward-looking statements and Ballard assumes no
obligation to update or release any revisions to these forward
looking statements. For a detailed discussion of the risk factors
that could affect Ballard's future performance, please refer to our
most recent Annual Information Form.
Ballard Power Systems Inc.
SOURCE: Ballard Power Systems Inc.