AFC Energy Regulatory News (AFC)

13 Jul 2007 07:00

AFC Energy Plc13 July 2007 13th July 2007 AFC Energy board change AFC Energy plc ("the Company") was admitted to AIM following its successful IPOin April 2007. However, in accordance with Schedule two (g) of the AIM rules for companies thefollowing information on Mr Howard White should have been disclosed in theCompany's AIM admission document dated 18 April 2007: • Mr White was a director of Zeldavale Limited when it appointed a liquidator for a creditors voluntary liquidation on 3 April 1986 • Mr White was a director of William Boulton Limited when it appointed a liquidator for a creditors voluntary liquidation on 1 December 1986 • Mr White was a director of Shopfitters (Lancashire) Holdings Limited when it appointed an administrator on 16 December 1988 As a result, Mr White has tendered his resignation as an Executive Director ofthe Company with immediate effect. For further information: Madano Partnership (media) + 44 20 7593 4000Mark Way (mobile) Graham Moonie Nabarro Wells + 44 20 7710 7400Richard SwindellsAnthony Rowland IR Focus (analysts) + 44 20 7593 4000Neville Harris About AFC Energy: • AFC Energy listed on the London Stock Exchange's AIM market in April 2007 (AIM ticker symbol AFC). • AFC Energy is developing alkaline fuel cells that will produce clean energy without cost disadvantage. • The AFC Energy fuel cell is based on proven existing technology, as used by NASA in the Apollo space missions, and by the Russian navy. • The use of precious metals has been largely eliminated and all materials are expected to have at least a 50 year security and multiple source of supply. • The Company's primary route to commercialisation is to provide fuel cells to locations where hydrogen is produced in large amounts as waste or by-product, such as the chlor-alkali industry. • The Company has already received a contractual purchase order from Akzo Nobel under which it expects to deliver its first fuel cells to Akzo Nobel's Bitterfeld site during the first quarter of 2008. The Directors believe that the AFC Energy fuel cell will have a two year payback for purchasers • AFC Energy has improved the processes and reduced the costs and number of components required in an alkaline fuel cell The AFC Energy fuel cell is designed to enable rapid construction and easyroutine maintenance, including individual electrode replacement. This information is provided by RNS The company news service from the London Stock Exchange