Message #7 From:
NewsBot Date: January 4, 2007 03:55:00 AM
HYDP News Hydrogen Power Announces New Directors and Plan of Divestiture for Its FastFunds Holdings
ENGLEWOOD, Colo. & SEATTLE--(BUSINESS WIRE)--Hydrogen Power, Inc. (OTCBB:HYDP) announced today that it
has completed a change-in-direction whereby all of the current members
of its board of directors have resigned and four new directors were
appointed to propel the Company into 2007 and beyond as a hydrogen
focused alternative energy Company. The newly appointed board members
are: Mr. James H. Diffendorfer, a technical editor/engineer with the
Boeing Company; Mr. John Martin, an engineering manager with URS
Corporation, one of the leading Architectural/Engineering design firms
in the United States; Dr. Virendra Chaudhary, an associate technical
fellow/engineer with the Boeing Company; and Mr. Gurinder Dilawari, a
Vancouver, British Columbia based businessman. In addition, Mr. Martin
was named acting Chief Executive Officer following the resignation of
Henry Fong as President and CEO.
Concurrent with the Board changes, the Company announced that its board
of directors had approved the conversion of both its Series L-1 and L-2
outstanding preferred stock into common stock issued to the former
shareholders of Hydrogen Power, Inc. The board had determined that the
benchmarks were met for conversion of the preferred stock to common
stock as specified in the applicable Certificate of Designation approved
by the Company’s stockholders in February 2006.
The Company also announced a plan of divestiture for a majority of the
12.4 million shares of FastFunds Financial Corp. common stock it
currently holds. Under an agreement with FastFunds, 8.9 million shares
will be redeemed by FastFunds with Hydrogen retaining 3.5 million
shares. The present obligation of $5 million plus accrued interest owed
to FastFunds by Hydrogen will be eliminated along with various other
inter-company obligations. In addition, three subsidiaries unrelated to
Hydrogen Power’s core energy business, Key
Financial Systems, Nova Financial Systems and Denaris Corporation will
be transferred to FastFunds as part of this transaction.
“These actions are the culmination of a
process begun over one year ago when we announced the acquisition of
Hydrogen Power in Seattle,” stated outgoing
Hydrogen Power Chief Executive Officer and Director, Henry Fong. “This
allows the Company and its new leadership to move forward and focus all
of its efforts on Hydrogen related alternative energy as the country
works to deal with the important issue of dependence on foreign oil.”
John Martin, who is assuming the role as acting Chief Executive Officer,
said, “I look forward to exploiting this
opportunity of providing alternative technology through our hydrogen
production for military and industrial uses.”
Hydrogen Power, Inc. has licensed and has developed a patented
technology for producing hydrogen gas in a process called Hydrogen NowTM.
Hydrogen Now involves a chemical reaction between water,
aluminum, and an environmentally friendly catalyst to cleanly and
efficiently produce hydrogen on-site and on-demand. FastFunds Financial
Corporation (OTCBB: FFFC), a majority owned publicly-traded subsidiary,
recently sold a majority of its operating assets and currently has
limited business operations.
The statements included in this press release concerning predictions
of economic performance and management's plans and objectives constitute
forward- looking statements made pursuant to the safe harbor provisions
of Section 21E of the Securities Exchange Act of 1934, as amended, and
Section 27A of the Securities Act of 1933, as amended.These
statements involve risks and uncertainties that could cause actual
results to differ materially from the forward-looking statements.
Factors which could cause or contribute to such differences include, but
are not limited to: factors detailed in Hydrogen Power, Inc.’s
(formerly Hydrogen Power International, Inc. and Equitex, Inc.)
Securities and Exchange Commission filings; failure of registration
statements to be declared effective; the loss of contracts or failure to
acquire new contracts; success of any legal actions; failure to
successfully implement newly developed product lines including projected
increases in revenues or earnings; the inability to initiate or complete
any contemplated restructuring, offering, acquisition, disposition or
other transaction; adverse financial performance by Hydrogen Power or
any of its subsidiaries; failure to obtain or maintain regulatory
approval for products and services offered by Hydrogen Power or its
subsidiaries; failure to complete the development and commercialization
of alternative energy products or services; adverse equity market
conditions and declines in the value of Hydrogen Power common stock; and
the unavailability of financing to complete management's plans and
objectives. The forward-looking statements contained in this press
release speak only as of the date hereof and Hydrogen Power disclaims
any intent or obligation to update these forward-looking statements.
