ASK steigt in Amerika
Seite 1 von 1 Neuester Beitrag: 03.05.07 10:37 | ||||
| Eröffnet am: | 27.07.05 14:42 | von: kingpindori | Anzahl Beiträge: | 13 |
| Neuester Beitrag: | 03.05.07 10:37 | von: Minespec | Leser gesamt: | 9.901 |
| Forum: | Börse | Leser heute: | 1 | |
| Bewertet mit: |  | |||
Last Trade: 3.35
Trade Time: Jul 26
Change: 0.00 (0.00%)
Prev Close: 3.35
Open: N/A
Bid: 3.33 x 500
Ask: 3.73 x 1100
1y Target Est: 5.27
Day's Range: N/A - N/A
52wk Range: 3.10 - 5.38
Volume: 0
Avg Vol (3m): 280,061
Market Cap: 216.50M
P/E (ttm): N/A
EPS (ttm): -0.53
Div Yield (ttm): N/A (N/A)
All Business: The Most Valuable Global Brands
TORONTO--(BUSINESS WIRE)--July 27, 2005--HYDROGENICS CORPORATION (TSX:HYG - News; NASDAQ:HYGS - News), will release financial results for the second quarter of 2005 on August 4, 2005 prior to market opening.
In conjunction with the release of first quarter results, management will host a conference call and webcast at 10:30 a.m. (EDT). Participants should dial 416-695-9753 to access the conference call or visit our website www.hydrogenics.com at least 15 minutes early to register for the webcast. The webcast will be available following the conference call on our Web site.
About Hydrogenics
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 over 300 employees based in operations in North America, Europe and Asia.
Hydrogenics Corporation (TSX:HYG - News; NASDAQ:HYGS - News)
--------------------------------------------------
Contact:
Hydrogenics Corporation
Lawrence E. Davis, Chief Financial Officer
Investor Relations
(905) 361 - 3663
ldavis@hydrogenics.com
--------------------------------------------------
Source: Hydrogenics Corporation
http://finance.yahoo.com/q?s=HYGS&d=t
Friday July 29, 8:11 am ET
Multi-faceted deployments of HyPM(TM) power module technology define path to commercialization
TORONTO--(BUSINESS WIRE)--July 29, 2005-- HYDROGENICS CORPORATION (TSX:HYG - News; NASDAQ:HYGS - News), reports that the Company's light mobility program, undertaken two years ago as a key strategic priority, is achieving desired outcomes in the areas of targeted early adopter engagement, focused product development, and potential distribution channels.
ADVERTISEMENT
"We have made great strides in our HyPM technology, especially in the last eighteen months, making it a product of choice for a wide range of light mobility applications and markets," comments Pierre Rivard, President and CEO. "Our strategy is to seed the 'markets that matter' - these are the markets where we present a strong value proposition for the early adoption of hydrogen and fuel cell technology. Inasmuch as customers typically start with small orders of one of two units as they test the technology and the value proposition, we believe many of the customers we are working with today can materialize into substantial commercial opportunities tomorrow. This 'pathway to profitability' model has been used very successfully by developers of new technologies in the past - we believe that Hydrogenics is the company that is going to do it for fuel cells."
Hydrogenics' primary light mobility initiative currently targets the development of fuel cell-ultracapacitor hybrid forklifts, specifically for 24 hour operations in indoor warehouse and manufacturing facilities. Hydrogenics believes that potential productivity improvements may lead to forklifts becoming one of the first viable markets to adopt fuel cell technology. Phase One of Hydrogenics' initiative, already complete, involved the successful deployment of two forklifts at GM Canada's main car assembly plant in Oshawa. Phase Two is now preparing to get underway at a Fedex facility in the Toronto area. In addition to testing the technology in real-time operating conditions, user validation has been a central element of this project. Results of the complete two-phase project will be developed into a white paper to be published later this year.
"Providing end-users with fuel cell products that provide better solutions than what they currently use will drive market adoption," continues Rivard. "By focusing on key deployments with targeted end-users, we are validating the value proposition and the technology while we market our products. This is what we call creating 'market pull', not 'market push'. So far, user endorsement of our fuel cell technology has been very positive and this is motivating us more than ever to get the costs down because we know there's a market there when we do."
Other light mobility activity over the last 6 months has contributed to potential commercial traction across a range of applications. Each of these initial market opportunities has excellent potential for expansion in the short to mid term.
- delivery and road-permitting of Purolator's first zero-emission, fuel cell powered vehicle. The vehicle, equipped with a Hydrogenics 65 kW HyPM in a battery hybrid configuration, will commence in-service trials this summer as part of Purolator's "greening of the fleet" initiative.
- preparation of Toronto's ExPlace to receive a small fleet of next-generation fuel cell-powered John Deere Gators to integrate into their regular grounds operations. This will be the first deployment of John Deere vehicles for end-user validation. Deere continues on a progressive product development track with a recent follow-on order for two HyPM units bringing the total to nine.
- unveiling of Hydrogenics' HyPM hybrid package in The Toro Company's proof-of-concept fuel cell hybrid greensmower. This is believed to be one of the earliest applications for fuel cell technology in grounds equipment.
- completion and demonstration of a fuel cell hybrid midi-bus to the state of North Rhine Westphalia. German T?V road certification is in progress and expected to be complete in the third quarter. This fuel cell battery hybrid design has the capacity to at least double the range achievable by batteries alone. Constricted European city cores have a need for this type of bus technology platform.
- engagement of two world-leading OEMs of small electric vehicles - REVA Electric Car Company (Maini Industrial Group, India, www.revaindia.com) and Th!nk Nordic (Norway, www.think.no). Initial HyPM sales for prototype vehicles are being secured at this time. The REVA initiative plans for a small fleet of vehicles as an eco-tourism pilot project launched by the Indian Oil Corporation, and the Th!nk Nordic project plans for additional vehicles over the next two years for various demonstration projects, including Norway's Hynor initiative.
- Demonstration initiatives launched in 2005 included Hydrogenics' sponsorship of University of Waterloo's Challenge X team as they integrate a HyPM power module into the drive train of a GM Equinox vehicle. The team took top honors for their design stage deliverables at a recent Challenge X competition.
HyPM technology is also proving its versatility in vehicle auxiliary power (APU) applications. Two recent APU projects that Hydrogenics has been involved in, both funded by the U.S. Department of Defense, include:
- The provision of a 2X10 kW HyPM to SunLine Transit Agency for integration into an APU in a modified standard Class-8 Peterbilt truck. The truck recently made a trip across the US, demonstrating a significant overall reduction of fossil fuel consumption.
- The provision of a electrolyser-fuel cell APU, to be deployed on board a Stryker Light Armored Vehicle (LAV). The APU will extend the LAV's silent watch capabilities beyond those of conventional APU technologies.
The military has also started to apply hydrogen and fuel cell technology to certain propulsion applications. Hydrogenics has provided HyPM fuel cell power modules for two fuel cell hybrid projects, a shuttle bus and a step van, at Hickam Air Force base in Hawaii.
"The versatility of our HyPM power module products has enabled us to engage in a number of diverse fuel cell projects that each benefit from reduced emissions, reduced noise, increased efficiency and the potential for increased productivity," summarizes Rivard. "Through these varied initiatives we are creating something very valuable to our future success - we are creating position. These early-adopting markets of today are just the first step on the path to global solutions for energy security and sustainability. Hydrogenics is a leader on that path."
About Hydrogenics
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.
Hydrogenics Corporation (TSX:HYG - News; NASDAQ:HYGS - News)
--------------------------------------------------
Contact:
Hydrogenics
Investors: Lawrence Davis
Chief Financial Officer
(905) 361-3633
ldavis@hydrogenics.com
OR
Hydrogenics
Media: Jane Dalziel
Director of Corporate Communications
(905) 361-3639
jdalziel@hydrogenics.com
--------------------------------------------------
Source: Hydrogenics Corporation
Revenues of $6.3 million and sequential reduction in quarterly cash operating costs of $2.6 million or 26%
MISSISSAUGA, Ontario--Aug. 4, 2005-- Hydrogenics Corporation is reporting second quarter and six month unaudited results. Results are reported in U.S. dollars and are prepared in accordance with Canadian generally accepted accounting principles.
"Six month revenues surpassed full year revenues for 2004, due in large part to record revenues set last quarter," comments Pierre Rivard, President and CEO. "Although our revenues decreased from last quarter owing to uneven shipping dates from quarter to quarter, we are averaging well and our backlog remains strong. New and pending orders are tracking with our geographic and product strategies, a sign, we believe, that the combined business portfolio gained through our Stuart Energy acquisition is bearing fruit."
"We believe that the increase in revenues, combined with synergies derived from the Stuart Energy acquisition, will accelerate our path to profitability," continues Rivard. "All in all, we believe we are delivering on the commitment we made at the beginning of the year to achieve renewed financial performance for our shareholders by applying discipline and sound business fundamentals."
Results for the second quarter of 2005 compared to the second quarter of 2004
Revenues were $6.3 million, a 76% increase from $3.6 million, supported by our acquisition of Stuart Energy. Gross profit expressed as a percentage of revenues was 17.1% (29.8% in 2004) and reflects a heavier weighting of hydrogen generation products. Cash operating costs, a non-GAAP measure, defined as selling, general and administrative and research and product development expenses, exclusive of integration and severance costs were $7.0 million, a 14% increase from $6.2 million in 2004 and reflecting the incremental costs associated with Stuart Energy's operations. Net loss was $9.5 million, an increase of 12% from $8.5 million in 2004.
Results for the second quarter of 2005 compared to the first quarter of 2005
Revenues were $6.3 million, a 44% decrease primarily due to timing of deliveries. Gross profit expressed as a percentage of revenues was 17.1%, an increase of 8.1% due to the absence of $1.3 million of work in progress adjustments recognized in the first quarter of 2005. Cash operating costs were $7.0 million, a decrease 26%, or $2.4 million, resulting from the implementation of our integration plan. Net loss was $9.5 million, a decrease of 15%, or $1.7 million, primarily as a result of lower cash operating costs.
Results for the six month period ended June 30, 2005 compared to the six month period ended June 30, 2004
Revenues were $17.6 million, a 130% increase primarily due to the acquisition of Stuart Energy in the first quarter of 2005. Gross profit, expressed as a percentage of revenues, was 11.9%, a decrease of 17.9% due to a $1.3 million increase in work-in-progress related to the acquisition of Stuart Energy, in accordance with generally accepted accounting principles, and a higher percentage of hydrogen generation revenues, which historically have generated lower gross margins. Cash operating costs were $16.4 million, a $4.8 million or 41% increase. Net loss was $20.7 million, a $4.8 million or 30% increase from $15.9 million, primarily as a result of lower gross margins and higher cash operating costs.
We had $97.7 million in cash and cash equivalents and short-term investments as at June 30, 2005. The $8.1 million sequential quarterly decrease in cash and cash equivalents and short-term investments is attributable to:
- our loss before interest, taxes, depreciation, amortization and integration costs of $6.2 million;
- integration costs of $0.3 million;
- net changes in non-cash working capital of $1.5 million; and
- capital expenditures of $0.1 million.
Order backlog
Our order backlog as at June 30, 2005 was $19.1 million as follows:
Q1 Orders Product/Service Q2
Backlog Received Delivered Backlog
--------------------------------------------------
--------------------------------------------------
Generation $ 11.0 $ 3.0 $ 1.7 $ 12.3
Power 2.6 - 1.1 1.5
Test 4.9 3.9 3.5 5.3
--------------------------------------------------
Total $ 18.5 $ 6.9 $ 6.3 $ 19.1
--------------------------------------------------
--------------------------------------------------
We expect to substantially deliver this order backlog in 2005.
Second Quarter Highlights
Progress on markets:
- In April, we announced a major three-year project to lead a consortium of partners in the deployment of a Wind-Hydrogen Village project on Prince Edward Island, Canada, to demonstrate the central role that hydrogen and fuel cells are anticipated to play in future integrated energy systems based on the increased use of clean renewable energy sources.
- In April, we completed the development and integration of a fuel cell hybrid bus for demonstration to the State of North-Rhine Westphalia in Germany. Profiled at the 2005 Hannover Fair, this 'midi' bus platform is particularly suited for shuttle bus uses and other applications requiring a smaller scale bus, such as in constricted European downtown cores where emission regulations are becoming more prevalent. Certification for street use in Germany is nearing completion, which is an important step towards commercialization.
- In May, we secured a follow-on order from John Deere for two HyPM power modules to deploy into next generation fuel cell Gator vehicles. A total of four fuel cell-powered Gators are now being deployed into the hands of market end-users.
- In June, American Power Conversions (APC) (NASDAQ:APCC - News), a leading provider of backup power systems for critical data networks with over 15 million customers worldwide, launched their InfraStruXure™ with Integrated Fuel Cells System product to meet customer needs for extended backup run-time. We have now delivered five of the initial 25 units ordered by APC and anticipate the majority of this order will be delivered in 2005.
- During the quarter, we carried out diagnostic tests and analysis following our successful fuel cell-powered forklift pilot demonstration at GM's car assembly plant in Oshawa, Ontario, and are implementing the second phase of this fuel cell-powered forklift deployment with Fedex Canada.
Progress on products and technology:
- In June, we launched our HyPM XR10 rack-mountable fuel cell power module for backup power applications in parallel with APC's product launch at a major industry conference in New Orleans.
- Following our acquisition of Stuart Energy, we continue to streamline and harmonize our technology roadmap, making significant improvements in product capabilities and achieving important milestones to reduce product costs.
Progress on corporate matters:
- In connection with the integration of Stuart Energy, we reduced our cash operating costs by $2.6 million on a sequential quarterly basis and have now achieved annualized cost savings in the order of $10.0 million.
CONFERENCE CALL DETAILS
We will hold a conference call to review our results on August 4, 2005 at 10:30 a.m. (EDT). To participate in this conference call, please dial 416-695-9753 approximately ten minutes before the call. Alternatively, a live webcast of our conference call will be available on our website at www.hydrogenics.com. Please visit our website at least ten minutes early to register and download any necessary software. Should you be unable to participate, a replay will also be available on our website.
ABOUT HYDROGENICS
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.
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 cautionary statement.
Hydrogenics Corporation
Interim Consolidated Balance Sheets
(in thousands of U.S. dollars)
(unaudited)
--------------------------------------------------
--------------------------------------------------
June 30 December 31
2005 2004
---------------------------
Assets
Current assets
Cash and cash equivalents $ 54,647 $ 26,209
Short-term investments 43,096 62,853
Accounts receivable 6,562 5,223
Grants receivable 3,131 2,437
Inventories 10,935 4,324
Prepaid expenses 2,227 1,400
---------------------------
120,598 102,446
Deferred charges - 1,030
Property, plant and equipment 7,217 5,286
Intangible assets 38,169 3,878
Goodwill 69,049 5,113
Other non-current assets 28 108
---------------------------
$ 235,061 $ 117,861
---------------------------
---------------------------
Liabilities
Current liabilities
Accounts payable and accrued liabilities $ 19,098 $ 6,421
Unearned revenue 4,207 1,537
Income taxes payable 263 214
---------------------------
23,568 8,172
Long-term debt 350 302
Deferred research and development grants 157 174
---------------------------
24,075 8,648
---------------------------
---------------------------
Shareholders' Equity
Share capital and other equity 318,309 194,159
Deficit (101,621) (80,900)
Foreign currency translation adjustments (5,702) (4,046)
---------------------------
210,986 109,213
---------------------------
$ 235,061 $ 117,861
---------------------------
---------------------------
Hydrogenics Corporation
Interim Consolidated Statements of Operations and Deficit
(in thousands of U.S. dollars, except for share and
per share amounts)
(unaudited)
--------------------------------------------------
--------------------------------------------------
Three months ended Six months ended
June 30 June 30
2005 2004 2005 2004
----------------------------------------------
Revenues $ 6,293 $ 3,578 $ 17,597 $ 7,653
Cost of revenues 5,215 2,546 15,497 5,371
----------------------------------------------
1,078 1,032 2,100 2,282
----------------------------------------------
Operating expenses
Selling, general and
administrative 5,312 3,313 11,493 6,525
Stock-based compensation
expense 563 338 1,059 626
Research and product
development 1,698 2,857 4,951 5,168
Depreciation of property,
plant and equipment 362 639 736 1,163
Amortization of
intangible assets 2,065 2,128 4,203 4,256
Integration costs 313 - 1,037 -
----------------------------------------------
10,313 9,275 23,479 17,738
----------------------------------------------
Loss from operations (9,235) (8,243) (21,379) (15,456)
----------------------------------------------
Other income (expenses)
Provincial capital tax (86) (43) (132) (87)
Interest 496 179 1,166 344
Foreign currency losses (663) (333) (328) (665)
----------------------------------------------
(253) (197) 706 (408)
----------------------------------------------
Loss before income taxes (9,488) (8,440) (20,673) (15,864)
Current income tax
expense 11 41 48 68
----------------------------------------------
Net loss for the period (9,499) (8,481) (20,721) (15,932)
Deficit - Beginning
of period (92,122) (54,812) (80,900) (47,361)
----------------------------------------------
Deficit - End
of period $ (101,621) $ (63,293) $ (101,621) $ (63,293)
----------------------------------------------
----------------------------------------------
Net loss per share
Basic and diluted $ (0.10) $ (0.13) $ (0.23) $ (0.26)
Shares used in
calculating basic and
diluted net loss
per share 91,675,121 64,579,284 90,766,791 62,459,534
Hydrogenics Corporation
Interim Consolidated Statements of Cash Flows
(in thousands of U.S. dollars)
(unaudited)
--------------------------------------------------
--------------------------------------------------
Three months ended Six months ended
June 30 June 30
2005 2004 2005 2004
----------------------------------------------
Cash and cash equivalents
provided by (used in)
Operating activities
Net loss for the period $ (9,499) $ (8,481) $ (20,721) $ (15,932)
Items not affecting cash
Depreciation of
property, plant and
equipment 436 639 1,032 1,163
Amortization of
intangible assets 2,065 2,128 4,203 4,256
Unrealized foreign
exchange (gains)
losses (141) 34 (11) (104)
Imputed interest on
long-term debt 8 14 16 34
Non-cash consulting
fees 18 16 37 33
Stock-based
compensation 563 338 1,059 626
Net change in non-cash
working capital (1,467) (2,190) (2,959) 776
----------------------------------------------
(8,017) (7,502) (17,344) (9,148)
----------------------------------------------
Investing activities
Decrease (increase) in
short-term investments 49,687 8,558 46,375 (50,417)
Purchase of property,
plant and equipment (59) (1,139) (298) (2,105)
Business acquisitions,
net of cash acquired - - (343) -
----------------------------------------------
49,628 7,419 45,734 (52,522)
----------------------------------------------
Financing activities
Repayment of long-term
debt (54) (143) (81) (198)
Deferred research and
development grant (9) - (17) -
Common shares issued,
net of issuance costs 11 (327) 146 60,368
----------------------------------------------
(52) (470) 48 60,170
----------------------------------------------
Increase (increase) in
cash and cash
equivalents
during the period 41,559 (553) 28,438 (1,499)
Effect of exchange rate
changes on cash - - (1)
Cash and cash
equivalents
- Beginning of period 13,088 1,017 26,209 1,964
----------------------------------------------
Cash and cash
equivalents
- End of period $ 54,647 $ 464 $ 54,647 $ 464
----------------------------------------------
----------------------------------------------
Supplemental disclosure
Interest paid $ 24 $ 24 $ 30 $ 33
Income taxes paid 10 44 66 156
--------------------------------------------------
Contact:
Hydrogenics Corporation
Lawrence E. Davis
Chief Financial Officer
(905) 361-3633
ldavis@hydrogenics.com
www.hydrogenics.com
Hydrogenics kooperiert mit Hitachi Zosen
31.03.2005
Zugang zum japanischen Markt
Die kanadische Firma Hydrogenics hat eine wichtige Partnerschaft für die Expansion Richtung Japan geschlossen. In einer Kooperationsvereinbarung mit Hitachi Zosen (Hitz) wurde die gemeinsame Entwicklung eines Brennstoffzellensystems für den japanischen Markt beschlossen. Kurz nach der Übernahme von Stuart Energy (Elektrolyseure, Infrastruktur) sichert sich Hydrogenics damit nicht nur den Zugang zum japanischen Markt sondern möglicherweise auch den Zugriff auf eine zusätzliche Reformertechnologie, sollte die gemeinsame Entwicklung erfolgreich verlaufen. Hitz plant Systeme ab 10 kW bis zu einigen hundert Kilowatt und eine kommerzielle Verfügbarkeit in 3-4 Jahren. Als Markt wird vor allem der gewerbliche Bereich gesehen. Die Brennstoffzelle steuert Hydrogenics bei, das restliche System kommt weitgehend von Hitz, insbesondere der thermische Teil.
Laut Hitz wird das Volumen des japanischen Marktes für stationäre Brennstoffzellen bis 2010 auf 1,4 Milliarden Euro anwachsen, Hitz möchte sich mit der Kooperation seinen Anteil daran sichern.
vb/l-b-systemtechnik
Market Pulse: Citigroup sees opportunity for fuel cells in backup power
Wednesday August 24, 12:06 pm ET
By Michael Baron
NEW YORK (MarketWatch) -- Citigroup Investment Research issued a bullish call on fuel cells Wednesday, saying it sees a large opportunity for the products in providing backup power in wireless telecom and other markets. The firm said the cost of fuel cells needs to decline, however, to set the growth curve in motion and that the energy tax credit could act as a catalyst. It sees the total market for fuel cell backup power at about 160,000 units a year, a figure it says represents roughly $2.5 billion in potential sales. Citigroup believes Plug Power , up 2.2% to $6.42, and Hydrogenics , rising 3.2% to $3.55 as the largest beneficiaries of this trend. Other alternative fuel technology companies in rally mode were Capstone Turbine , surging 25% to $3.89, Beacon Energy , advancing 11.4% to $5.26, Millennium Cell , adding 16.3% to $2.22, and Mechanical Technology gaining 8% to $3.05.
Friday September 2, 7:00 am ET
MISSISSAUGA, Ontario--(BUSINESS WIRE)--Sept. 2, 2005--Hydrogenics Corporation (TSX:HYG - News; NASDAQ:HYGS - News), today announced that Salil Munjal has been appointed Vice President, Corporate Development. Mr. Munjal will also assume leadership for the legal function at Hydrogenics and serve as the Company's General Counsel.
ADVERTISEMENT
Mr. Munjal brings over 10 years of corporate development, legal and operational experience. He began his career as a corporate lawyer with Torys LLP, a leading North American law firm. While with Torys LLP, Mr. Munjal was regularly involved with complex cross-border transactions. More recently, Mr. Munjal served as Chief Operating Officer at Leitch Technology Corporation, an international public technology company, and prior served as its VP, Corporate Development & General Counsel for a number of years. Mr. Munjal has extensive experience serving as a valued advisor to public companies in mergers and acquisitions, international joint ventures and corporate strategy.
"Salil brings to Hydrogenics a great depth of international acquisitions, operations and public company experience," said Pierre Rivard, Hydrogenics President & CEO. "In his new position he will be an integral part of developing and implementing Hydrogenics' strategic plan as we advance our efforts to capture a significant share of our expanding markets. I also wish to thank Randall MacEwen, our former VP, Corporate Development, for his valuable contributions to Hydrogenics, particularly in respect of the integration of Stuart Energy Systems. Randall is no longer with the Company as he is pursuing other opportunities."
Mr. Munjal obtained his law degree from Queen's University and his Bachelors in Science (Chem.) from the University of Toronto. Mr. Munjal is also called to the Bars of both New York and Ontario.
http://biz.yahoo.com/bw/050902/25041.html?.v=1
By Craig Wong
ADVERTISEMENT
VANCOUVER (CP) - Fuel cell company Hydrogenics Corp. (TSX:HYG) is closing in on its tipping point to reaching commercial production, newly appointed president and chief executive Daryl Wilson said Friday.
"I joined here because I thought there was opportunity to bring some of my manufacturing and operational execution skills to bear," Wilson said in a telephone interview from company headquarters in Mississauga, a suburban community just west of Toronto.
"I don't know if we're right at the tipping point, but I think we're coming really close to this kind of technology really making a big step forward."
Earlier Friday, Hydrogenics announced that Wilson has replaced Pierre Rivard a co-founder of the company, who became executive chairman.
Rivard announced in September he would move into the advisory role of executive chairman after a successor was found. Previous chairman Norman Seagram was named lead director.
Wilson has held senior positions with plastics products maker Royal Group Technologies, water purification company Zenon Environmental, Toyota Motor and steelmaker Dofasco.
He joins the company as it works to put component quality issues at its Belgium operation behind it and deal with a slower than expected adoption of Hydrogenics's fuel cell technology.
The company took a US$79.9 million charge in the third quarter related to the impairment of intangible assets and goodwill related to its OnSite Generation and test systems businesses.
"It is a matter of where you pick your focus. I think what has happened here at Hydrogenics is they've selected niches where there is a clear value proposition and the customers are starting to say yes," Wilson said.
He pointed to an order in August by American Power Conversion (NASDAQ:APCC) for up to 500 fuel cell power modules as a key indication the company is nearing its tipping point.
The contract was the company's biggest single order for fuel cells.
"As well, the generation division has got some solid technology and gone through that learning and trial period, but coming out the other side of that there are lots of good market prospects," Wilson said.
"There's lots of growth opportunity globally and we're not talking small orders any more."
Rivard co-founded Hydrogenics in 1995. The company has since grown into a supplier of hydrogen generation and fuel cell products and services with operations across North America as well as in Europe and Asia.
For the nine months ended Sept. 30, Hydrogenics lost US$108.7 million or $1.18 per share on revenue of US$20.5 million. That compared with a loss of US$28.2 million or 31 cents per share on revenue of US$28.1 million in the same period in 2005.
Shares in the company were unchanged at C$1.60 in trading on the Toronto Stock Exchange on Friday.
alldiese AQktien sind im Keller und profitieren vom langfristigen Hype Clean Energy.
umgerüstet und posaunt damit herum. Co2 free Boom kann kommen.
bringt ab 5.Mai Ergebnisse.
Seit längerem sind Viele in USA short. DEr Kurs wurde gedrückt um billig einzusammeln und die Kleinanleger herauszulocken.
Jetzt kann man sehr preiswert kaufen und warten..
Nicht alle Klimawerte werden laufen. Hygs hat genügend cash und Patente
im Servicebereich um Brennstoffzellen effizienter zu machen.
Das bringt das geld demnächst.
Nur meine Meinung.
Viel Glück In eienm halbem Jahr bis Ende 2007 wird der Kurs m.Meinung bei... ( smile) liegen.