VANCOUVER, Jan. 2, 2019 /CNW/ - Ballard Power Systems
(NASDAQ : BLDP; TSX : BLDP) today announced that, effective
January 1, 2019, the Company has
appointed Mr. Jiang Kui (also known
as Mr. Kevin Jiang) and Mr. Sun
Shaojun (also known as Mr. Sherman
Sun) to the Company's Board of Directors. These
appointments, and expansion of Ballard's Board of Directors from
seven members to nine members, are consistent with the terms of
Ballard's strategic collaboration with Weichai Power Co., Ltd.
("Weichai"), previously referenced in Ballard press releases issued
on August 29, 2018 and November 13, 2018.
Jim Roche, Chairman of Ballard's
Board of Directors said, "Kevin
Jiang and Sherman Sun both
have extensive senior management experience across multiple
functional disciplines within the Weichai organization. Their
distinguished careers have included management of engineering and
manufacturing operations, together with executive roles in Heavy
and Medium Duty Motive power segments in China and other markets. We are fortunate to
have Kevin and Sherman at the Board table, where their insights and
counsel will support continued advancement of Ballard's growth
strategy in China and around the
globe."
Mr. Kevin Jiang is currently a
non-Executive Director of Weichai, President of Shandong Heavy
Industry Co., Ltd., a supervisor of KION Group AG, a Director of
U.S.-based PSI Inc., and a Director of Ferretti International
Holdings S.p.A. Throughout his career Kevin has held positions of
increasing responsibility, including: Deputy General Manager of the
Assembly Department at Shandong Bulldozer General Factory; Deputy
General Manager of Shantui Import and Export Company; Deputy
Director, Director of the Manufacturing Department, Deputy General
Manager and Director at Shantui Engineering Machinery Co., Ltd.;
Deputy General Manager at Shandong Engineering Machinery Group Co.,
Ltd.; Executive Deputy General Manager and Vice Chairman at Weichai
Group Holdings Limited; Chairman at Shanzhong Jianji Co., Ltd.; and
Director at Shandong Heavy Industry Group Co., Ltd. Kevin is a
senior engineer and holds an MBA degree from Wright State University.
Mr. Sherman Sun is currently
Executive Director and Executive President of Weichai, a Director
of Weichai Group Holdings Limited and Weichai Heavy Duty Machinery
Co., Ltd. as well as Chairman of U.S.-based PSI Inc. Sherman joined
the Weichai organization as Supervisor of the Engineering
Department at Weifang Diesel Engine Factory, where he later rose to
the position of Chief Engineer. He also served as Director at Torch
Automobile Group Co., Ltd., a Weichai company. Sherman is a
researcher in applied engineering technology and holds a Doctorate
degree in Engineering from Tianjin University.
Kevin Jiang noted, "As
representatives of Weichai, this position on Ballard's Board of
Directors provides an opportunity to collaborate at the strategic
level, underpinned by our extensive knowledge of the China market."
Sherman Sun added, "We will be
able to leverage and coordinate Weichai's resources and strong
relationships within the vehicle manufacturing value chain for
positive advantage in executing Ballard's growth strategy."
About Ballard Power Systems
Ballard Power Systems
(NASDAQ : BLDP; TSX : BLDP) provides clean energy products that
reduce customer costs and risks, and helps customers solve
difficult technical and business challenges in their fuel cell
programs. To learn more about Ballard, please visit
www.ballard.com.
This release contains forward-looking statements concerning
future events or developments, including the closing of the
announced transaction, the performance of the joint venture,
anticipated product development efforts and product performance,
customer benefits and market demand for our products. These
forward-looking statements 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. Any such forward-looking statements are based on Ballard's
assumptions relating to its financial forecasts and expectations
regarding its product development efforts, manufacturing capacity,
and market demand.
These statements involve risks and uncertainties that may cause
Ballard's actual results to be materially different, including
general economic and regulatory changes, detrimental reliance on
third parties, performance risks related to existing joint venture
and partners, successfully achieving our business plans and
achieving and sustaining profitability. For a detailed discussion
of these 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.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities. The Ballard Common
Shares have not been registered under the United States Securities
Act of 1933, as amended, or the securities laws of any other
jurisdiction and may not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements.
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SOURCE Ballard Power Systems Inc.