Ballard Announces First Quarter Results

Ballard Power Systems (TSX:BLD)(NASDAQ: BLDP), a world leader in the development, manufacture and sale of proton exchange membrane fuel cells, today announced its operating and financial results for the quarter ended March 31, 2006. All amounts are in U.S. dollars, unless otherwise noted.

“Our first quarter results demonstrate solid progress towards our 2006 goals,” said John Sheridan, Ballard’s President and Chief Executive Officer. “Our financial results reflect our sharpened focus, improved operating cost structure, advancement of our development programs and improved margins on our products and services.” Highlights include:

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