"This is a first in every sense of the word," said Mr. Tomoki Yanagawa, MMSCAN's Vice President Sales/Marketing & Corporate Planning, as he presented the vehicles to British Columbia Minister of Energy, Mines and Petroleum Resources Blair Lekstrom, Vancouver Mayor Gregor Robertson, and BC Hydro President & CEO Bob Elton during a ceremony held here this morning. "The i-MiEV is the world's first highway-capable, mass-production electric car. It's a first for Vancouver, and a first for North America. This is history in the making."

Provincial and local leaders underscored that the Canadian debut heralds the beginning of a new era of green technology that will further the worldwide goal of reducing greenhouse gas emissions.

"We are very proud to demonstrate our leadership in climate-friendly transportation by having the first Mitsubishi all-electric cars right here in British Columbia," said Minister Lekstrom. "Electric vehicles like these ones, fuelled by clean, renewable energy, will help us achieve a low-carbon transportation future."

Mayor Robertson echoed those remarks. "Vancouver is at the forefront of adopting electric vehicles, and we're very pleased to be debuting Mitsubishi's i-MiEV in our City," he said. "Supporting cleaner, more efficient forms of transportation moves us closer to our goal of becoming the world's greenest city, and we're very excited to partner with Mitsubishi in bringing their new electric vehicle technology to Canada."

This significant event represents the first time that regular production all electric vehicles designed and built by a major international manufacturer have been put into service on public roads in North America. The i-MiEV is also the world's first mass-production vehicle to go into production and on sale (customers were first able to purchase the all-electric vehicle in Japan this past summer).

"As we get ready for the increased use of plug-in vehicles, it is very important to know how the cars will interact with BC Hydro's grid and what their charging requirements will be," said BC Hydro President and CEO Elton. "The i-MiEV will help us answer some of these questions while serving as a symbol of BC Hydro's leadership in the demonstration of electric vehicles."

The i-MiEV, which stands for Mitsubishi Innovative Electric Vehicle, is an all-electric, highway-capable, charge-at-home commuter car. Because the battery, the motor and other items are mounted beneath the floor, out of the way, the i-MiEV seats four adults and offers surprising interior room and cargo space. Other i-MiEV features include excellent low-speed acceleration, which is a characteristic of electric motors, and a very low centre of gravity, which contributes to superior handling and stability. Moreover, the i-MiEV is extremely quiet inside.

The specialized battery can be charged with the standard 110v wall socket or 220v dryer type socket commonly found in Canada. Charge time is approximately 14 hours using household 110v and six hours using household 220v. Collaborative research and development with several power companies has led to the development of a quick charging system capable of recharging the battery to 80 percent capacity in 30 minutes.

At the recent Tokyo International Motor Show (2009), the i-MiEV was presented with the Japanese Car of the Year award for "Most Advanced Technology". The i-MiEV was praised for the manner in which it applied its advanced, lithium-ion battery technology in a full, four-seat, family car and for achieving full production status.

Mitsubishi Motor Sales of Canada Inc. is committed to green technologies and Mitsubishi Motors, Japan, is a world leader in electric car research and development.

For further information:

Visit our password free media website: www.mitsubishi-motors-pr.ca.

Contacts:
Mitsubishi Motors Sales of Canada Inc.
Susan Elliott
Manager, Corporate and Product Communications
(905) 833-0826
(905) 833-8301 (FAX)
selliott@mmsa.com

Mitsubishi Motors Sales of Canada Inc.
Jacquie Adams
(416) 995-0308
jac.adams@sympatico.ca

SOURCE: Mitsubishi Motors Sales of Canada Inc.

mailto:selliott@mmsa.com
mailto:jac.adams@sympatico.ca

* Thought to be worth 20-30 billion yen (US$224-336 million), the order is the first Mitsubishi Heavy has received for a large-scale facility of this nature in 10 months.

Rumor (August 10, 2009):

According to Reuters, the Nikkei business daily reported that MCHC may acquire MRC for a consideration of approximately $2,100 million.

Deal Value (US$ Million) 2555.06
Deal Type                Acquisition
Sub-Category             100% Acquisition
Deal Status              Announced: 2009-11-19

Deal Participants

Target (Company)   Mitsubishi Rayon Co., Ltd.
Acquirer (Company) Mitsubishi Chemical Holdings Corporation

Deal Rationale

The acquisition will allow the MCHC Group to expand its corporate scale to better respond to an era of global competition. The MCHC Group will also acquire businesses that include the carbon fiber and composite materials businesses, for which demand is expected to expand rapidly, as well as the water treatment business. Consequently, the MCHC Group will be able to accelerate its current shift toward value businesses and anticipates synergies in carbon fiber and composite materials, water treatment and such specialty chemicals as additives and coatings. MCHC also expects to realize cost synergies through the integration of logistics, purchasing and procurement, and business bases as well as through the integration of similar functions carried out by affiliated companies. Also, the addition of MRC and its business foundations in Asia, Europe and the United States will enable the MCHC Group to further bolster and accelerate the development of its global business operations.

Through the acquisition, the company aims to shrink its commodity-grade petrochemical operations, which are facing intense competition from Middle Eastern and Chinese rivals, while embracing Mitsubishi Rayon's carbon fiber and water treatment membrane businesses.

By becoming a Mitsubishi Chemical subsidiary, Mitsubishi Rayon "aims to strengthen our business foundation, including our financial health, to drive global business expansion", president Masanao Kanbara said.

The company has become the world's top acrylic resin material producer, following the acquisition of U.K.'s Lucite International Group Ltd. in May. But the 150 billion yen purchase also put a dent in Mitsubishi Rayon's financial health.

According to Mitsubishi Chemical's announcement Thursday, its tender offer for a 100 per cent stake in Mitsubishi Rayon will run from early February until the end of March. At 380 yen (US$4.27) per share, the offering price is 40 per cent higher than Mitsubishi Rayon's closing price of 271 yen Wednesday. Any shares in Mitsubishi Rayon that Mitsubishi Chemical does not own at the close of the tender offer will be converted into Mitsubishi Chemical shares via a stock swap.

The merger of Mitsubishi Chemical and Mitsubishi Rayon will create the world's sixth-biggest comprehensive chemical firm, passing U.S. firm DuPont. The two Mitsubishi group firms' combined sales would come to around 3.5 trillion yen annually.

(Nikkei) rw