Business
FuelCell Energy Announces End of Engagement with Huron Based on Progress
DANBURY, Conn., Nov. 05, 2019 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL), a global leader in delivering clean, innovative and affordable fuel
About this update from Fuelcell Energy, Inc.
[{"type":"text","content":"DANBURY, Conn., Nov. 05, 2019 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL), a global leader in delivering clean, innovative and affordable fuel cell solutions for the supply, recovery and storage of energy, today announced that based on the progress made by the Company, the Board ended the engagement with Huron and the restructuring services being provided effective October 31, 2019. Beginning on June 2, 2019, Huron provided various services related to the Company’s restructuring and contingency planning initiatives. The Board’s decision was based on the outcome of many actions undertaken by Huron at the direction of the Board that led to the Company’s successful restructuring, including the right sizing of the business, implementation of cost control measures, and pay off of substantial corporate debt.\n “Huron did an exceptional job on behalf of FuelCell throughout the restructuring and their efforts toward our stronger future is appreciated,\" said Jason Few, President and Chief Executive Officer, FuelCell Energy, Inc. \"Huron engaged at a difficult time in the Company’s history and has completed its role successfully positioning FuelCell Energy in a much stronger position just four months after the initial engagement.” The Company will continue delivering world class differentiated clean continuous power, the work of revitalizing FuelCell Energy, its overall operational effectiveness, enhanced commercial activity, geographic expansion and improving financial results. Cautionary LanguageThis news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements with respect to the Company’s anticipated financial results and statements regarding the Company’s plans and expectations regarding the continuing development, commercialization and financing of its fuel cell technology and business plans. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could cause such a difference include, without limitation, changes to projected deliveries and order flow, changes to production rate and product costs, general risks associated with product development, manufacturing, changes in the regulator...