HYDG Hydrogen Corp (MM)

HydroGen Corporation (Nasdaq: HYDG), a designer and manufacturer of multi-megawatt air-cooled phosphoric acid fuel cell (PAFC) systems, today announced the results of its Annual Meeting of Shareholders. At the meeting, shareholders re-elected eight directors to the Company�s Board of Directors, who will serve for the ensuing one-year period. Elected were: Dr. Leo Blomen, Chairman and Chief Executive Officer; Joshua Tosteson, President; and independent directors Dr. Howard Shapiro, Mr. Brian Bailys, Mr. John Freeh, Mr. Michael Basham, Mr. Philip J. Kranenburg, and Mr. Brian T. McGee. Shareholders also approved Hydrogen�s 2007 Performance Equity Plan. In his remarks to those in attendance, Dr. Blomen said, �Over the past twelve months, we have made significant strides towards the implementation of our business plan. Today we are particularly proud to announce that our full-scale 400 kW fuel cell demonstration and acceptance test plant in Versailles, Pennsylvania, is now operational and being tested. The purpose of this plant is to test and validate the performance of our 400 kW air-cooled phosphoric acid fuel cell (PAFC) modules, which serve as the building blocks of our core product, the 2 MW Power Island.� �We are also making rapid progress toward completing our full-scale 400 kW commercial demonstration PAFC power plant at ASHTA Chemicals Inc. in Ashtabula, Ohio. This project is strengthening our ties to the region and allowing us to demonstrate our product at an industrial site with significant quantities of byproduct hydrogen gas � a key market segment for the company. Installation is currently still under way at ASHTA and we look forward to seeing this full-scale commercial demonstration power plant online in the near future. The developments in Versailles and at ASHTA highlight the tremendous progress the company is making in the end-stage commercialization and field validation of our technology.� �We are excited about our future prospects and have taken a number of steps in preparation for broad and rapid commercialization, including volume orders, scaled up production, high volume manufacturing and international expansion.� �We attribute these achievements to our outstanding staff and management team, which we have strengthened over the course of the year through several key hires, and to the ongoing support of our shareholders. Over the past few quarters, we have continued to increase our visibility to the investment community through participation at institutional investor conferences, our Nasdaq listing, and direct outreach. We look forward to growing our company for the benefit of all stakeholders including our shareholders, employees, customers and vendors.� About HydroGen Corporation HydroGen Corporation, through its wholly-owned subsidiary, HydroGen, LLC, is a developer of multi-megawatt fuel cell systems utilizing its proprietary 400 kW phosphoric acid fuel cell (PAFC) technology. Utilizing fuel cell technology originally developed by Westinghouse Corporation, the company targets market applications where hydrogen is currently available and other drivers favoring the adoption of fuel cells are present. Forward-Looking Statements Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently unreliable and actual results may differ materially. Examples of forward-looking statements in this news release include statements regarding HydroGen's anticipated economically competitive fuel cell systems. Factors which could cause actual results to differ materially from these forward-looking statements include such factors as fluctuations in demand for HydroGen's products, HydroGen's ability to maintain strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of HydroGen's liquidity and financial strength to support its growth, and other information that may be detailed from time to time in HydroGen's filings with the United States Securities and Exchange Commission. HydroGen undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.