Key Developments For Hydrogenics Corp
Hydrogenics Corp (HYGS.O) (Consolidated Issue listed on NASDAQ Global Market)
Hydrogenics Corporation Files Litigation Against American Power Conversion Corporation To Collect Termination Payment Under Manufacturing And Supply Agreement
Hydrogenics Corporation announced on July 22, 2009 that it had terminated its manufacturing and supply agreement (Supply Agreement) dated August 9, 2006 with American Power Conversion Corporation (APC). In the notice of termination, it had requested a termination payment of approximately $2.1 million by APC, as determined by a formula in the Supply Agreement based on the number of products for which APC had issued orders and paid for under the Supply Agreement. Although the parties used efforts to resolve this matter short of litigation, those efforts did not resolve the matter and so on November 13, 2009, Hydrogenics Corporation filed a complaint against APC in the U.S. District Court for the District of Massachusetts in connection with the Supply Agreement, entitled Hydrogenics Corporation v. American Power Conversion Corporation, Civil Action 09-11947. The complaint seeks an award of the termination payment of $2,136,420, plus damages and interest for APC's breach of the Supply Agreement, including for APC not meeting its contractual obligation to purchase 500 HyPM XR 12 kW Fuel Cell Power Modules under the terms of the Supply Agreement.
Hydrogenics Corporation Comments On Long Term Quarterly Revenue Outlook; Issues FY 2010 Revenue Outlook Above Analysts' Estimates-Conference Call
Hydrogenics Corporation announced that, further to announcement of third quarter 2009 results, it expects top line performance to continue to improve sequentially in the quarters to come. The Company expects fiscal 2010 revenue to be more in line with fiscal 2008 results. The Company reported revenue of $3.56 million in the third quarter of 2009 and $39.34 million in fiscal 2008. According to Reuters Estimates, analysts on an average were expecting the Company to report revenue of $8 million for the fourth quarter of 2009; $6 million in the first and second quarters of 2010; revenue of $36 million for fiscal 2010.
Hydrogenics Corporation Announces Closing Of Non-Dilutive Financing Transaction
Hydrogenics Corporation announced the closing of the previously announced non-dilutive financing transaction (the Transaction) with Algonquin Power Income Fund with gross cash proceeds of approximately CAD10.8 million. The Transaction involved a Plan of Arrangement and Exchange Offers pursuant to which, among other things, Hydrogenics acquired all of the issued and outstanding units and convertible debentures of Algonquin Power in exchange for new securities of Hydrogenics. Pursuant to the Plan of Arrangement, Hydrogenics transferred substantially all of its assets and liabilities to a newly created subsidiary (New Hydrogenics) and the existing class of common shares of Hydrogenics were redeemed for common shares in the capital of New Hydrogenics. New Hydrogenics has all of the same assets, liabilities, directors, management and employees as Hydrogenics had previous to the Transaction, except for certain tax attributes that remain behind, and Hydrogenics shareholders have become shareholders of New Hydrogenics. Pursuant to the Exchange Offers, unitholders of Algonquin Power exchanged their units for a new class of common shares of Hydrogenics (New Common Shares), and debenture holders of Algonquin Power exchanged their convertible debentures for convertible debentures or New Common Shares, resulting in, among other things, unitholders of Algonquin Power becoming shareholders of Hydrogenics and Algonquin Power becoming a subsidiary entity of Hydrogenics.
Hydrogenics Corporation Announces Order For Six Electrolyzers in India
Hydrogenics Corporation announced that it has received an order from Bhushan Power & Steel Limited for a 2 megawatt installation of HySTAT electrolyzers. This order represents the second time this year that Hydrogenics has won an award of this magnitude illustrating the modular nature of its hydrogen production technology. Bhushan, one of India's steel manufacturers, is anticipated to take delivery of the Hydrogenics units during the first quarter of 2010.
Hydrogenics Corporation Announces Contract with Vision Industries
Hydrogenics Corporation announced that it has received a contract to provide HyPM 16 fuel modules for use in zero emission class 8 short haul trucks being developed by Vision Industries Corp. of California. The contract calls for Hydrogenics' HyPM fuel modules to be delivered in two stages. The initial units will be used to complete testing and demonstrate the vehicles in and around the Port of Los Angeles and Port of Long Beach. Second stage deliveries will be dependent on purchase orders for the trucks being received by Vision.
