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Fuel Cell Technologies Advises That National Bank Financial Inc. has Exercised 200,000 Options 
Publication Date:25-November-2004
Source:Fuel Cell Technologies
KINGSTON, Ontario --TSX VENTURE: FCTFuel Cell Technologies Corporation (FCT) announced that National Bank Financial Inc. (National Bank) has exercised 200,000 Compensation Options received by it as consideration for acting as agent of FCT in the November 2002 private placement of Common Shares and Warrants. FCT has issued 200,000 Common Shares at a price of $0.46 per share, pursuant to the terms of such compensation options. National Bank may choose to exercise more of its remaining options before their expiry date of November 28, 2004. On this date, all unexercised Compensation Options that were issued to agents by FCT as part of its November 2002 financing will expire.

The proceeds from the exercise of these compensation options will be used in the same manner as the funds raised from the 2002 private placement financing of Common Shares; namely to fund commercialization initiatives such as further product development, production expansion, marketing, and general working capital requirements.

FCT is a leading developer and producer of small to medium scale fuel cell power systems, with experience from successful installations around the world. Fuel cells are the future of power generation because of their environmental benefits and high efficiency. Certain types of fuel cells can operate on a variety fuels, including fossil fuels, renewable fuels such as methanol and ethanol, and hydrogen, facilitating a transition between fossil fuels and hydrogen. FCT's solid oxide fuel cells (SOFCs) are designed to operate on a variety of readily available fuels and provide a highly efficient, environmentally friendly method to produce on-site electricity and heat that can be used in a variety of remote, residential, commercial and industrial applications.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT

RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE 

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