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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Ballard Power Systems Inc. |
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(Translation of registrants name into English) | ||||
Canada | ||||
(Jurisdiction of incorporation or organization) | ||||
9000 Glenlyon Parkway Burnaby, BC V5J 5J8 Canada |
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(Address of principal executive office) |
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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: [ ] Form 20-F [x] Form 40-F | ||||
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ] | ||||
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ] | ||||
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: [ ] Yes [x] No | ||||
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): n/a |
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
Ballard Power Systems Inc. | ||
Date: February 9, 2010 | By: |
Bruce Cousins |
Name: | Bruce Cousins | |
Title: | Chief Financial Officer | |
Exhibit No. | Description | |
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99.1 | Ballard Announces Sale-Leaseback for Cash Proceeds of C$20.8 Million | |
Ballard Power Systems Inc.
News Release
Ballard Announces Sale-Leaseback for Cash Proceeds of C$20.8 Million
For Immediate Release February 8, 2010
VANCOUVER, CANADA Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) announced that it has entered into a sale-and-leaseback agreement with Madison Pacific Properties Inc. (TSX: MPC) (www.madisonpacific.ca). Ballard will sell its head office building site in Burnaby, British Columbia in return for gross cash proceeds of approximately C$20.8 million (US$19.5 million). The company will also enter into an initial fifteen-year lease agreement for the same property. The transaction is expected to close on March 9, 2010.
Bruce Cousins, Ballards Chief Financial Officer said, This transaction presented an opportunity to extract cash from a non-core asset and further fortify our strong balance sheet, augmenting the companys cash reserves to approximately $100 million. At the same time, Ballards continued use of the site is secured through a long-term lease arrangement.
John Sheridan, Ballards President & CEO added, This transaction, along with the monetization of our Share Purchase Agreement and our progress in market development in 2009, has positioned Ballard for strong performance in 2010. We continue to expect revenue growth in excess of 35% and improved cash flow from operations by 30% in 2010, and positive EBITDA performance during 2011.
About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling
optimized power systems for a range of applications. To learn more about Ballard, please visit
www.ballard.com.
This release contains forward-looking statements, including estimated revenue and cash flow from operations for 2010, which are provided to enable external stakeholders to understand Ballards expectations as at the date of this release and may not be appropriate for other purposes. These forward-looking statements are based on the beliefs and assumptions of Ballards management and reflect Ballards current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such assumptions relate to Ballards financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand, and include matters such as generating new sales, producing, delivering and selling the expected number of units, and controlling its costs.
These statements involve risks and uncertainties that may cause Ballards actual results to be materially different, including, without limitation, the condition of the global economy, the rate of mass adoption of its products, product development delays, changing environmental regulations, its ability to attract and retain business partners and customers, its access to funding, increased competition, its ability to protect its intellectual property, changes in its customers requirements, foreign exchange impacts on its net monetary assets and its ability to provide the capital required for product development, operations and marketing. For a detailed discussion of these risk factors and other risk factors that could affect Ballards future performance, please refer to Ballards most recent Annual Information Form.
Readers should not place undue reliance on Ballards forward-looking statements and Ballard assumes no obligation to update or release any revisions to these forward looking statements, other than as required under applicable legislation.
Further Information
Investor Relations:
Lori Rozali
+1.604.412.3195
investors@ballard.com
Public Relations:
Guy McAree
+1.604. 412.7919
media@ballard.com