Ballard Reports End of XCELLSIS/Ecostar Acquisitions

December 02, 2001 by Jeff Shepard

Ballard Power Systems Inc. (Vancouver, BC) announced the closing of its previously announced acquisition of XCELLSIS (Vancouver, BC) and Ecostar Electric Drive Systems (Dearborn, MI) from DaimlerChrysler AG (Auburn Hills, MI) and Ford Motor Co. (Dearborn, MI), culminating in a 20-year vehicular fuel cell alliance agreement.

The transaction, including a private placement of $55.0 million in Ballard common shares to DaimlerChrysler and Ford, is valued at $861.0 million (US$547.0 million). Ballard will issue to DaimlerChrysler and Ford a total of 18,403,523 common shares for the acquisition and a further 2,023,173 common shares for the private placement.

"Today marks the beginning of a new era for Ballard's customers, employees and shareholders," said Firoz Rasul, chairman and CEO. "We will maintain our leadership position by delivering complete product solutions to our customers."