For Immediate Release – October 5, 2018
VANCOUVER, BC, CANADA and SOUTHBOROUGH, MA, USA – Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) today announced that the Company has successfully closed the previously announced transaction to divest certain non-core assets of its subsidiary, Protonex, related to the Power Manager business to Revision Military (www.revisionmilitary.com), a private U.S.-based company.
At closing Ballard received an initial payment of approximately $4.1 million, paid in cash and note, and may receive up to a further $11.25 million, based on achievement of specific sales objectives during a 12-month earn-out period.
Ballard has retained certain Protonex assets related to fuel cell propulsion systems for unmanned vehicles, under the Ballard brand.
About Ballard Power Systems
Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) provides clean energy products that reduce customer costs and risks, and helps customers solve difficult technical and business challenges in power and energy. To learn more about Ballard, please visit www.ballard.com.
This release contains forward-looking statements concerning anticipated earn-out payments. These forward-looking statements reflect Ballard’s current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such forward-looking statements are based on Ballard’s assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand.
These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including general economic and regulatory changes, detrimental reliance on third parties, successfully achieving our business plans and achieving and sustaining profitability. For a detailed discussion of these and other risk factors that could affect Ballard’s future performance, please refer to Ballard’s most recent Annual Information Form. Readers should not place undue reliance on Ballard’s forward-looking statements and Ballard assumes no obligation to update or release any revisions to these forward looking statements, other than as required under applicable legislation.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities. The Ballard Common Shares have not been registered under the United States Securities Act of 1933, as amended, or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
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