PALCANProgram for Accreditation of Laboratories Canada (Standards Council of Canada)
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Palcan also announced that it has amended the per share price of the private placement just closed to 12 cents from 21 cents, enabling the company to realize net proceeds of $400,000 through the issuance of 3.3 million shares, together with warrants to purchase an additional 3.3 million common shares at a price of 17 cents expiring December 31, 2005.
Palcan said the institute's research, which is being funded through the Western Diversification Fund and other research grants, is expected to provide "substantial" operational and design data for the company, resulting in "improved system design models to be developed enabling fuel cell vehicle designers to optimize fuel cell stack, fuel cell control systems, power balancing and electric drive system design."
"As a signatory to the APLAC MRA, PALCAN can now offer its accredited laboratories and their clients a single accreditation that is accepted throughout the region," said Peter Clark, executive director of the Standards Council.
"The government of China has granted Palcan's wholly owned manufacturing facility considerable tax incentives and other initiatives," said Palcan official John Shen.
"This change in Palcan's name clearly emphasizes the significant addition to our business of our metal hydride-based, hydrogen storage products," said Palcan chairman and CEO John Shen.
Palcan has a piece of the solution to this issue...."
"David Demers will add to Palcan his valuable experience in growing a technology company from concept through strategic partnering, to global commercial sales," said Palcan chairman and CEO John Shen.
Palcan noted that the UPS, which incorporates its rare earth metal hydride (REMH) canister-refueling system directly within the rack-mounted unit, is an air-cooled module producing 300 watts of constant electrical output of either 115 volts AC or 28 volts DC with an extended runtime of five hours at full power.
president and CEO Ian Patterson, California governor Arnold Schwarzenegger, Palcan Fuel Cells founder John Shen, Chrysalix Energy Management chairman Michael Brown, Department of Energy hydrogen storage team leader JoAnn Milliken, U.S.
Palcan said the aforementioned shares purchased are subject to a four-month hold period, with net proceeds of the private placement to be used for "general working capital."
According to Palcan, it will have full managerial control of the facility, which is expected to be operational within six months and capable of manufacturing 20,000 PEM fuel cell stack units per year.