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Ventures West Portfolio Company Acquired by Hydrogenics Corp.- GREENLIGHT POWER TECHNOLOGIES SOLD FOR US $19 MILLION VANCOUVER, BC and TORONTO, ON, January 8, 2003 -- Hydrogenics Corporation (TSE: HYG and Nasdaq: HYGS), a designer and manufacturer of fuel cell technology, today announced that it has acquired Greenlight Power Technologies, Inc., its principal competitor in the fuel cell test business, in a transaction valued at approximately $US 19 million. The acquisition combines the number one and number two providers of fuel cell test equipment and nearly doubles the size of this core element of Hydrogenics´ business. "The pooling of our resources will create the most sophisticated and successful fuel cell testing and diagnostic company in the world, with a client list that includes almost every major fuel cell company in North America, Europe and Asia," said Greenlight´s CEO, David Chapman. "We´re very excited to have this opportunity to be an integral part of Hydrogenics´ strategic growth plans." Ventures West initially invested in Greenlight (previously called ASA Automation) in 2001 and is the only private equity investor in the company. At that time, Ventures West helped the founders of ASA hire a new management team and the company was repositioned exclusively as a supplier of testing and diagnostic equipment to the fuel cell industry. Since 2001, the company has improved their product offerings, substantially increased their customer base and positioned itself as world leader in the emerging fuel cell business. "David Chapman and James Dean, President, have done an impressive job building this company and will continue to do so under the Hydrogenics umbrella," adds David Berkowitz, Senior Vice President of Ventures West and a former director of Greenlight. "Twenty months ago we invested in an early stage company with enormous potential but an incomplete management team and business strategy. Together with the founders, the new team focused on the market opportunity and succeeded beyond our expectations. This is a remarkable accomplishment in today´s challenging business environment." As part of the post-closing integration Hydrogenics intends to combine the respective fuel cell test businesses of Hydrogenics and Greenlight and to operate the combined business through Greenlight as the test equipment and services division of Hydrogenics. The consolidation of the companies´ test businesses will be led by Greenlight´s CEO, David Chapman, who will manage the division, based in Burnaby, British Columbia. For additional details on this transaction, please see the official Hydrogenics Corp. press release at http://www.hydrogenics.com/ir/NewsReleaseDetail-1.asp?RELEASEID=98896
About Ventures West Ventures West Management Inc. is a privately held venture capital investment group that invests in early stage technology companies across North America from offices in Vancouver, Toronto and Ottawa. Since its founding in 1968, Ventures West has invested over $400 million in more than 125 companies. Ventures West has the people, the expertise, and the capital to develop emerging technology companies into market leaders. Our investment strategy focuses on four technology sectors: Information Technology, Telecommunications, Biotechnology and Power Technology. For more information, visit www.ventureswest.com. About Greenlight Power Technologies, Inc. Greenlight is a leading global supplier of testing and diagnostic equipment to the fuel cell industry. It has supplied fuel cell test equipment to the world´s premier fuel cell stack manufacturers, component manufacturers, system integrators and research organizations. Greenlight provides a full suite of test equipment for fuel cell stack, stack component, reformer and system testing for companies focused on portable, stationary, and transportation fuel cell applications. Ten years of product innovation has resulted in reliable, highly advanced products that are flexible enough to meet each customer´s individual requirements. Greenlight´s 54,000 square foot headquarters and testing services facility is located Burnaby, British Columbia, Canada. For more information, please visit www.greenlightpower.com. About Hydrogenics Hydrogenics Corporation (www.hydrogenics.com) is a designer and developer of commercial proton exchange membrane (PEM) fuel cell systems for transportation, stationary and portable power applications. The company is a leader in fuel cell balance-of-plant and operating system technology and is applying this extensive knowledge and expertise to the development and manufacture of fuel cell power modules and fully integrated power generators. Hydrogenics´ 95,000 square foot headquarters and R&D facility is located in Mississauga, Ontario, Canada. The Company also has Asia-Pacific operations in Tokyo, a facility in upstate New York, and European operations based in Gelsenkirchen, Germany.
For more information please contact: David Berkowitz |
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