MISSISSAUGA, ONTARIO--(CCNMatthews - Dec. 23, 2005) -
Competitive Bid Awarded by Military OEM
Hydrogenics Corporation (TSX:HYG)(NASDAQ:HYGS) today announced that it has been awarded a US$8 million contract for multiple units of its HyPM(R) 500 Series Fuel Cell Power Modules from a world leading military OEM. The power modules, representing in aggregate over 600 kW of power capacity, will be delivered over a two year period starting in 2006. The modules will be used for an undisclosed application.
"Winning this impressive contract through a competitive bid process is a strong validation of the performance, reliability, and durability of our HyPM power module technology," said Pierre Rivard, President and CEO, Hydrogenics Corporation. "It is important to note that the power modules to be delivered under this contract are identical to the power modules that form the foundation of our products for the backup power and light mobility markets. As such, we believe that considerable benefits will accrue from this sale in terms of our product initiatives for these commercial markets."
Hydrogenics Corporation (www.hydrogenics.com) is a leading global developer of clean energy solutions, advancing the Hydrogen Economy by commercializing hydrogen and fuel cell products. The company has a portfolio of products and capabilities serving the hydrogen and energy markets of today and tomorrow. Hydrogenics, based in Mississauga, Ontario, Canada, has operations in North America, Europe and Asia.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Law of 1995. These statements are based on management's current expectations and actual results may differ from these forward-looking statements due to numerous factors, including changes in the competitive environment adversely affecting the products, markets, revenues or margins of Hydrogenics' business. Readers should not place undue reliance on Hydrogenics' forward-looking statements. Investors are encouraged to review the section captioned "Risk Factors" in Hydrogenics' regulatory filings with the Canadian securities regulatory authorities and the United States Securities and Exchange Commission for a more complete discussion of factors that could affect Hydrogenics' future performance. Furthermore, the forward-looking statements contained herein are made as of the date of this release, and Hydrogenics undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release. The forward-looking statements contained in this release are expressly qualified by this.
FOR FURTHER INFORMATION PLEASE CONTACT:
Lawrence Davis, Chief Financial Officer
+1 (905) 361-3633
+1 (905) 361-3639