Last checked at 6 Apr 2010 07:00
| Press Release | 6 April 2010 |
Proton Power Systems plc
("Proton Power" or "the Group")
Directorate change
Proton Power Systems plc (AIM:PPS), a leading designer, developer and producer of fuel cells and fuel cell electric hybrid systems, announces that Ali Naini, deputy Chairman, has decided to step down from the Company's board with effect from 20 May 2010.
Ali Naini, Deputy Chairman of Proton, said:
"I joined the Board as part of the arrangements for the £3m fundraising that my firm Turquoise International arranged for Proton in 2008. My primary objective as a director has been to make sure Proton has the follow-on funding it requires for its current phase of development. The structures negotiated with Roundstone by which it and other shareholders can provide such follow-on funding have been stable for two years and have so far delivered some £7m of further funding despite the very difficult market conditions. It would therefore appear that my job is done."
John Wall, Chairman of Proton, said:
"The Board and I wish to thank Ali for his excellent contribution to the Proton business and wise counsel since he joined the Board in 2008 and wish him success in his other businesses".
- ENDS -
For further information:
| Proton Power Systems plc |
|
| John Wall, Chairman | Tel: +44 (0) 78 0291 7615 |
| Ali Naini, Deputy Chairman | Tel: +44 (0) 20 7329 1750 |
| Thomas Melczer, CEO | Tel: +49 (0) 89 127 626 555 |
|
| www.protonpowersystems.com |
| Arbuthnot Securities Limited |
|
| Antonio Bossi / Tom Griffiths | Tel: +44 (0) 20 7012 2000 |
|
| www.arbuthnotsecurities.co.uk |
Media enquiries:
| Abchurch Communications Limited |
|
| Justin Heath / Monique Tsang / Hannah Sharman | Tel: +44 (0) 20 7398 7712 |
| monique.tsang@abchurch-group.com | www.abchurch-group.com |
About Proton Power Systems plc
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 fulfil those needs. Proton Power is gaining access to a broad range of markets through partnerships with leading OEMs such as Skoda Electric and Smith Electric Vehicles, in addition to contract manufacturers such as Deutsche Mechatronics.
Proton Power's motive applications include forklifts, city buses, municipal utility vehicles, commercial vehicles and ferries. Stationary applications focus on the Uninterruptible Power Supply ("UPS") 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.
Through its wholly owned subsidiary, Proton Motor Fuel Cell GmbH ("Proton Motor"), the Group has developed and deployed fuel cell modules that can be integrated with energy storage media to create hybrid fuel cell systems. Proprietary, intelligent energy management software balances the power output across the system to maximise efficiency and improve power delivery. The system therefore boasts lower fuel consumption and more consistent levels of power delivery than conventional diesel/combustion engine or fuel cell-only systems, while 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.
www.protonpowersystems.com