Proton Mtr Pwr Regulatory News (PPS)

29 Oct 2007 14:01

Proton Power Systems PLC29 October 2007 29 October 2007 Proton Power Systems plc ("Proton Power" or the "Company") Directorate Change The Board of Proton Power, a leading designer, developer and producer of fuelcells and fuel cell-electric hybrid systems for the "back to base" market, ispleased to announce the appointment of Achim Loecher as Financial Director ofthe Company with immediate effect. The Board also announces that John Wall,currently a Non-Executive Director of the Company, is assuming the role ofExecutive Chairman with immediate effect. Bernard Robinson, the currentNon-Executive Chairman, is retiring from the Board with effect from 31 January2008. He will remain as a Non-Executive Director until 31 January 2008. Achim Loecher, aged 47, is currently Chief Financial Officer of Proton MotorFuel Cell GmbH, the German subsidiary of Proton Power. He was previously themanaging director and founder of Alconet Management Consulting and Head ofFinance, Controlling and Treasury of Victorvox AG, a German mobile telephoneservice provider, until its sale to Drillisch AG in 2003. Achim Loecher has beenwith Proton Power since June 2007. John Wall, aged 53, is currently a Non-Executive Director of Proton Power. Hewas a founder of the PricewaterhouseCoopers corporate finance business, regionalchairman of PricewaterhouseCoopers's UK corporate finance business withresponsibility for all operations outside of London and also sat on the UKcorporate finance board. John Wall has been a Non-Executive Director of ProtonPower since August 2006. It is the Board's intention to appoint, at the appropriate time, furthernon-executive representation to join Per Svantesson, current Non-ExecutiveDirector on the Board. Per Svantesson has a strong track record in industrialmanufacturing, industrial product development, logistics and quality service,with 22 years in the automotive manufacturing industry within Volvo AB, Valeo (aleading automotive component supplier), ESAB EU and Antiphon AB. Further details as required under Rule 17 and Schedule 2(g) of the AIM Rules forCompanies are contained in Appendix One to this announcement. Felix Heidelberg, Chief Executive Officer of Proton Power, said: 'We are delighted to welcome Achim to the Board. He joins us at an exciting timefollowing the recent key milestones of the development of the triple hybridforklift, and is intimately involved in our German subsidiary Proton Motor FuelCell GmbH. He knows Proton Power's business first hand and we have been veryimpressed by the quality of his work.' 'On behalf of the Board and staff of Proton Power, I would like to extend mythanks to Bernard Robinson for his invaluable help and guidance in helping shapethe business to ensure that the Company is firmly in line for sustainable growthand the successful commercialisation of our hybrid power solutions.' - Ends - For further information:Proton Power Systems plcFelix Heidelberg, CEO Tel: +49 (0) 89 1276265 0f.heidelberg@proton-motor.de www.protonpowersystems.com Noble & Company LimitedGraeme Bayley / Andy Yeo Tel: +44 (0) 20 7763 2200 www.noblegp.com Media enquiries:Abchurch Communications LimitedJustin Heath / Franziska Boehnke Tel: +44 (0) 20 7398 7700franziska.boehnke@abchurch-group.com www.abchurch-group.com Notes to Editors Proton Power Systems plc is a developer of fuel cells and fuel cell hybridsystems for motive and back-up power supply. Proton Power has more than 13 yearsof experience in the fuel cell market. Through its wholly owned subsidiary,Proton Motor Fuel Cell GmbH, the Company has developed and produced a fuel cellmodule running on hydrogen and integrated this with an energy storage system tocreate a hybrid electric fuel cell system. The system harnesses the excess powergenerated by the fuel cell during partial load (such as stop-start operations)and uses the stored energy in peak demand times. The system thus boasts lowerfuel consumption and more consistent levels of power delivery than conventionalcombustion engine or fuel cell-only systems, in addition to producing zeroharmful emissions. Proton Power's market focus lies in industrial applications where 'back-to-base'refuelling occurs at the end of each shift or work period, such as in thematerials handling and mass transportation sectors. In these markets, thecommercialisation of applications is possible at a very early stage, as they donot depend on the existence of a ubiquitous hydrogen infrastructure. Throughpartnerships with leading OEMs such as Skoda Electric and Linde, Proton Power'stechnology is already deployed in city buses and forklift trucks. Proton Power also targets the upcoming market for marine transportationapplications and provides the hybrid fuel cell propulsion system for Europe'sfirst fuel-cell powered passenger / river boat ferry, which will be operating inHamburg from 2008. Proton Power Systems plc was admitted to trading on AIM on 31 October 2006 andis based in the UK. Its operating subsidiary, Proton Motor Fuel Cell GmbH, islocated in Puchheim, near Munich, Germany. Appendix One In accordance with Schedule 2(g) of the AIM Rules, the following information inrelation to the appointment of Mr Achim Loecher to the Board of Proton PowerSystems plc, is disclosed below: Mr Loecher has the following current directorships and partnerships: Proton Motor Fuel Cell GmbHAlconet Management Consulting Mr Loecher has no past directorships and partnerships in the preceding fiveyears. Mr Loecher has no interest in the share capital of the Company. In accordance with Schedule 2(g) of the AIM Rules, the following information inrelation to the appointment of Mr John Wall to his new role to the Board ofProton Power Systems plc, is disclosed below: Mr Wall has the following current directorships and partnerships: Adamson Developments (Joint Ventures) LimitedAdamson Developments (Quayside) LimitedAdderstone Group LimitedCoquet Leisure LLPWaren Mill Management Company LimitedZero Emissions Limited Mr Wall has the following past directorships and partnerships in the precedingfive years: Beadnell Harbour Appeal FundSandco 755 Limited Mr Wall is interested in 200,000 ordinary shares of 5 pence each in the Company.He holds these shares in personal capacity. Mr Wall is also interested in200,000 share options with an exercise price of 78 pence each in the Company. There are no further disclosures to be made by the Company in relation to AchimLoecher and John Wall in accordance with Rule 17 and Schedule 2(g) of the AIMRules for Companies. This information is provided by RNS The company news service from the London Stock Exchange