We have received a number of questions from shareholders about the unusual stock
market activity on December 29th and 30th, when there was a significant increase in
Ballard trading volumes and a sharp decline in the Ballard share price. Our
understanding is that an index fund liquidated a large holding of Ballard shares over
this period. This appears to have been related to broader portfolio re-balancing
activity and general financial market conditions, rather than a reaction to specific
Ballard developments.
Ballard developments as reported in December were positive, with the BC Transit
Olympic Bus Fleet approvals and our progress on the transaction with Superior Plus
Income Trust, which subsequently closed on December 31st, and resulted in nondilutive
financing with net cash proceeds of approximately C$41 million (US$34
million).
These are challenging and uncertain economic times and, as such, I understand the
concern that the sudden decline in share price may have caused you. We believe
that Ballard is strongly positioned for growth, and I want to assure you that we are
continuing to stay sharply focused on the execution of our plan.
In 2008, our main focus was to complete the re-positioning of Ballard, to enable us
to build a clean energy growth company offering world leading fuel cell products in
near term commercial markets. It was a year of transformational progress for our
company in three fundamental areas:
• Re-vectoring our strategic direction with the automotive transaction, which
closed on January 31, 2008, with a US$97 million gain recorded in the first
quarter;
• Strengthening the company's financial position by a further reduction in
operating cash consumption, and augmenting cash reserves with the Superior
Plus non-dilutive financing; and
• Accelerating fuel cell product adoption.
In terms of accelerating fuel cell product adoption, we have seen significant proof
points, clearly demonstrating the end user pull for fuel cells in commercial
applications today. A few examples include:
• In back-up power, the high volume development and supply agreement with
ACME and IdaTech LLC announced on October 9, 2008, which provides a
binding commitment for the purchase of approximately 1,000 fuel cell units in
2009 and 9,000 units in 2010, subject to meeting product design and
acceptance specifications;
• In materials handling, the extended supply agreement with Plug Power
announced July 2, 2008, and the Central Grocers purchase of 220 GenDriveTM
units to power the entire liftruck fleet at its greenfield facility expected to be
in operation by the end of the first quarter of 2009, announced by Plug Power
on December 11, 2008;
• In the bus segment, BC Transit’s Notice to Proceed for the manufacture of 20
fuel cell buses, to be delivered by the end of 2009, and in use during and
after the 2010 Olympic and Paralympic Winter Games in Whistler.
We plan to communicate with our shareholders actively as we progress with our plan
through 2009. In addition to our regular quarterly reports, conference calls and our
annual shareholders’ meeting, we will provide a report in late January on our 2008
achievements and our 2009 outlook.
Inquiries can be made to investors@ballard.com or by phone at 604-412-3195.
Sincerely,
John Sheridan
President & CEO
Ballard Power Systems
Quelle: http://media.corporate-ir.net/media_files/irol/76/...lders_011209.pdf
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