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DATELINE: SOUTHBOROUGH, MA; July 3, 2006...Protonex Technology Corporation (“Protonex” or “the Company”), a leading provider of advanced fuel cell power solutions for sub-kilowatt portable, remote, and mobile applications, today announces the first day of trading of its common shares of 0.5 cents each (“Common Shares”) on the AIM market of the London Stock Exchange. Admission of and dealings in the Common Shares commenced at 8.00 a.m. today.
Admission to trading follows a placing by the Company of 10,350,000 new Common Shares, which raised US$ 16.2 million (£8.8 million) before expenses. Upon Admission, and based on the placing price of 85 pence (US$ 1.57) per Common Share, the market capitalisation of the Company was US$ 67.9 million (£36.8 million). Following the placing, Protonex has 43,296,450 Common Shares in issue.
Canaccord Adams Limited is acting as nominated adviser and broker to the Company.
Scott Pearson, CEO of Protonex, said:
“We are delighted that investors have responded so positively to our business strategy and prospects. The funds raised through the placing will enable us to further develop and commercialise our product platforms and to address the growing demand for high performance portable power across military, industrial and commercial applications.”
“We believe that the admission to trading on AIM gives us the international visibility and funding opportunities to deliver attractive returns to our shareholders.”
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Enquiries
Protonex Tel: +1 508 490 9960
Scott Pearson, Chief Executive Officer
Jennifer Humiston, Marketing Manager
Brunswick Group LLP Tel: +44 (0)20 7404 5959
Paul Scott
Nora Ajzen
Canaccord Adams Limited Tel: +44 (0)20 7518 2775
Robert Finlay
About Protonex Technology Corporation
www.protonex.com
Protonex Technology Corporation develops and manufactures compact, lightweight and high- performance fuel cell systems for portable power applications in the ten to 500-watt range. The Company’s fuel cell systems are designed to meet the needs of military and original equipment manufacturer (OEM) customers for off-grid applications underserved by existing technologies by providing customisable, stand-alone portable power solutions and systems that may be hybridised with existing power technologies. The Company is based in Southborough, Massachusetts.
The contents of this announcement are the sole responsibility of the Company and have been approved by Canaccord Adams Limited of 1st Floor, Brook House, 27 Upper Brook Street, London W1K 7QF solely for the purposes of section 21 of the Financial Services and Markets Act 2000, as amended. Canaccord Adams Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is advising the Company and no one else in relation to the Placing and will not regard any other person as their client in relation to the Placing and will not be responsible to any person other than the Company for providing the protections afforded to their clients or for advising any other person in relation to the Placing or any transaction or arrangement referred to or information contained in this announcement.
The information contained herein is not for publication or distribution into the United States. The material set forth herein is for informational purposes only and is not intended, and should not be construed, as an offer of securities for sale into the United States or any other jurisdiction. The securities of the Company described herein have not been and will not be registered under the US Securities Act of 1933, as amended (the “Securities Act”), or the laws of any state, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable State laws. There is no intention to register any portion of the placing in the United States or to conduct a public offering of securities in the United States.
This announcement does not constitute, or form part of, an offer or invitation to sell or issue, or any solicitation of an offer to purchase or subscribe for securities and any subscription for or purchase of, or application for, shares in the company to be issued or sold in connection with the Placing should only be made on the basis of information contained in the Admission Document issued in connection with the Placing and any supplements thereto. The Admission Document contains certain detailed information about the Company and its management, as well as financial statements and other financial data.
The distribution of this announcement in certain jurisdictions may be restricted by law and persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of such jurisdictions. The information contained in this announcement is not for release, publication or distribution in whole or in part in or into Canada, Japan, South Africa, the Republic of Ireland or Australia or in any jurisdiction in which such publication or distribution is unlawful.
This announcement is not an offer of securities for sale in Canada, Japan, South Africa, the Republic of Ireland or Australia or in any jurisdiction in which such offer is unlawful. No action has been taken by Protonex or Canaccord Adams Limited that would permit the Placing and/or possession or distribution of this announcement or any other offering or publicity material relating to the Placing or the offer of Common Shares of Protonex in any such jurisdiction where action for that purpose is required.
This announcement includes statements which are, or may be deemed to be, "forward-looking statements". All statements other than statements of historical facts included in this announcement, including, without limitation, those regarding Protonex’ financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to Protonex’ products and services) are forward- looking statements. By their nature, such forward- looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Protonex to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. These factors include but are not limited to those described in the Admission Document issued in connection with the Placing.
Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements in this announcement speak only as at the date of this announcement and are subject to risks relating to future events and other risks, uncertainties and assumptions relation to Protonex’ operations, results of operations, growth strategy and liquidity.
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