Itm Power Regulatory News (ITM)

31 Oct 2007 07:01

ITM Power PLC31 October 2007 For Immediate Release 31 October 2007 ITM Power Plc ('ITM' or 'the Company') First Time Adoption of International Financial Reporting Standards ('IFRS') ITM Power plc, (AIM:ITM) the AIM listed developer of low-cost hydrogen technologies, announces its first time adoption of International Financial Reporting Standards ('IFRS'). The Company previously prepared its financial statements under UK Generally Accepted Accounting principles ('UK GAAP') until 30 April 2007. From 1 May 2007, in line with AIM listing requirements, the Company will prepare its consolidated financial statements in accordance with IFRS. In January 2008 the Company will publish its interim results for the six months to 31 October 2007 which will be the first results to be prepared under IFRS and will include IFRS comparative financial information for the six months to 31 October 2006. In July 2008 the Company will present its first annual report and accounts under IFRS for the year ended 30 April 2008 which will include comparative IFRS financial information for the year ended 30 April 2007.Management has performed an assessment of the impact of IFRS and has not identified any material differences resulting from the transition to IFRS other than certain presentational changes which do not impact the Company's previously reported losses. The Company has therefore not provided a reconciliation of UK GAAP to IFRS financial information. For further information please contact: ITM Power Plc 01799 542 222Marcus Scott, Chief Financial Officer Panmure Gordon & Co. 020 7459 3600Katherine Roe Buchanan Communications 020 7466 5000Ben WilleyRichard DarbyBen Romney Notes to the Editors: ITM Power is a developer of low-cost hydrogen technologies. The Company hasdeveloped new materials and processes that dramatically reduce the cost of fuelcells and electrolysers. The patented membrane materials used in the deviceshave higher performance and are 1% of the cost of the industry standardmaterials. Electrolysers work by converting water and electricity into hydrogen and oxygen.The hydrogen produced can be used as a replacement for fossil fuels andfacilitate zero carbon housing and pollution free motoring. ITM Power was founded in 2000 and floated on the London Stock Exchange'sAlternative Investment Market in June 2004. This information is provided by RNS The company news service from the London Stock Exchange