Schneider Power Inc.

Schneider Power Inc.

April 13, 2010 15:26 ET

Schneider Power Shareholders Approve Arrangement

TORONTO, ONTARIO--(Marketwire - April 13, 2010) - Schneider Power Inc. (TSX VENTURE:SNE) ("Schneider Power") announced today that its shareholders have approved the previously announced arrangement under the Business Corporations Act (Ontario) pursuant to which Quantum Fuel Systems Technologies Worldwide, Inc. ("Quantum") will acquire all of the issued and outstanding common shares of Schneider Power. As a result of the transaction, shareholders of Schneider Power will receive 0.236 of a common share of Quantum for each common share of Schneider Power. The arrangement was approved by 99.6% of the votes cast by Schneider Power shareholders present in person or represented by proxy at the Schneider Power special meeting.

The transaction remains subject to, among other things, the final approval of the Superior Court of Justice (Ontario), which approval is expected on April 15, 2010. The closing date of the transaction is expected to occur on or about April 16, 2010, provided that all of the conditions of the transaction are satisfied or waived.

About Schneider Power:

Schneider Power Inc. is one of Canada's premier renewable energy companies, with a portfolio in excess of 1,000 MW of clean electricity generation development projects and advanced exploration projects located across two continents, and large land positions on the most promising and prospective wind and solar power areas in North America and the Caribbean. More information can be found at:

Schneider Power is listed on the TSX Venture Exchange under the symbol SNE.

Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities legislation. Such forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Schneider Power to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Assumptions upon which forward-looking information related to the transaction are based include, without limitation, that the shareholders of Schneider Power will approve the transaction and that all other conditions to the completion of the transaction will be satisfied or waived. Many of these assumptions are based on factors and events that are not within the control of Schneider Power and may not prove to be correct. Factors that could cause actual results, performance or achievements of Schneider Power to vary materially from those anticipated by such forward-looking information include, without limitation: the failure to realize the synergies and other perceived advantages resulting from the transaction; costs and potential litigation associated with the transaction; the inability to obtain, or meet conditions imposed for, applicable regulatory requirements relating to the transaction; the failure of either Schneider Power or Quantum to meet the closing conditions set forth in the arrangement agreement relating to the transaction; the ability of Schneider Power and Quantum to retain key personnel both before and after completion of the transaction; each of Schneider Power's and Quantum's ability to successfully execute its business strategies; competitive conditions in the industry; business cycles affecting the markets in which Schneider Power and Quantum conduct their business; and economic conditions generally. All forward looking information in this press release speaks as of the date of this press release. Schneider Power does not undertake to update any such forward‐looking information whether as a result of new information, future events or otherwise, unless required by applicable law. Additional information about these assumptions and risks and uncertainties is contained in Schneider Power's filings with securities regulators, including its latest MD&A. These filings are also available at Schneider Power's website at

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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