CONTACT: Mark Wachs
Mark Wachs and Associates
(212) 832-2800
e-mail: mwachs@datavoice.net
Joseph G. Mahler
FuelCell Energy, Inc.
(203) 825-6000
e-mail: jmahler@fce.com
FOR IMMEDIATE RELEASE
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ENERGY RESEARCH CORPORATION ANNOUNCES
NEW NAME AND TICKER SYMBOL
Company to Change Name to FuelCell Energy, Inc. and to begin trading under
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ticker symbol "FCL"
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Danbury, Conn., September 20, 1999 - FuelCell Energy, Inc. (AMEX:FCL) will
begin trading on Tuesday, September 21, 1999 when the American Stock Exchange
opens under the Company's new ticker symbol, FCL, in conjunction with the
merger, effective September 21, 1999, of Energy Research Corporation (AMEX: ERC)
into the newly formed, wholly-owned Delaware subsidiary, FuelCell Energy, Inc.
The merger follows shareholder approval earlier this month of the name
change, reincorporation in the state of Delaware and increase in authorization
of the Company's common stock from 8 million to 20 million shares.
As the surviving corporation in the merger, FuelCell Energy, Inc. will
succeed to all of the assets and liabilities of the Company. Effective September
21, 1999, each outstanding share of the Company's Common Stock will be
automatically converted into one share of common stock of FuelCell Energy, Inc.
Shareholders will not need to exchange their existing stock certificates for
stock certificates of FuelCell Energy, Inc. The new CUSIP Number of FuelCell
Energy's Common Stock is 35952H 10 6.
The Company also has changed its Web address to www.fuelcellenergy.com.
-MORE-
FUELCELL ENERGY, INC.
ERC ANNOUNCES NAME CHANGE AND TICKER SYMBOL
PAGE TWO
Commenting on the recent changes, Jerry Leitman, President and CEO, stated:
"Our new name is intended to strengthen the Company's image as a manufacturer of
fuel cells, specifically the Company's Direct FuelCell(tm) technology, for the
commercial market. This, along with the corporate legal advantages we expect to
gain by being incorporated in Delaware and the increase in authorization of
shares, will contribute to a more competitive position for the Company in
today's marketplace."
Increasing the number of authorized shares of common stock is intended to
give the Company flexibility in growing its business in the future. The
additional authorized shares are intended for future use in connection with
implementation of financings, mergers and acquisitions, employee benefit plans
and other business purposes.
This press release contains forward looking statements, including
statements regarding the effective date of the reincorporation, the Company's
plans and expectations regarding the development and commercialization of its
fuel cell technology. All forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially from those
projected. Factors that could cause such a difference include, without
limitation, the risk that the merger does not become effective when anticipated,
the risk that commercial field trials of the Company's products will not occur
when anticipated, general risks associated with product development,
manufacturing and introduction, changes in the utility regulatory environment,
potential volatility of energy prices, rapid technological change, and
competition, as well as other risks set forth in the Company's filings with the
Securities and Exchange Commission. The forward-looking statements contained
herein speak only as of the date of this press release. The Company expressly
disclaims any obligation or undertaking to release publicly any updates or
revisions to any such statement to reflect any change in the Company's
expectations or any change in events, conditions or circumstances on which any
such statement is based.
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