On December 1, 2004 Hydrogenics mailed its offer to purchase all of the outstanding common shares of Stuart Energy at an exchange ratio of 0.74 Hydrogenics common shares for every one Stuart Energy common share. Based on the November 9, 2004 TSX closing prices of CDN$2.82 per Stuart Energy common share and CDN$5.59 per Hydrogenics common share, at the time of the announcement the offer valued each Stuart Energy common share at CDN$4.14, representing a 47% premium over the closing price of the Stuart Energy common shares.

Hydrogenics and Stuart Energy would also like shareholders to be aware of the following information:

    -  The Independent Special Committee of the Stuart Energy Board of
       Directors has determined that the amount Dr. Hugo Vandenborre will
       receive upon cancellation of his consulting agreement (as described on
       page 22 of the Stuart Energy directors' circular), represents less
       than 5% of the value of the consideration that he expects he will be
       beneficially entitled to receive for his common shares of Stuart
       Energy upon the successful completion of the offer.

    -  Hydrogenics will demand the outstanding loan to Mr. Jon Slangerup (as
       described on page 40 of the Hydrogenics take-over bid circular) at
       such time as the market value of the shares pledged by Mr. Slangerup
       as security for the loan are equal to the outstanding principal amount
       of the loan.
 

Hydrogenics and Stuart Energy would like to wish everyone a Happy Holiday.

About Hydrogenics

Hydrogenics Corporation (http://www.hydrogenics.com) is a leading clean power generation company, engaged in the commercialization of hydrogen and fuel cell technology and test stations for fuel cells. The company is building a sustainable business, in a potentially "game changing technology" for transportation, stationary and portable power. Hydrogenics, based in Mississauga, Ontario, Canada, has operations in British Columbia, Canada, Japan, the United States and Germany.

About Stuart Energy

Stuart Energy Systems Corporation (http://www.stuartenergy.com) is the world's leading developer and supplier of integrated hydrogen infrastructure solutions based on water electrolysis. Stuart Energy integrates its proprietary hydrogen generation technology with products from corporate partners to serve existing and emerging markets for industrial, distributed power generation and transportation applications.