The Auto Channel
The Largest Independent Automotive Research Resource
The Largest Independent Automotive Research Resource
Official Website of the New Car Buyer

Ballard Files Registration Statement and Prospectus for Public Offering of Common Shares

31 January 2000

Ballard Power Systems Inc. Files Registration Statement and Prospectus for Public Offering of Common Shares

    VANCOUVER, B.C.--Jan. 28, 2000--Ballard Power Systems Inc.(TSE:BLD.) announced today that it has filed a registration statement with the U.S. Securities and Exchange Commission and a preliminary short form prospectus in all provinces of Canada in connection with a public offering of Common Shares.
    Ballard expects the proceeds from the offering to be approximately US$200 million. Ballard intends to use net proceeds of the offering for commercialization programs with strategic partners, research and product development for transportation, stationary and portable power applications (including Ballard's new portable power and low power stationary programs), the development of manufacturing processes and general corporate purposes.
    Morgan Stanley Dean Witter will act as the managing underwriter for the offering. Co-managers include Credit Suisse First Boston; GoldmanBurns Inc.; and Goepel McDermid Inc. Copies of the preliminary prospectus will be available from the offices of Morgan Stanley Dean Witter, 1585 Broadway, New York, New York 10036.
    Ballard is recognized as the world leader in proton exchange membrane fuel cell technology. Ballard's principal business is the development and commercialization of proton exchange membrane fuel cells and fuel cell systems for use in automotive, stationary power and portable applications.
    Note: A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.
    Ballard's Common shares are listed on The Toronto Stock Exchange under the trading symbol "BLD" and on the Nasdaq National Market System under the symbol "BLDP". Ballard and the Ballard logo are registered trademarks of Ballard Power Systems Inc.