GreenShift Invests in General Hydrogen
http://www.generalhydrogen.com
Vancouver, BC, March 6, 2006--(T-Net)--March 6, 2006--GreenShift Corporation (OTC Bulletin Board: GSHF) today announced it is investing in General Hydrogen Corporation, a leader in battery replacement technology for electric forklifts, industrial vehicles and other off-road equipment.
General Hydrogen, based in Richmond, BC, Canada, produces high-performance Hydricity® Packs, which can triple electric industrial vehicle runtimes and raise productivity significantly.
General Hydrogen's business model is based on replacing conventional lead-acid batteries in centralized industrial applications with high-performance 'plug and play' power packs that contain a Ballard fuel cell. The main applications are for Class 1 forklifts and Automated Guided Vehicles.
Frank Trotter, General Hydrogen's President and Chief Executive Officer, said "General Hydrogen's Hydricity Packs are entering the industrial vehicle market in the US right now and making sales. The potential market is huge in the US where material handling industries are keenly seeking technology that can reduce operational costs and increase efficiency.
"The US installed base of electric forklifts is about 800,000 and double that in Europe with a robust infusion of new vehicles every year."
Kevin Kreisler, GreenShift's Chairman and Chief Executive Officer, said "GreenShift invests in clean companies and technologies that leverage transformational environmental gains out of sustainable profits on relatively small infrastructure investments. These incremental, green shifts forward in both profit and environmental gain are at the core of our investment philosophy."
"General Hydrogen has right-sized a clearly transformative technology at a scale that enables commercially viable use of hydrogen fuel cell technology today. Their Hydricity Packs are designed to be a direct replacement for standard industrial batteries in forklifts. They capitalize effectively on existing plant infrastructure while creating a realizable economic return on an impressively short payback period for their clients. We are very excited by this investment and we plan to help General Hydrogen in its development efforts in any way we can."
Under the terms of the investment agreements, GreenShift will purchase 500,000 shares of General Hydrogen common stock and 500,000 warrants exercisable into General Hydrogen common stock for $500,000.
General Hydrogen was introduced to GreenShift by Ardour Capital Investments, LLC, an investment banking, equity research and advisory service firm for the energy technology sector.
Fuel Cell Hydricity Packs
Hydricity Packs use a fuel cell that generates electrical power through a chemical reaction between hydrogen and oxygen, and produce only heat and pure water vapor in the process, so they can be used virtually everywhere, including indoors and around perishable goods.
Hydricity Pack fuel cell systems are designed to enable longer run times, operate faster than trucks with batteries, and refuel in a fraction of the time. The simple and quick fueling and minimal maintenance requirements reduce staffing and space devoted to maintaining the machines and batteries. The net result for many high-use operators is a payback period of only 2 to 4 years.
About General Hydrogen Corporation
General Hydrogen is headquartered in Richmond, British Columbia, near Vancouver. It is a private, Delaware-registered company that was started six years ago by Dr. Geoffrey Ballard and Paul Howard, the original founders of Ballard Power Systems. General Hydrogen develops and is commercializing fuel cell systems and hydrogen fueling solutions for industrial vehicles and other off-road equipment.
General Hydrogen is backed by strategic and investor relationships with leading corporations, including General Motors and Air Products and Chemicals, Inc., and is focused on gaining early market penetration, particularly in the United States. Its website is: www.generalhydrogen.com.
About GreenShift Corporation
GreenShift Corporation (OTC Bulletin Board: GSHF - News) is a publicly traded business development company whose mission is to develop and support clean technologies and companies that facilitate the efficient use of natural resources and catalyze transformational environmental gains.
GreenShift focuses on supporting incremental advances in technologies and business practices that enable increased and sustainable profits on relatively small infrastructure investments while contributing to the resolution of compelling environmental challenges.
These incremental shifts forward in both economic and environmental gain are at the core of GreenShift's investment philosophy, and they fall within the following clean activities:
Clean Energy
Clean Fuel
Clean Air & Water
Clean Production
Since commencing operations on April 1, 2005, GreenShift has consolidated a portfolio of clean companies with combined annualized revenues of about $30 million and exclusive rights to over a dozen proprietary clean technologies.
Additional information regarding GreenShift is available online at www.greenshift.com.
Safe Harbor Statement
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of GreenShift Corporation, and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Contact:
Investor Relations:
GreenShift Corporation
888-895-3585 - Extension 291
Fax: 646-792-2636
investorrelations@greenshift.com
www.greenshift.com
or
CEOcast, Inc. for GreenShift
Ed Lewis, 212-732-4300
or
General Hydrogen Corporation
Nigel Horsley, 604-233-7676