August 10, 1999
TO THE SHAREHOLDERS OF ENERGY RESEARCH CORPORATION:
The purpose of this letter is to remind you that the Board of Directors of
Energy Research Corporation has called a Special Meeting of Shareholders in
order to consider and act on Proposals (i) to change the name of the Company to
FuelCell Energy, Inc.; (ii) to increase the number of authorized shares of
Common Stock of the Company from 8,000,000 to 20,000,000; and (iii) to approve
the reincorporation of the Company in the State of Delaware. The Proxy
Statement, which you should have received in the mail, describes each of these
Proposals in detail. We seek your support for these Proposals which we believe
will enable our Company to more effectively move forward into commercialization
of our fuel cell technology.
It is important that you vote on the Proposals by returning the Proxy Card or
attending the Special Meeting. Approval of Proposal (iii) requires the
affirmative vote of two-thirds of the outstanding shares of Common Stock of the
Company. For your convenience, if you hold your shares through a street name
broker, you can also vote via phone by calling (800) 454-8683 or on the internet
at WWW.PROXYVOTE.COM using the control number provided on the voting instruction
sheet which was included with your proxy materials. If your shares are not held
through a street name broker, then you can only vote by mailing in your Proxy
Card to Continental Stock Transfer & Trust Company, 2 Broadway, New York, NY
10275-0491 or by attending the Special Meeting. A return envelope was included
with your materials for your convenience.
If you have lost or misplaced your Proxy Card, please contact Jacqueline
P'erez-Ares at (203) 825-6075 or by e-mail at [email protected] for
assistance.
For planning purposes, if you will be attending the shareholder meeting on
September 2, 1999, please contact Ms. P'erez-Ares.
The Board of Directors unanimously supports each of these Proposals and
recommends your vote in favor of each of them. Thank you for your support.
Jerry D. Leitman
President and Chief Executive Officer
YOUR VOTE IS IMPORTANT; FAILURE TO VOTE YOUR SHARES HELD THROUGH A STREET NAME
BROKER WILL HAVE THE EFFECT OF A VOTE AGAINST THE PROPOSALS.
