GM Acquires 11.4 million Common Shares in Hydrogenics

Hydrogenics Corporation has announced that on July 10, 2009, General Motors Company acquired ownership and control of 11,364,006 common shares of Hydrogenics Corporation from General Motors Corporation in connection with the sale of substantially all of the assets of General Motors Corporation under U.S. bankruptcy proceedings. This is the same stake which had previously been owned by GM since October 26, 2001; the acquired shares represent approximately 12.3% of the issued and outstanding common shares of Hydrogenics.

The acquired shares were originally issued to General Motors Corporation by Hydrogenics as consideration for entering into a master intellectual property agreement and a corporate alliance agreement with Hydrogenics. As part of, and in connection with, the bankruptcy proceedings, General Motors Company was assigned, and became a party to, the master intellectual property agreement and a corporate alliance agreement and acquired the shares.

www.hydrogenics.com

Source: Fuel Cell Today