VANCOUVER, BC and SOUTHBOROUGH, MA, - Ballard Power Systems (NASDAQ: BLDP; TSX: BLD) and Protonex Technology Corporation ("Protonex"; www.protonex.com) have announced that, at a meeting of the Protonex shareholders held today in Southborough, MA, Protonex shareholders approved the acquisition of Protonex by Ballard. The proposed acquisition of Protonex, a leading designer and manufacturer of advanced power management products and portable fuel cell solutions, is expected to close on or before September 30, 2015.
As consideration for the transaction, Ballard is assuming and paying Protonex's debt obligations at closing, currently estimated at approximately $4.4 million, and is paying the balance of consideration through the issuance of approximately 11.2 million Ballard shares. The number of Ballard shares to be issued is subject to adjustment based on the final debt obligations at closing.
About Ballard Power Systems
Ballard Power Systems (NASDAQ: BLDP; TSX: BLD) provides clean energy products that reduce customer costs and risks, and helps customers solve difficult technical and business challenges in their fuel cell programs. To learn more about Ballard, please visit www.ballard.com.
About Protonex Technology Corporation
Protonex Technology Corporation has deployed thousands of portable power solutions to the U.S. Army, U.S. Navy, U.S. Marine Corp, U.S. Air Force, U.S. Special Operations Command and U.S. National Guard, as well as to commercial and government-funded institutions, such as the Ocean Observatories Initiative. The only company to commercialize both PEM and SOFC fuel cell technologies, and with in-house research, design, test and manufacturing capabilities, Protonex has the unique capability and flexibility to go rapidly from concept, to design, to field testing, to deployment. Innovators in fuel cell design, and the inventors of the modern Intelligent Power Manager, Protonex continues to provide solutions to power problems for the military, scientific and commercial communities. For more information about Protonex power managers, chargers and fuel cells, please visit www.protonex.com.
SOURCE Ballard Power Systems Inc.
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