Result of EGM

27 May 2008 13:50

27 May 2008

Proton Power Systems plc

("Proton Power" or "the Company")

Result of Extraordinary General Meeting

The Board of Proton Power Systems plc (AIM:PPS), a leading designer, developer and producer of fuel cells and fuel cell electric hybrid systems for the 'back to base' market, is today pleased to announce that the resolutions considered at the Extraordinary General Meeting, convened by the notice sent to shareholders on 2 May 2008 and held today, were duly passed.

As a result, the placing of 30,000,000 new ordinary shares of 5 pence each in the capital of the Company (the "Placing Shares") at 10 pence per Placing Share to raise £3.0 million (before expenses) has now been completed subject only to admission of the Placing Shares to trading on AIM.  The net proceeds of the Placing will be used by the Company to provide additional working capital and to enable repayment of existing indebtedness.

Application has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM ("Admission").  Admission of the Placing Shares is expected to become effective on 28 May 2008.  Following Admission the total number of ordinary shares of 5 pence each in issue will be 61,390,863.

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