Issue of Equity

RNS Number : 5269R

Proton Power Systems PLC

04 November 2011

 



Press Release

4 November 2011

Proton Power Systems plc

("Proton Power" or the "Company")

Issue of Equity

Proton Power Systems plc (AIM: PPS), the designer, developer and producer of fuel cells and fuel cell electric hybrid systems, announces that it has issued 500,000 ordinary shares of 1 pence each in the Company (the "New Ordinary Shares") to Allenby Capital Limited, the Company's joint broker, in lieu of fees.

An application has been made for the New Ordinary Shares to be admitted to trading on AIM which is expected to take effect on or around 10 November 2011 ("Admission").

Following Admission the Company's issued share capital will comprise 619,895,443 ordinary shares of 1 pence each in the Company ("Ordinary Shares"). The Company does not hold any Ordinary Shares in treasury. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Service Authority's Disclosure and Transparency Rules.

- Ends -

For further information:

Proton Power Systems plc
John Wall, Chairman	Tel: [phone]
Achim Loecher, FD	Tel: [phone]
	www.protonpowersystems.com

Arbuthnot Securities Limited
Antonio Bossi	Tel: [phone]
	www.arbuthnotsecurities.co.uk

Allenby Capital Limited
Nick Athanas / James Reeve	Tel: [phone]
	www.allenbycapital.com

Media enquiries:

Abchurch Communications Limited
Henry Harrison-Topham / Jamie Hooper	Tel: [phone]
[e-mail]	www.abchurch-group.com

Notes to Editors  

Proton Power Systems plc is a developer and manufacturer of fuel cells and fuel cell hybrid systems for motive and stationary power supply.  Its sales-driven strategy focuses on identifying applications with the greatest market needs and supplying large volumes of cost-competitive systems to fulfill those needs. Proton is targeting a global opportunity, accessing a broad range of markets through partnerships with leading OEMs such as Skoda Electric and Smith.

Motive applications include forklifts, city buses, municipal utility vehicles and ferries; 'back-to-base' markets which can readily utilise the modularity and scalability of the Company's hydrogen fuel cell systems, and which do not depend on the existence of a ubiquitous hydrogen infrastructure, thereby facilitating swift commercialisation.

Stationary applications focus on the Uninterruptible Power Supply sector, where there is a large demand for mission-critical, grid-independent secure power supply in places such as telecommunications stations, data centres, hospitals, and power substations. Further market potential lies in industrial and chemical processing plants, where the otherwise wasted hydrogen by-product can be harnessed for producing local power.

Through its wholly owned subsidiary, Proton Motor Fuel Cell GmbH ("Proton Motor"), the Group has developed and produced a fuel cell module that can be integrated with energy storage media to create a hybrid fuel cell system. A proprietary, intelligent energy management software balances the power output across the fuel cell storage unit(s) to maximise efficiency and improve power delivery.  The system thus boasts lower fuel consumption and more consistent levels of power delivery than conventional diesel/combustion engine or fuel cell-only systems, in addition to producing zero harmful emissions.

Proton Power Systems plc was admitted to trading on AIM on 31 October 2006 and is incorporated in the UK. Proton Motor has more than 15 years of experience in the fuel cell market and is located in Puchheim, near Munich, Germany, where its manufacturing facility is based.

 

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