Hydrogenics Corporation
TSX : HYG
NASDAQ : HYGS

Hydrogenics Corporation

September 18, 2009 06:00 ET

Hydrogenics Receives Letter from Nasdaq Regarding Noncompliance with Minimum Bid Price Rule

MISSISSAUGA, ONTARIO--(Marketwire - Sept. 18, 2009) - Hydrogenics Corporation (TORONTO:HYG)(NASDAQ:HYGS), a leading developer and manufacturer of hydrogen generation and fuel cell products, today announced that it received notice on September 15, 2009 from The Nasdaq Stock Market, Inc. indicating that Hydrogenics is not in compliance with The Nasdaq Stock Market's requirements for continued listing because, for the previous 30 consecutive business days, the bid price of Hydrogenics' common stock closed below the minimum $1.00 per share requirement for continued inclusion under Nasdaq Marketplace Rule 5450(a)(i) (the "Minimum Bid Price Rule"). Hydrogenics has until March 15, 2010 (180 calendar days from September 15, 2009) to regain compliance with the Minimum Bid Price Rule. Hydrogenics can regain compliance with the Minimum Bid Price Rule if the bid price of Hydrogenics' common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days before March 15, 2010. If compliance is not achieved by March 15, 2010, Nasdaq staff will notify Hydrogenics that its common stock will be delisted from The Nasdaq Stock Market.

In the event that Hydrogenics receives notice that its common stock is delisted from The Nasdaq Stock Market, Nasdaq rules permit Hydrogenics to appeal any delisting determination by Nasdaq staff to a Nasdaq Listings Qualifications Panel. In addition, in the event that such a delisting determination was based solely on non-compliance with the Minimum Bid Price Rule, the Nasdaq Marketplace Rules may permit the Company to transfer its common stock to the Nasdaq's Capital Market if the Company's common stock satisfies all criteria for initial inclusion on such market other than compliance with the Minimum Bid Price Rule. In the event of such a transfer, the Nasdaq Marketplace Rules provide that the Company would be provided an additional 180 calendar days to comply with the Minimum Bid Price Rule while on the Nasdaq Capital Market.

The Nasdaq notice received on September 15, 2009 has no effect on the listing of Hydrogenics' common stock at this time.

About Hydrogenics

Hydrogenics Corporation (www.hydrogenics.com) is a globally recognized developer and provider of hydrogen generation and fuel cell products and services, serving the growing industrial and clean energy markets of today and tomorrow. Based in Mississauga, Ontario, Canada, Hydrogenics has operations in North America and Europe.

Contact Information