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MISSISSAUGA, Ontario--Hydrogenics Corporation (CA:HYG)(HYGS) today announced it has received a series of purchase orders from General Motors Corporation (GM) for fuel cell test services anticipated to be delivered in 2006.
Concurrent with the issuance of the orders noted above, the Corporation has repurchased for $750,000 the 2,470,436 common share purchase warrants issued to GM in 2001. This purchase price for the warrants will be paid for by way of a credit against the services to be provided.
"We are pleased to have received this significant order for test services from GM and be able to repurchase warrants issued to GM on favorable terms," said Pierre Rivard, President and CEO of Hydrogenics. "These developments are a win-win situation for both organizations as we continue to provide fuel cell test services to assist GM's efforts in advancing sustainable mobility for future generations and address a long term aspect of our capital structure."
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.
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