20.02.03

20.2.2003: Meldung: Ballard Power Systems Appoints New CEO

Ballard Power Systems (NASDAQ:BLDP - News; TSX:BLD.TO - News) has confirmed the appointment of Dennis Campbell as President and Chief Executive Officer effective March 1, 2003 as the company completes the succession plan announced in July 2002. Firoz Rasul will continue as Chairman of the Board and will focus on board governance issues and will work closely with governments and industry to address the barriers to the mass commercialization of fuel cells.
Firoz Rasul, Ballard"s Chairman and Chief Executive Officer said, "I am pleased to be handing over the reins to Dennis to lead the company into mass commercialization of fuel cell power products. Dennis has my complete confidence and support as he leads Ballard to greater heights. I have been fortunate to be part of a team of exceptionally talented and committed people, who have all contributed to make Ballard the leader in the fuel cell industry. As we make the transition to new leadership, the company has never been stronger and is poised to capitalize on the growing acceptance of fuel cells as a solution to address concerns about energy security and climate change. I will continue to work with Dennis and the team to realize the vision we have articulated for Ballard."
"On behalf of all Ballard employees and our stakeholders, I would like to acknowledge the significant contribution that Firoz has made to the company over the last 15 years," said Dennis Campbell, Ballard"s President and Chief Operating Officer. "It began with a vision of creating Power to Change the World®. Today the vision is becoming a reality with Ballard"s customers putting their fuel cell products, Powered by Ballard(TM), in the hands of their customers and on the roads around the world. I am very excited to be a part of a great team of talented professionals and I look forward to building on our vision."
This release contains forward-looking statements that are based on the beliefs of Ballard"s management and reflect Ballard"s current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. When used in this release, the words "estimate", "project", "believe", "anticipate", "intend", "expect", "plan", "predict", "may", "should", "will", the negative of these words or such other variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current views of Ballard with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in those forward-looking statements.
Ballard Power Systems is recognized as the world leader in developing, manufacturing and marketing zero-emission proton exchange membrane (PEM) fuel cells. Ballard is commercializing fuel cell engines for transportation applications and fuel cell systems for portable and stationary products. Ballard is also commercializing electric drives for fuel cell and other electric vehicles, power conversion products, natural gas and hydrogen generator sets and is a Tier 1 automotive supplier of friction materials for power train components. Ballard"s proprietary technology is enabling automobile, bus, electrical equipment, portable power and stationary product manufacturers to develop environmentally clean products for sale. Ballard is partnering with strong, world-leading companies, including DaimlerChrysler, Ford, EBARA, ALSTOM and FirstEnergy, to
commercialize Ballard® fuel cells. Ballard has supplied fuel cells to Honda, Nissan, Volkswagen, Yamaha, Cinergy and Coleman Powermate, among others.
Ballard, the Ballard logo and Power to Change the World are registered trademarks of Ballard Power Systems Inc.


Contact:
Ballard Power Systems Inc.
Michael Rosenberg, 604/412-3195
Fax: 604/412-3100
Email: investors@ballard.com
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