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Ballard Announces Completion of Sale of E-Drive Operations to Siemens VDO
Publication Date:15-February-2007
04:30 PM US Eastern Timezone 
Source:Ballard Power
VANCOUVER, BRITISH COLUMBIA-- Ballard Power Systems (Toronto:BLD.TO)(NasdaqGM:BLDP) today completed the previously announced sale of its electric drive operations - based in Dearborn, Michigan - to Siemenns VDO Automotive Corporation. As previously stated, the electric drive operations are not core to Ballard's fuel cell stack strategy.

Proceeds from the sale were approximately US$4.0 million. As a result of the transaction, Ballard will record a net loss (primarily a non-cash write-down of goodwill) of approximately US$108 million net. In addition, the transaction will reduce Ballard's ongoing operating cash consumption by approximately US$10 million annually.

About Ballard Power Systems

Ballard Power Systems (Toronto:BLD.TO - News)(NasdaqGM:BLDP - News) is recognizzed as a world leader in the design, development, manufacture and sale of zero-emission proton exchange membrane fuel cells. Ballard's mission is to make fuel cells a commercial reality. To learn more about what Ballard is doing with Power to Change the World®, visit http://www.ballard.com.

 
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