Fuel Cell Developer and Integrator Proton Power Systems Releases End of Year Results
Proton Power Systems plc (AIM:PPS), a leading designer, developer and producer of fuel cells and fuel cell electric hybrid systems, today announces its final results for the year ended 31 December 2008.
Highlights:
• Strengthened the Board with the appointments of:
– Thomas Melczer as Chief Executive Officer of Proton Motor Fuel Cell GmbH and Proton Power Systems plc;
– Ali Naini as Deputy Chairman and Non-Executive Director of Proton Power Systems plc;
– Faiz Nahab as Non-Executive Director of Proton Power Systems plc;
– Helmut Gierse as Non-Executive Director of Proton Power Systems plc;
• Secured funds of £4m, before expenses, via two share placings which have allowed the Group to continue its progress
• Won the Bavarian Innovation Award for the successful application of fuel cell technology as part of the first Triple-Hybrid© forklift truck
• Received TUV certification for the PM200 product, based on DIN EN 62282-2 in September 2008
• Launched the world’s first fuel cell passenger ferry
Highlights since the period end:
• Obtained ISO 9001 accreditation in March 2009
• Selected Deutsche Mechatronics as contract manufacturer and signed a frame contract in May 2009
• Launched a triple-hybrid city bus for Skoda Electric in May 2009
• Proposed share reorganisation
Commenting on the results, John Wall, Executive Chairman, says: “The excellent Board appointments we have made in Thomas, Ali, Faiz and Helmut have helped enormously in raising funds successfully and driving further sales and technical innovation. We are seeing growing demand for our products and are well placed to strengthening our leadership in the
development and supply of fuel cell systems for back-to-base vehicle and back-up power applications.”
“On behalf of the Board we would like to thank all on our team and our loyal shareholders for their continual confidence and support throughout the year.”
On 29 April 2009, the Company announced a new convertible loan agreement with Roundstone Properties Ltd (the “Convertible Loan”). The par value of the Company's ordinary shares ("Ordinary Shares") is 5 pence, which is the minimum price at which such Ordinary Shares can be issued. Issue of the Ordinary Shares underlying the Convertible Loan at 2 pence each is subject to a share capital re-organisation being approved so that the par value of the Ordinary Shares is reduced to 1 pence. The proposal, which would be implemented by Resolution 8 to be proposed at the Annual General Meeting, if passed, would involve splitting each issued Ordinary Share into one new Ordinary Share of 1p ("New Ordinary Share") and four deferred shares of 1p.
The practical effect of this change, if implemented, will be that each Shareholder will receive the same number of New Ordinary Shares as they hold Ordinary Shares, without any diminution in rights.
A copy of the Company’s audited accounts for the year ended 31 December 2008 together with a notice of annual general meeting to be held at the offices of Arbuthnot Securities Limited, Arbuthnot House, 20 Ropemaker Street, London, EC2Y 9AR at 11.00 a.m. on 23 July 2009 will be posted to shareholders today and is available from the Company’s website at
www.protonpowersystems.com.
Editors Note: the full results are also available at http://www.fuelcelltoday.com/online/financials .
Source: Proton Power Systems