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Meldungen 11.03.2003

11.3.2003: Meldung: Stuart Energy acquired Vandenborre

Stuart Energy Systems Corporation (TSX: HHO) announced today that it has implemented its integration plan in connection with its recent acquisition of Vandeborre Technologies. The integration plan includes a reduction of 25% of the combined workforce - approximately 70 people, a rationalization of facilities, an organizational restructuring and the rationalization of the Company"s product and technology development program. The restructuring is a result of the Company"s recent acquisition of Vandenborre Technologies, a Belgium-based industry leader in the design, manufacture and sale of pressurized hydrogen generation systems based on advanced alkaline water electrolysis.

 

"We acquired Vandenborre because it advanced our strategic plan for global growth, including our focus on near-term revenue opportunities with a reduced cost structure. The technical and market fit and synergies between the two companies are compelling," said Jon Slangerup, President and CEO of Stuart Energy. "Our integration plan eliminates duplication through organizational restructuring, resulting in reduced operating costs as well as reductions in overhead costs of the combined entity. This action was difficult, but necessary to enable us to realize the benefits of this acquisition, including triple-digit sales revenue growth and a 50% reduction in net cash burn expected over the next twelve months. In the near term we remain focused on executing our business plan and achieving our milestones."

 

The integration rationalization has occurred across the board, including administration, operations and engineering. Stuart Energy intends to immediately close offices in Montreal and Trois Rivieres, and reduce operations at its Shawinigan facility. All North American assembly and manufacturing will be transferred to Stuart Energy"s head office in Mississauga, Ontario. The Company has also consolidated its product and technology development programs to accelerate commercialization of new products, reduce operating costs and minimize development risk.

 

As part of the integration plan, Stuart Energy will combine its Power, Transportation and Industrial market groups into a leaner, more efficient organization based on a regional sales structure. The new marketing and sales function will focus on offering Stuart Energy customers an integrated, multi- use Hydrogen Energy Station product portfolio, capable of providing hydrogen fuel for vehicles, distributed power, and/or hydrogen gas for industrial applications. The Company will continue to aggressively pursue and penetrate its key targeted markets: North America, Europe and Asia.

 

"By combining the two companies, we have joined with a formidable competitor. We expect this will translate into improved gross sales margins and accelerate our timeline to becoming cash flow positive. In addition, this acquisition solidifies Stuart Energy"s position as the number one global provider of distributed, on-site hydrogen infrastructure solutions based on water electrolysis," said Mr. Slangerup.

 

About Stuart Energy

 

Stuart Energy Systems Corporation (TSX: HHO - News) is a world leading developer and supplier of integrated hydrogen solutions that use the Company"s proprietary hydrogen generation water electrolysis technology with products from corporate partners to serve existing and emerging markets for power generation, transportation and industry. The Company"s website address is http:// www.stuartenergy.com

 

Contact:

 

Stuart Energy Media and Public Relations

Wanda Cutler, 905/282-7769

or

Madelaine Duke, 604/742-4258

or

Stuart Energy Investor Relations

Robert McGillivray, 905/282-7727

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