Palcan Signs Letter of Intent with CET Technologies

March 18, 2004 by Jeff Shepard

Palcan Fuel Cells Ltd. (Burnaby, BC) announced that it has signed a letter of intent (LOI) with CET Technologies Pte. Ltd. (CET, Singapore), a division of Singapore Technologies. The LOI confirms that CET will test and evaluate Palcan’s Palpac™ fuel cell system and backup power generator for use by the Singapore Armed Forces.

The Singapore Armed Forces are seeking a replacement energy source for its current petrol-fueled power supply system with an additional goal to reduce environmental harm involved with existing dry cell batteries. CET Technologies will provide test results to Palcan and anticipates that, subject to agreement on pricing, specifications and delivery schedules, it will purchase Palpac™ fuel cell systems and backup power generators from Palcan for resale to its customers, including the Singapore Armed Forces. The testing and evaluation will take place over a period of three to six months, starting early in the second quarter of 2004.