IdaTech Preliminary Results

IdaTech plc a fuel cell solutions company has announced its preliminary results. The preliminary results contain financial information for the statutory period from 13 July 2006 until 31 December 2007 and proforma financial information relating to the calendar years ending 31t December 2006 and 2007.

Operational Highlights for the unaudited proforma year ended 31 December 2007:
-Successful commercial launch of ElectrGenTM XTR, ElectrGenTM XTi and iGenTM
-Establishment of low cost volume manufacturing facility in Tijuana, Mexico – fully operational, on schedule and budget
-Successful delivery of a dual-fuel (diesel and military fuel) Tactical Fuel Cell Generator system to the US Army
-Addition of 7 new channel partners, giving IdaTech 22 channel partners in total, forming the platform for volume sales
-IdaTech is now either certified or accepted as a vendor by 8 telecommunication
companies.

Financial Highlights for the unaudited proforma year ended 31 December
2007:
-Sales* increased by 17.8% to US$ 5.1 million of which US$ 1.0 million was
derived from the sale of IdaTech’s commercial products
-EBITDA loss for the year to 31 December 2007 US$ 11.0 million (2006 US$ 12.2 million)
-Operating loss for the year to 31 December 2007 was US$ 16.3 million (2006 US$
18.9 million)
-Admitted to trading on the AIM market of the London Stock Exchange on 6 August
2007 raising gross proceeds of approximately US$ 36.1 million** (approximately £17.7 million)
-The statutory loss for the period 13 July 2006 to 31 December 2007 was US$ 19.0 million

*Excluding discontinued products
**Including a loan facility of US$10 million

Commenting on the Preliminary Results, Hal Koyama, Chief Executive Officer of
IdaTech, said:

“2007 was an exciting and successful year for IdaTech in which the Company
commercially launched three new products and joined AIM

“IdaTech is positioned well for commercial growth in 2008 and is confident of achieving its objectives which include developing the customer base established last year into initial field deployments, continuing to expand this customer base, diversifying its revenue streams by increasing commercial efforts in relation to the iGenTM and achieving approved vendor status with new and existing telecommunications customers.”

To view the financial results from businesses across the fuel cell industry visit http://www.fuelcelltoday.com/online/financials

Source: Fuel Cell Today