Quantum to Acquire Global Thermoelectric

April 16, 2003 by Jeff Shepard

Quantum Fuel Systems Technologies Worldwide Inc. has signed an agreement to acquire all of the outstanding shares of Global Thermoelectric, Inc. Quantum will acquire Global for a stock-for-stock exchange valued at about $75 million. Quantum expects the combination will create a more cost-effective, well capitalized and diversified company to address transportation, stationary power generation, and hydrogen refueling markets for Quantum’s OEM (mobile and stationary), aerospace, military and other customers.

The price represents about a 50% premium to Global’s recent stock prices prior to the announcement. The transaction is expected to close in the third quarter of calendar year 2003 and is subject to approval by the shareholders of both companies. Global is a developer of natural gas and propane compatible solid oxide fuel cell (SOFC) technology for residential and light commercial applications and is also the world’s largest manufacturer and distributor of thermoelectric stationary power generators for use in remote locations.

Quantum focuses on component development and system integration, in particular the design, manufacture and supply of integrated fuel systems for both automotive and stationary applications. Quantum is a member of the General Motors Fuel Cell Alliance and is owned 19.9% by G.M.