Hydrogen Company Take-Over Bid Begins

[] Hydrogenics of Ontario has acquired an interest in Stuart Energy Systems through a share purchase representing approximately 86 percent of Stuart Energy’s shares. The offer from Hydrogenics was announced in December of 2004, and Stuart Energy shareholders have until January 20, 2005 at 6 p.m. to tender their shares for the take-over bid. If less than 90 percent of the Stuart Energy shares are deposited, Hydrogenics intends to effect a subsequent acquisition transaction to acquire the remaining Stuart Energy shares. Upon completion of the compulsory acquisition or subsequent acquisition transaction, Hydrogenics intends to de-list the Stuart Energy shares from the Toronto Stock Exchange.