Hydrogenics Awarded Major Order for Hydrogen Backup Power Modules from CommScope
MISSISSAUGA, Ontario, Dec 5, 2012 (GlobeNewswire via COMTEX) --
Hydrogenics Corporation (Nasdaq:HYGS) (TSX:HYG), a leading developer and manufacturer of hydrogen generation and hydrogen-based power modules, announced that it received an order for the delivery of HyPM(TM) XR Series fuel cell power modules from its US-based partner, CommScope, Inc.
Hydrogenics power modules will be integrated into CommScope's fuel cell cabinets as the backup power solution for hundreds of wireless sites in North America, servicing a leading wireless operator. This is the largest single order from CommScope since the announcement of the strategic alliance between CommScope and Hydrogenics in 2010. This award is significant as it brings total orders in the Hydrogenics power systems business to over $100 million for 2012.
"We are very pleased with this order from CommScope for one of their key customers in North America," said Daryl Wilson, Hydrogenics' President and Chief Executive Officer. "CommScope is a leader in providing communications infrastructure solutions to world's largest telecom players, and hydrogen backup power cabinets provide a clean, reliable, long-term energy source to cell sites while avoiding the inherent issues and costs associated with batteries and diesel generators. We have worked closely with CommScope to develop and launch a best-in-class outdoor backup power solution for telecom customers. This year we have seen increased interest for the CommScope/Hydrogenics back-up power package from telecom players around the globe, and we anticipate similar interest in 2013."
Hydrogenics Corporation is a world leader in engineering and building the technologies required to enable the acceleration of a global power shift. Headquartered in Mississauga, Ontario, Hydrogenics provides hydrogen generation, energy storage and hydrogen power modules to its customers and partners around the world. Hydrogenics has manufacturing sites in Germany, Belgium and Canada and service centers in Russia, China, India, Europe, the US and Canada.
CommScope (www.commscope.com) has played a role in virtually all the world's best communication networks. We create the infrastructure that connects people and technologies through every evolution. Our portfolio of end-to-end solutions includes critical infrastructure our customers need to build high-performing wired and wireless networks. As much as technology changes, our goal remains the same: to help our customers create, innovate, design, and build faster and better. We'll never stop connecting and evolving networks for the business of life at home, at work, and on the go.
This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995, and under applicable Canadian securities law. These statements are based on management's current expectations and actual results may differ from these forward-looking statements due to numerous factors, including: our inability to increase our revenues or raise additional funding to continue operations, execute our business plan, or to grow our business; inability to address a slow return to economic growth, and its impact on our business, results of operations and consolidated financial condition; our limited operating history; inability to implement our business strategy; fluctuations in our quarterly results; failure to maintain our customer base that generates the majority of our revenues; currency fluctuations; failure to maintain sufficient insurance coverage; changes in value of our goodwill; failure of a significant market to develop for our products; failure of hydrogen being readily available on a cost-effective basis; changes in government policies and regulations; failure of uniform codes and standards for hydrogen fuelled vehicles and related infrastructure to develop; liability for environmental damages resulting from our research, development or manufacturing operations; failure to compete with other developers and manufacturers of products in our industry; failure to compete with developers and manufacturers of traditional and alternative technologies; failure to develop partnerships with original equipment manufacturers, governments, systems integrators and other third parties; inability to obtain sufficient materials and components for our products from suppliers; failure to manage expansion of our operations; failure to manage foreign sales and operations; failure to recruit, train and retain key management personnel; inability to integrate acquisitions; failure to develop adequate manufacturing processes and capabilities; failure to complete the development of commercially viable products; failure to produce cost-competitive products; failure or delay in field testing of our products; failure to produce products free of defects or errors; inability to adapt to technological advances or new codes and standards; failure to protect our intellectual property; our involvement in intellectual property litigation; exposure to product liability claims; failure to meet rules regarding passive foreign investment companies; actions of our significant and principal shareholders; dilution as a result of significant issuances of our common shares and preferred shares; inability of US investors to enforce US civil liability judgments against us; volatility of our common share price; and dilution as a result of the exercise of options; and failure to meet continued listing requirements of Nasdaq. 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 US 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, unless otherwise required by law. The forward-looking statements contained in this release are expressly qualified by this.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Hydrogenics Corporation
CONTACT: Hydrogenics Contacts:
Hydrogenics Investor Relations
Bob Motz, Chief Financial Officer
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