VANCOUVER, Aug. 6 /CNW/ - Ballard Power Systems (TSX: BLD; NASDAQ: BLDP)
today announced an organizational restructuring, resulting in the elimination
of 85 positions at its Burnaby, BC and Lowell, MA locations, representing
approximately 20% of its workforce.
This restructuring narrows Ballard's research and product development
programs to focus on commercial priorities and also reduces the company's
administrative support and overhead positions.
John Sheridan, President and CEO said that "while this was a difficult
decision given the people implications, this move to a leaner, lower cost
organizational structure, is a key step in Ballard's drive to profitability."
A third quarter charge of approximately $4 million will be recorded for
related severance and restructuring costs, which is expected to be offset by
savings in 2009. On a full year basis, these organizational changes will
result in cost savings of approximately $10 million annually.
About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) is recognized as a world
leader in the design, development, manufacture and sale of clean energy fuel
cell products. Ballard's mission is to accelerate fuel cell product adoption.
To learn more about what Ballard is doing with Power to Change the World(R),
This release contains forward-looking statements, including estimated
future expenses and cost savings contained in our outlook, which are provided
to enable external stakeholders to understand our 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
Ballard's management and reflect Ballard's 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 Ballard's 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 Ballard's
actual results to be materially different, including, without limitation, 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 Ballard's future performance, please refer to Ballard's most recent
Annual Information Form. Readers should not place undue reliance on Ballard's
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.
For further information:
For further information: or to arrange an interview with a Ballard
spokesperson, please contact Media Relations at telephone number (604)
453-3804 or on e-mail firstname.lastname@example.org