Fuel Cell Technologies Issues Second-Quarter ReportSeptember 05, 2000 by Jeff Shepard
Fuel Cell Technologies Corp. (FCT, Kingston, Ontario) has issued its report to shareholders, which includes a description of aspects of the operations of FCT and the financial results for the six months ended June 30, 2000. On May 5, 2000, FCT's corporate reorganization was completed and trading in common shares opened on May 19, 2000. The corporate reorganization consisted of employee-controlled Fuel Cell Technologies Ltd. (FCTL) completing a reverse take-over of FCT. At the beginning of June, FCT also completed the sale of assets and operations of its wholly owned subsidiary, MicroWear Corp. This sale completed the reorganization activities and left FCT positioned to carry out its strategic plan. Work on aluminum-air fuel cell projects and contracts, commercialization of solid-oxide fuel cell power systems, planar cells and cell stack materials, and aluminum hydrogen-peroxide power sources continued during the second quarter.