27.02.03

27.2.2003: Meldung: Stuart Energy: Shareholder Approval

Stuart Energy Systems Corporation (TSX: HHO - News) announced today that 99% of the votes cast at the special meeting of Stuart Energy shareholders, held February 25, 2003, voted in favour of the acquisition by the Company of Vandenborre Technologies N.V. Stuart Energy will pay approximately CDN $9.9 million in cash and 7.3 million common shares of Stuart Energy. The Belgium-based Vandenborre Technologies is the industry"s leader in the design, manufacture and sale of pressurized hydrogen generation systems based on advanced alkaline water electrolysis. Stuart Energy also announced that it expects triple-digit sales revenue growth and a 50% reduction in net cash burn in fiscal 2004 from the combined company.

Mr. Jon Slangerup, President and CEO of Stuart Energy commented, "The acquisition of Vandenborre Technologies is consistent with the Company"s commitment to develop, partner or acquire technology and product solutions that satisfy market requirements and advance the Company"s plan for global growth. We are very pleased that our shareholders have overwhelmingly supported the acquisition. The synergies between these two pioneering companies are compelling. We look forward to providing shareholders with further information following the closing of this transaction."

"I believe that our combined company will have an unbeatable technical portfolio and global market presence," said Dr. Hugo Vandenborre, Chairman, President and CEO of Vandenborre Technologies. "I am convinced that together our world-leading hydrogen infrastructure team will achieve even greater levels of innovation and market penetration."

The acquisition is expected to close on February 28, 2003.

About Vandenborre Technologies

Vandenborre Technologies has been in business since 1991 and has approximately 50 employees. Vandenborre Technologies is a world leader in on-site and on demand hydrogen water electrolyser generators. Thanks to its unique and innovative IMET(R) powered technology, the company offers cost- effective solutions to serve existing and emerging markets for power generation, transportation and industry. The Company"s website http://www.vandenborretechnologies.com

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

This release contains forward-looking statements that are based on the

beliefs of Stuart Energy"s management and reflect Stuart Energy"s current
expectations as contemplated under the Safe Harbor provisions of the U.S.
Private Securities Litigation Reform Act of 1995. When used in this release,
the words "estimate", "project", "believe", "anticipate", "intend", "expect",
"plan", "predict", "may", "should", "will", and the negative of such words or
such other variations thereon or comparable terminology are intended to
identify forward-looking statements. Such statements reflect the current views
of Stuart Energy"s management 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. Management cautions the reader that the following
factors, among others, may cause Stuart Energy"s plans or results to differ or
vary materially from those expected, including the impact of competition,
codes and standards, pricing, market demand and marketplace acceptance,
inability to complete development of products and other risks set forth from
time to time in Stuart Energy"s filings with applicable securities
commissions. There can be no assurance that any anticipated future results
will be achieved.

Contact:
Stuart Energy Media and Public Relations
Wanda Cutler, (905) 282-7769
Madelaine Duke, (604) 742-4258
Stuart Energy Investor Relations:
Robert McGillivray, (905) 282-7727
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