Stuart Energy Takes Q4 Charge

Stuart Energy Systems, a developer and supplier of integrated hydrogen infrastructure, will take a one-time charge of CDN $6 million (US$3.9 million) in its Q4 2002 financial results in connection with the retrofit of nine hydrogen systems, including costs related to customer support and inventory replacement.

TORONTO, Canada – May 30, 2002 [] The affected components are covered under Stuart Energy’s warranty program and are scheduled for replacement by the end of the calendar year. This retrofit will have no effect on future deliveries of the company’s products or on its announced milestones. The retrofit of the hydrogen generating systems built for customers between March 2001 and April 2002 is in response to discovery of a batch of non-conforming outsourced components. The affected components, which include gas handling and generating parts, require retrofit in order to meet specified product life requirements of the hydrogen systems. All affected customers are being notified and corrective actions have been initiated. Since January 2002, the Company has recruited experts in manufacturing, product line delivery and supply chain management to complement existing technical talent. The newly-formed team continues to take Stuart Energy’s ‘no-compromise’ approach to product excellence and has accelerated steps to significantly improve total quality and supplier management processes.


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