MISSISSAUGA, ONTARIO--(CCNMatthews - May 25, 2006) -
Bring extensive experience in manufacturing and finance
Hydrogenics Corporation (TSX:HYG)(NASDAQ:HYGS), a developer and manufacturer of hydrogen and fuel cell products, announced that the shareholders of the Company elected directors at the Annual General Meeting of the Company held yesterday. In this regard, the Company welcomes two new board members, William Szkodzinski and Doug Alexander. At the same time, Andrew Stuart and Peter Johnson, two board members who did not stand for re-election, were recognized for their valuable contributions to the Company's development.
Mr. Szkodzinski is currently the Global Manufacturing Chief Engineer-Advanced Propulsion at General Motors, where he is responsible for all aspects of manufacturing engineering development related to fuel cell propulsion systems and vehicle assembly. Mr. Szkodzinski brings 32 years of manufacturing engineering experience during which time he has held numerous positions at General Motors that include Director, Manufacturing Program Management. General Motors has proposed a nominee on the Hydrogenics' Board since the two companies signed a strategic alliance in 2000.
Mr. Alexander has served as Chief Financial Officer for various Canadian public companies over the last 15 years and is currently lead director and chair of the audit committee of Saxon Financial Inc. Mr. Alexander served as a director of Stuart Energy from 2003 to January 2005, prior to the Company's acquisition of Stuart Energy in 2005. From 1999 to 2004, Mr. Alexander was Executive Vice President and Chief Financial Officer of Trojan Technologies Inc., an international environmental technology company.
"The experience these two gentlemen bring to Hydrogenics' Board of Directors is highly valued, particularly as the company prepares to accelerate its manufacturing of commercial products for our targeted fuel cell markets," comments Norman Seagram, Chairman of the Board. "At the same time that we welcome Bill and Doug, I also wish to thank Andrew Stuart and Peter Johnson for their outstanding contributions, not only during the past year, but previously as board members at Stuart Energy Systems. Their dedicated efforts helped facilitate the effective organizational integration of Stuart Energy and 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Lawrence Davis, Chief Financial Officer
+1 (905) 361-3633
+1 (905) 361-3639