|Hydrogenics Files Litigation Against American Power Conversion Corporation to Collect Termination Payment Under Manufacturing and Supply Agreement|
|MISSISSAUGA, ONTARIO, CANADA - Nov 17, 2009 - Hydrogenics Corporation, a leading developer and manufacturer of hydrogen generation and fuel cell products, had previously announced on July 22, 2009 that it had terminated its manufacturing and supply agreement (the "Supply Agreement") dated August 9, 2006 with American Power Conversion Corporation ("APC"). In the notice of termination, the company had requested a termination payment of approximately US$2.1 million by APC, as determined by a formula in the Supply Agreement based on the number of products for which APC had issued orders and paid for under the Supply Agreement.
Although the parties used efforts to resolve this matter short of litigation, those efforts did not resolve the matter and so on November 13, 2009, Hydrogenics filed a complaint against APC in the U.S. District Court for the District of Massachusetts in connection with the Supply Agreement, entitled "Hydrogenics Corporation v. American Power Conversion Corporation, Civil Action 09-11947." The complaint seeks an award of the termination payment of US$2,136,420, plus damages and interest for APC's breach of the Supply Agreement, including for APC not meeting its contractual obligation to purchase 500 HyPM XR 12 kW Fuel Cell Power Modules under the terms of the Supply Agreement.
Hydrogenics Corporation (www.hydrogenics.com) is a globally recognized developer and provider of hydrogen generation and fuel cell products and services, serving the growing industrial and clean energy markets of today and tomorrow. Based in Mississauga, Ontario, Canada, Hydrogenics has operations in North America and Europe.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements and other statements concerning Hydrogenics objectives and strategies and managements beliefs, plans, estimates and intentions about its achievements, future results, goals, levels of activity, performance, and other future events. Hydrogenics believes the expectations reflected in its forward-looking statements are reasonable, although cannot guarantee achievements, future results, levels of activity, performance, or other future events. These statements are based on the managements current expectations and actual results may differ from these forward-looking statements due to numerous factors. Readers should not place undue reliance on these forward-looking statements. Readers 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 the factors that could affect the foregoing forward-looking statements. 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 cautionary statement.
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