HydroGen Corporation Receives Nasdaq Delisting Notice

  
    
  
  
    
      HydroGen Corporation (Nasdaq: HYDG) (the “Company”), 
      a designer and manufacturer of multi-megawatt air-cooled phosphoric acid 
      fuel cell (PAFC) systems, announced that the Company received a Nasdaq 
      Staff delisting letter on October 29, 2008 indicating that the Company’s 
      securities will be delisted from The Nasdaq Stock Market in accordance 
      with Marketplace Rules 4300, 4340(b) and IM 4300, due to the filing of a 
      voluntary petition for relief under Chapter 11 of the Bankruptcy Code by 
      the Company’s wholly-owned subsidiary, 
      HydroGen, L.L.C. Accordingly, if the Company does not appeal this 
      decision, the trading of the Company’s common 
      stock will be suspended at the opening of business on November 7, 2008 
      and a Form 25-NSE will be filed with the Securities and Exchange 
      Commission, which will remove the Company’s 
      securities from registration and listing on The Nasdaq Stock Market. The 
      Company has determined not to appeal the Nasdaq Staff decision to delist 
      the Company’s securities.
    
    
      The Company has been advised that its securities are immediately 
      eligible for quotation in the Pink Sheets, an electronic quotation 
      service for securities traded over-the-counter, effective as of the open 
      of business on November 7, 2008. In addition, the Company intends to 
      request that one of its current market makers file the necessary 
      application with the Financial Industry Regulatory Authority to quote 
      the securities and, as a result, the Company anticipates that its 
      securities will be quoted on the Over-the-Counter Bulletin Board in the 
      near future.
    
    
      About HydroGen Corporation
    
    
      HydroGen Corporation, through its wholly-owned subsidiary, HydroGen, 
      LLC, is a developer and manufacturer of multi-megawatt fuel cell systems 
      utilizing its proprietary 400 kW phosphoric acid fuel cell (PAFC) 
      technology which was originally developed by Westinghouse Corporation. 
      The Company is in the process of seeking strategic partners or buyers of 
      the Company. Interested parties should contact Joseph E. Sarachek of 
      Triax Capital Advisors at 75 Rockefeller Plaza, 16th Floor, New York, 
      New York 10019. Tel: [phone] Fax [phone]. Website is www.triaxcapitaladvisors.com. 
      Email contact: [e-mail].
    
    
      Forward-Looking Statements
    
    
      Except for historical information contained herein, the statements in 
      this release are forward-looking and made pursuant to the safe harbor 
      provisions of the Private Securities Litigation Reform Act of 1995. 
      Forward-looking statements are inherently unreliable and actual results 
      may differ materially. Examples of forward-looking statements in this 
      news release include statements regarding HydroGen's anticipated 
      economically competitive fuel cell systems. Factors which could cause 
      actual results to differ materially from these forward-looking 
      statements include such factors as fluctuations in demand for HydroGen's 
      products, HydroGen's ability to maintain strategic business 
      relationships, the impact of competitive products and pricing, growth in 
      targeted markets, the adequacy of HydroGen's liquidity and financial 
      strength to support its growth, and other information that may be 
      detailed from time to time in HydroGen's filings with the United States 
      Securities and Exchange Commission. HydroGen undertakes no obligation to 
      publicly update or revise any forward-looking statements, whether as a 
      result of new information, future events or otherwise.