Protonex starts migration process to unrestricted shares

Protonex Technology Corporation, a provider of fuel cell power systems for portable, remote and mobile applications, announced today that it has started the process to enable certain eligible shareholders to migrate their Common Shares from its restricted PTX trading symbol to its unrestricted, electronically tradable PTXU symbol. The Company expects this migration to be complete in May of 2008.

Protonex has a total of 64,841,452 Common Shares outstanding and trading under the PTX and PTXU trading symbols. Currently, 73.9% of these shares trade in a restricted manner under the PTX trading symbol as permitted by Regulation S of the U.S. Securities Act of 1933 (the "Securities Act") and 26.1% of these shares trade in an unrestricted manner under the PTXU trading symbol under an exemption provided by Rules 144(b)(1)(ii) and (d)(1)(ii) of the Securities Act. The unrestricted PTXU shares do not carry any restrictive legends and can be settled, by means of Depository Interests, through the CREST electronic settlement system.

By the end of April, the Company will be sending letters summarising this migration opportunity to non- affiliated, current holders of the Common Shares issued during its Initial and Secondary Placements, which occurred on 3 July 2006 and 3 April 2007, respectively. These eligible shares, which currently reside in the PTX line, comprise approximately 30% of the total outstanding Common Shares of Protonex.

When this migration process is complete, the Company will announce how many Common Shares were migrated as well as the resulting share counts in its PTX and PTXU trading symbols.

Source: Fuel Cell Today