Hydrogenics Corporation
TSX : HYG
NASDAQ : HYGS

Hydrogenics Corporation

September 02, 2005 07:00 ET

Hydrogenics Announces Appointment of Vice President, Corporate Development

MISSISSAUGA, ONTARIO--(CCNMatthews - Sept. 2, 2005) - Hydrogenics Corporation (TSX:HYG)(NASDAQ:HYGS), today announced that Salil Munjal has been appointed Vice President, Corporate Development. Mr. Munjal will also assume leadership for the legal function at Hydrogenics and serve as the Company's General Counsel.

Mr. Munjal brings over 10 years of corporate development, legal and operational experience. He began his career as a corporate lawyer with Torys LLP, a leading North American law firm. While with Torys LLP, Mr. Munjal was regularly involved with complex cross-border transactions. More recently, Mr. Munjal served as Chief Operating Officer at Leitch Technology Corporation, an international public technology company, and prior served as its VP, Corporate Development & General Counsel for a number of years. Mr. Munjal has extensive experience serving as a valued advisor to public companies in mergers and acquisitions, international joint ventures and corporate strategy.

"Salil brings to Hydrogenics a great depth of international acquisitions, operations and public company experience," said Pierre Rivard, Hydrogenics President & CEO. "In his new position he will be an integral part of developing and implementing Hydrogenics' strategic plan as we advance our efforts to capture a significant share of our expanding markets. I also wish to thank Randall MacEwen, our former VP, Corporate Development, for his valuable contributions to Hydrogenics, particularly in respect of the integration of Stuart Energy Systems. Randall is no longer with the Company as he is pursuing other opportunities."

Mr. Munjal obtained his law degree from Queen's University and his Bachelors in Science (Chem.) from the University of Toronto. Mr. Munjal is also called to the Bars of both New York and Ontario.

About Hydrogenics

Hydrogenics Corporation (www.hydrogenics.com) is a leading global developer of clean energy solutions, advancing the Hydrogen Economy by commercializing hydrogen and fuel cell products. The company has a portfolio of products and capabilities serving the hydrogen and energy markets of today and tomorrow. Hydrogenics, based in Mississauga, Ontario, Canada, has operations in North America, Europe and Asia.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Law of 1995. These statements are based on management's current expectations and actual results may differ from these forward-looking statements due to numerous factors, including changes in the competitive environment adversely affecting the products, markets, revenues or margins of Hydrogenics' business. Readers should not place undue reliance on Hydrogenics' forward-looking statements. Investors are encouraged to review the section captioned "Risk Factors" in Hydrogenics' regulatory filings with the Canadian securities regulatory authorities and the United States Securities and Exchange Commission for a more complete discussion of factors that could affect Hydrogenics' future performance. Furthermore, the forward-looking statements contained herein are made as of the date of this release, and Hydrogenics undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release. The forward-looking statements contained in this release are expressly qualified by this.

Contact Information

  • Hydrogenics Investor Contact:
    Lawrence Davis
    Chief Financial Officer
    (905) 361-3633
    ldavis@hydrogenics.com
    or
    Hydrogenics Media Contact:
    Jane Dalziel
    Director of Corporate Communications
    (905) 361-3639
    media@hydrogenics.com