FCT Advises that ACFP has Exercised 100,000 Options

August 31, 2004 by Jeff Shepard

Fuel Cell Technologies Corp. (FCT, Kingston, ON) reported that Acumen Capital Finance Partners Ltd. (ACFP) has exercised 100,000 compensation options received by it as consideration for acting as agent of FCT in the November 2002 private placement of common shares and warrants. The company has issued 100,000 common shares at a price of $0.46 per share, pursuant to the terms of such compensation options.

The company will use the net proceeds in the same manner as the proceeds raised in its recent financing obtained through the exercise of warrants for the purchase of common shares; namely to fund commercialization initiatives such as further product development, production expansion, marketing, and general working capital requirements.