MISSISSAUGA, Ontario, Sept. 5, 2012 (GLOBE NEWSWIRE) -- Hydrogenics Corporation (Nasdaq:HYGS) (TSX:HYG), a leading developer and manufacturer of hydrogen generation and power systems, today announced that the Company has filed a final short form base shelf prospectus with certain Canadian securities regulatory authorities and a corresponding registration statement on Form F-3 has been declared effective by the U.S. Securities and Exchange Commission. The shelf prospectus will allow Hydrogenics to offer, from time to time over a 25-month period, up to US$25,000,000 of debt, equity and other securities.
Hydrogenics is enjoying significant market momentum with growth in Power-to-Gas energy storage applications and industrial hydrogen generators as well as the emerging prospect of significant commercial orders for power systems. The working capital requirements of this growth or other opportunities may require the flexibility to access capital markets on an as needed basis. U.S. securities law limits on the issuance of shares restrict the size of any offering to 1/3 of the market value of the Company's public float in any 12-month period. The Company remains committed to the pursuit of profitability in the near term with the minimum possible dilution of shareholders in the process.
These filings are intended to restore Hydrogenics' flexibility to access the capital markets that was available to Hydrogenics with its prior shelf prospectus and corresponding registration statement on Form F-3, which expired earlier this year.Except as otherwise may be disclosed in a prospectus supplement relating to a particular offering, Hydrogenics currently intends to use the net proceeds received to fund current operations and potential future growth opportunities. Should Hydrogenics offer any securities, it will make a prospectus supplement available that will include the specific terms of the securities being offered. Hydrogenics is not required to offer or sell all or any portion of the securities in the future and will only do so if market conditions warrant.