Vanadiumcorp Resource Inc V.VRB

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[vern117]

Palcan Fuel Cells Ltd. Quick Quote: V.PC 0.25 (Even) Receives Funding For MEA Development 10/24/02 The Company is pleased to announce Palcan has been selected to receive $100,000 in financial assistance from the Canadian Government's Efficiency and Alternative Energy Program (EAEP), administered by the Department of Natural Resources. The objective of the project is to improve the consistency of the manufacturing process for the Membrane Electrode Assembly (MEA) component, the integral component in Palcan's Proton Exchange Membrane (PEM) fuel cell technology. The importance of the MEA was highlighted by Professor Ernst Schadow of Celanese AG at a press conference in Frankfurt, stated 'as the performance of a computer is mainly determined by its chip, the membrane electrode unit is the heart of the fuel cell.' The introduction of a semi-automated computerized process, able to control MEA design parameters, will increase the current density by a factor of two allowing for scale up to production and reducing the cost. The project will be managed internally with existing Palcan personnel. This decision represents a significant step in helping Canada maintain its technological edge in the fuel cell evolution, as the Company anticipates successful execution of this strategy upon implementation. About Palcan Palcan is a leading developer and manufacturer of proton exchange membrane (PEM) fuel cells and systems in the power range 100W to 5 kW. Palcan's proprietary and patent pending technologies form the core of the PalPac Power Products, a unique and integrated line of fuel cell power systems. Palcan's PalPac fuel cell systems are a reliable and clean environmental alternative to replace batteries and small internal combustion engines in global consumer and commercial products such as electric bikes, scooters, personal neighborhood vehicles and many portable power products. The company's manufacturing and research and development facilities are located in Burnaby, British Columbia. Certain matters discussed in this press release may contain forward-looking statements that may involve risk and uncertainties. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including but not limited to; product development delays, the ability to attract and retain business partners, competition from other fuel cell manufacturers, competition from existing power technologies, and the ability to provide the capital required for product development, operations and marketing. Investors are encouraged to review the Company's filings on SEDAR at www.sedar.com CONTACT: TEL: [phone] Dr. John Shen, Chairman FAX: [phone] Palcan Fuel Cells Ltd. EMAIL: [e-mail] INTERNET: https://www.palcan.com