Pacific Fuel Cell Corp. Announces Redemption of Convertible Debenture

    TUSTIN, Calif.--(BUSINESS WIRE)--Oct. 21, 2005--Pacific Fuel Cell Corp. (OTCBB:PFCE) today announced that it is redeeming the remaining outstanding convertible debentures placed with HEM. PFCE has wired funds in the amount of $223,144 to HEM's attorney for an Oct. 24, 2005, closing. As a result, 26,992,462 shares of PFCE's common stock, representing all of the PFCE common shares being held in escrow under the debenture agreement will then be returned to PFCE and canceled.

    George Suzuki, PFCE president, stated, "PFCE is pleased to take this opportunity to remove all long-term debt from its balance sheet and eliminate the possibility of future conversions under the debenture that would add to the outstanding shares."

    Pacific Fuel Cell Corp. is a nanotechnology company committed to the development and production of carbon nanomaterial-based membrane electrode assemblies ("nanoMEAs") with reduced cost and higher performance for fuel cells in the portable and micro fuel cell market.