Fuel Cell Technologies Completes Filing of Prospectus for $11.0 Million Offering

Fuel Cell Technologies Corp. (Canada) announced that it has completed the filing of a preliminary prospectus for a proposed offering of common shares in all of the provinces and territories of Canada. The offering is expected to close in July 2001. Proceeds of the offering will go towards expanding marketing and sales initiatives, continuing research and development, and general corporate purposes.

The lead agent for this fully marketed offering, anticipated to be in the range of $7.0 to $11.0 million, is Acumen Capital Partners Ltd., which will act on a best-efforts basis. Other members of the syndicate are National Bank Financial Inc. and Raymond Jones Ltd.