Hydrogen Power, Inc. was organized under the laws of the State of Delaware in 1983 under the name "Equitex, Inc.," and we elected to become a business development company and be subject to the applicable provisions of the Investment Company Act of 1940 in 1984. Until January 4, 1999, we were a business development company which is a form of closed-end, non-diversified investment company under the Investment Company Act of 1940. On April 3, 1998, our stockholders authorized us to change the nature of our business and withdraw our election as a business development company, which became effective on January 4, 1999. During 2006, we changed our name from Equitex, Inc. to Hydrogen Power International, Inc. and then to Hydrogen Power, Inc. to reflect the changes in our business as outlined below. Throughout this document, the term "we" refers to the Company together with its subsidiaries when describing our business as "Equitex" both during and prior to 2006, as "Hydrogen Power International, Inc." for a short period during 2006, and as "Hydrogen Power, Inc." from September 2006 through today.

On May 22, 2006, we filed a Certificate of Ownership with the Secretary of State of the State of Delaware pursuant to which Hydrogen Power International, Inc., at that time our wholly owned subsidiary, merged with and into Equitex, Inc. with the Company remaining as the surviving corporation to the merger. In connection with that merger, and as set forth in the Certificate of Ownership, we changed our corporate name from "Equitex, Inc." to "Hydrogen Power International, Inc."

On September 25, 2006, we filed another Certificate of Ownership with the Secretary of State of the State of Delaware pursuant to which Hydrogen Power, Inc., at that time our wholly owned subsidiary, merged with and into Hydrogen Power International, Inc. with the Company remaining as the surviving corporation to the merger. In connection with that merger, and as set forth in the Certificate of Ownership, we changed our corporate name from Hydrogen Power International, Inc. to "Hydrogen Power, Inc."

Effective December 1, 2001, we acquired all the outstanding common stock of Chex Services, Inc. in exchange for 332,000 shares of our common stock valued at $10,119,000 ($30.48 per share), in a transaction accounted for as a purchase.