Hawk's Wellman Products Group awarded $1.0 million for the Development of
Fuel Cell Technology from Ohio's Third Frontier Program
CLEVELAND, March 30 /PRNewswire-FirstCall/ -- Hawk Corporation (Amex:
HWK) announced today that its Wellman Products subsidiary was awarded grant
funding of $1.0 million from the State of Ohio's Third Frontier Program for
its Fuel Cell Stack Subassembly Manufacturing project. This project will
expand upon Wellman's current fuel cell component manufacturing
capabilities at its Medina, Ohio operation, and is the first phase of an
initiative aimed at providing components for large stationary fuel cell
units for use as primary or secondary power sources. Wellman Products will
provide advanced engineered components for phosphoric acid fuel cells. The
funds are expected to be provided by the State of Ohio during 2007, and
will be used for the acquisition and implementation of an advanced
manufacturing cell.
(Logo: http://www.newscom.com/cgi-bin/prnh/20001129/HWKLOGO )
Ronald E. Weinberg, Chairman and Chief Executive Officer of Hawk
Corporation stated, "We are excited to be involved with The State of Ohio
in this fuel cell technology development project. We are confident that
this project will lead to growth opportunities for us as fuel cells become
an important source of alternative power generation in the United States.
Our expertise in advanced material technologies used in the production of
our friction products affords us with this exciting opportunity to be a
leader in the development of fuel cell components." Mr. Weinberg continued,
"The State of Ohio deserves credit for its leadership position in
supporting the development of leading edge technologies. All of us at Hawk
are pleased to be able to participate in this initiative."
The Third Frontier Project
The Ohio Fuel Cell Initiative is a $103 million program that aims to
create jobs in Ohio while positioning the state as a national leader in the
growing fuel cell industry. Fuel cells provide an alternate energy source
of energy which is non-polluting and whose only by-product is water. The
initiative is an integral part of the Third Frontier Project which was
initiated by the State of Ohio in February 2002.
The Company
Hawk Corporation is a leading worldwide supplier of highly engineered
products. Its friction products group is a leading supplier of friction
materials for brakes, clutches and transmissions used in airplanes, trucks,
construction and mining equipment, farm equipment, recreational and
performance automotive vehicles. The Company's performance racing group
manufactures clutches and gearboxes for motorsport applications and
performance automotive markets. Headquartered in Cleveland, Ohio, Hawk has
approximately 1,100 employees at 11 manufacturing, research, sales and
administrative sites in 5 countries.
Forward-Looking Statements
This press release includes forward-looking statements. These forward-
looking statements are based upon management's expectations and beliefs
concerning future events. Forward-looking statements are necessarily
subject to risks, uncertainties and other factors, many of which are
outside the control of the Company and which could cause actual results to
differ materially from such statements.
Actual results and events may differ significantly from those projected
in the forward-looking statements. Reference is made to Hawk's filings with
the Securities and Exchange Commission, including its annual report on Form
10-K for the year ended December 31, 2006, its quarterly reports on Form
10-Q, and other periodic filings, for a description of the foregoing and
other factors that could cause actual results to differ materially from
those in the forward-looking statements. Any forward-looking statement
speaks only as of the date on which such statement is made, and the Company
undertakes no obligation to update any forward-looking statement, whether
as a result of new information, future events or otherwise.
Hawk Corporation is online at: http://www.hawkcorp.com /
SOURCE Hawk Corporation
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CONTACT:
Joseph J. Levanduski, Vice President, CFO, or
Thomas A. Gilbride, Vice President, Finance, of Hawk Corporation,
+1-216-861-3553; Investor Relations, John Baldissera of BPC
Financial Marketing for Hawk Corporation, +1-800-368-1217
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