March 12, 2004

News Release: Palcan Fuel Cells President Shen Joins Prestigious List of Executives Recognized as the Who's Who in Fuel Cell Technology

Palcan Fuel Cells Ltd. (TSX-V: PC) today announced that Dr. John Shen has been singled out by Fuel Cell Management magazine as one of the 'Fuel Cell 30'', leading figures in fuel cell technology recognized as one of 30 persons having significant impact on the budding industry.

The list acknowledges the contributions made by these individuals toward the establishment of fuel cell technology as a reliable, clean alternative energy source. It also serves as the industry's 'Who's Who,'including representatives from private enterprise, government and academia. Shen joins other Canadian Executives including the leadership of such prestigious fuel cell companies as Ballard Power Systems, Inc., Chrysalix Energy Management, Hydrogenics Corp., Fueling Technologies, Inc. and Fuel Cells Canada.

Further additions to this year's list are Governor Arnold Schwarzenegger of California, Iceland's Minister of Industry, a Walt Disney Imagineer and a NASA test pilot.

'If there were a Cooperstown for alternative energy, you could make an argument (for induction) for everyone here,'said David Dalton, the magazine's publisher. 'Getting it down to just 30 was difficult. There are so many people moving the technology forward. We could have justified a list twice this long.'

Fuel Cell Management, based in Akron, Ohio, reports on commercial and technical breakthroughs in the development of fuel cell systems and related products. The magazine also addresses the challenges associated with the implementation of an emerging technology.

About Palcan

The Company is a leading developer and manufacturer of 100 watt to 5-kilowatt proton exchange membrane (PEM) fuel cells and metal hydride hydrogen storage products. The Company's proprietary and patent pending technologies form the core of the PalPac(TM) Power Products. A unique and integrated fuel cell power system aimed directly at low output applications where smaller internal combustion engines (ICE) and batteries are the power source. These include personal transport NEV and fleet type vehicles used in closed range environments (airports, amusement parks, golf courses, malls, delivery circuits), two and three wheeled scooters, in addition to including stationary, marine and portable power applications. The Company's manufacturing, research and development facilities are located in Burnaby, British Columbia and the Company trades on the TSX Venture Exchange under the symbol 'PC'.

Daniel Gallagher, Corporate Communications

Certain matters discussed in this press release may contain forward-looking statements that may involve risk and uncertainties. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including but not limited to; product development delays, the ability to attract and retain business partners, competition from other fuel cell manufacturers, competition from existing power technologies, and the ability to provide the capital required for product development, operations and marketing. Investors are encouraged to review the Company's filings on SEDAR at www.sedar.com.

The TSX Venture Exchange has neither reviewed nor approved of the contents of this news release.

SOURCE: Palcan Fuel Cells Ltd.

Palcan Fuel Cells Ltd. Daniel Gallagher, 604-422-8868 Toll Free: 1-866-548-8868 Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Website: www.palcan.com

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