VANCOUVER and SOUTHBOROUGH, MA, Oct.
5, 2018 /PRNewswire/ - 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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SOURCE Ballard Power Systems Inc.