Last checked at 10 Dec 2009 16:15
| 10 December 2009 |
Proton Power Systems plc
("Proton Power" or "the Company")
Grant of options
Proton Power (AIM: PPS), the designer, developer and producer of fuel cells and fuel cell electric hybrid systems, announces that the board of directors has today approved the grant of options to subscribe for 400,000 new ordinary shares at a price of 10p to Ali Naini, Vice Chairman of the Company.
Options granted are exercisable after two years from the date of grant and subject to achieving certain individually defined operational and financial performance targets and to final board approval.
Ali Naini, through Turquoise Capital LLP, of which he is a Partner, and Turquoise International Limited, of which he is managing director and a major shareholder, controls the voting rights over an aggregate of 1,280,409 Ordinary Shares representing approximately 1.12 per cent. of the issued share capital of the Company. In addition, Ali Naini already holds options over 500,000 ordinary shares. He also has, by way of a contract for difference, an economic interest in 63,233 ordinary shares.
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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 | |
| Tom Griffiths / Antonio Bossi | Tel: +44 (0) 20 7012 2000 |
| www.arbuthnotsecurities.co.uk |
Media enquiries:
| Abchurch Communications Limited | |
| Heather Salmond / Justin Heath / Monique Tsang | Tel: +44 (0) 20 7398 7700 |
| monique.tsang@abchurch-group.com | www.abchurch-group.com |
About Proton Power
Proton Power 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, 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 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