Ballard Power Systems Inc. (TSX:BLD; NASDAQ:BLDP) – ISS Recommends Ballard Stockholders Vote FOR the Company’s Special Resolution to Approve Sale of German Subsidiary
Ballard Power Systems today announced that Institutional Shareholder Services (“ISS”), the leading proxy advisory firm advising institutional investors in proxy voting matters, has recommended, in a report dated August 11, 2005, that shareholders vote FOR the special resolution to approve the sale of the company’s German subsidiary, Ballard Power Systems AG (“BPSAG”) to its Vehicular Alliance Partners, DaimlerChrysler AG (“DaimlerChysler”) and Ford Motor Company (“Ford”). The special resolution is the key agenda item at Ballard’s upcoming special shareholders’ meeting, scheduled for August 29, 2005.
In recommending a vote FOR the special resolution to approve the sale of BPSAG, ISS said, “We find the transaction and ancillary arrangements to make good strategic sense and also understand the need to allow DaimlerChrysler and Ford to continue to enjoy the privileges attached to their shareholdings. A strong relationship with these two companies is important for Ballard given their undertaking to purchase vehicular fuel cell products from the company and the funding commitments they have made.”
About Ballard
Ballard Power Systems designs, develops and manufactures zero-emission proton exchange membrane fuel cells. Ballard’s mission is to develop fuel cell power as a practical alternative to internal combustion engines through technology leadership.
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