General Motors Company Acquires 11.4 Million Common Shares of Hydrogenics From General Motors Corporation
MISSISSAUGA, ONTARIO, Jul 13 (MARKET WIRE) --
Hydrogenics Corporation (TSX: HYG)(NASDAQ: HYGS), a leading developer and
manufacturer of hydrogen generation and fuel cell products, announced
that on July 10, 2009, General Motors Company acquired ownership and
control of 11,364,006 common shares of Hydrogenics Corporation from
General Motors Corporation in connection with the sale of substantially
all of the assets of General Motors Corporation under U.S. bankruptcy
proceedings. This is the same stake which had previously been owned by GM
since October 26, 2001; the acquired shares represent approximately 12.3%
of the issued and outstanding common shares of Hydrogenics.
The acquired shares were originally issued to General Motors Corporation
by Hydrogenics as consideration for entering into a master intellectual
property agreement and a corporate alliance agreement with Hydrogenics.
As part of, and in connection with, the bankruptcy proceedings, General
Motors Company was assigned, and became a party to, the master
intellectual property agreement and a corporate alliance agreement and
acquired the shares.
ABOUT HYDROGENICS
Hydrogenics Corporation (www.hydrogenics.com) is a globally recognized
developer and provider of hydrogen generation and fuel cell products and
services, serving the growing industrial and clean energy markets of
today and tomorrow. Based in Mississauga, Ontario, Canada, Hydrogenics
has operations in North America and Europe.
Contacts:
Hydrogenics Corporation
Lawrence Davis
Chief Financial Officer
(905) 361-3633
investors@hydrogenics.com
Investor Relations Contact:
Chris Witty
(646) 438-9385
cwitty@darrowir.com
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