Plug Power Announces Completion of Cellex Power Acquisition
04 Aprile 2007 - 1:01PM
PR Newswire (US)
LATHAM, N.Y. and VANCOUVER, April 4 /PRNewswire-FirstCall/ -- Plug
Power Inc. (NASDAQ:PLUG), a leader in providing clean, reliable
on-site energy products, today announced that the Company has
completed its previously announced acquisition of Cellex Power
Products Inc., a private company and a leader in providing fuel
cell power solutions for lift trucks and other material handling
equipment. Plug Power paid USD 45 million in cash for all of Cellex
Power's outstanding shares. At time of closing, Cellex Power had
approximately USD 9 million in cash and cash equivalents on hand.
"Completing this acquisition is a significant step in diversifying
Plug Power's product portfolio and adding new revenue streams from
a large potential market," said Dr. Roger Saillant, Plug Power's
President and Chief Executive Officer. Plug Power considers
telecommunications backup and material handling applications to be
attractive near-term markets for proton exchange membrane (PEM)
fuel cells and has selected these as central components of the
Company's growth strategy. Since its inception in 1998, Cellex
Power has been developing PEM fuel cell power units for electric
lift trucks and is targeting the estimated USD 1.5 billion
industrial motive battery market. In November 2006, Cellex
successfully completed beta testing of its zero-emission, hydrogen
fuel cell power units in pallet trucks at two Ohio-based Wal-Mart
distribution centers. About Cellex Power Products Cellex Power is a
world leader in developing and commercializing fuel cell solutions
for lift trucks and other material handling equipment. Cellex Power
fuel cell solutions replace the industrial lead acid battery system
used today in powering lift truck fleets in large-scale
distribution centers. For more information, please visit
http://www.cellexpower.com/. About Plug Power Plug Power Inc.
(NASDAQ:PLUG), an established leader in the development and
deployment of clean, reliable, on-site energy products, currently
integrates fuel cell technology into backup power products for
telecommunications, utility and uninterruptible power supply
applications. The Company is actively engaged with private and
public customers in targeted markets, including the United States,
Europe, Middle East, Russia, South Africa and South America. For
more information about how to join Plug Power's energy revolution
as an investor, customer, supplier or strategic partner, please
visit http://www.plugpower.com/. Safe Harbor Statement This press
release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, including but
not limited to the expected benefits of the Cellex Power
acquisition. We believe that it is important to communicate our
future expectations to our investors. However, there may be events
in the future that we are not able to accurately predict or control
and that may cause our actual results to differ materially from the
expectations we describe in our forward-looking statements,
including, without limitation, the risk that the Cellex Power
acquisition is unsuccessful or that the anticipated synergies of
the acquisition are not realized, that unit orders will not ship,
be installed and/or convert to revenue, in whole or in part; Plug
Power's ability to develop commercially viable on-site energy
products; the cost and timing of developing Plug Power's on-site
energy products; market acceptance of Plug Power's on-site energy
products; Plug Power's ability to manufacture on-site energy
products on a large-scale commercial basis; competitive factors,
such as price competition and competition from other traditional
and alternative energy companies; the cost and availability of
components and parts for Plug Power's on-site energy products; Plug
Power's ability to establish relationships with third parties with
respect to product development, manufacturing, distribution and
servicing and the supply of key product components; Plug Power's
ability to protect its intellectual property; Plug Power's ability
to lower the cost of its on-site energy products and demonstrate
their reliability; the cost of complying with current and future
governmental regulations; the impact of deregulation and
restructuring of the electric utility industry on demand for Plug
Power's on- site energy products and other risks and uncertainties
discussed under "Item IA-Risk Factors" in Plug Power's annual
report on Form 10-K for the fiscal year ended December 31, 2006,
filed with the Securities and Exchange Commission ("SEC") on March
16, 2007, and the reports Plug Power files from time to time with
the SEC. Plug Power does not intend to and undertakes no duty to
update the information contained in this press release. DATASOURCE:
Plug Power Inc. CONTACT: Media, Cynthia Mahoney White of Plug Power
Inc., +1-518-782-7700 ext. 1973, or Mobile, +1-518-527-1172, or ;
or Investors, Deborah K. Pawlowski of Kei Advisors,
+1-716-843-3908, or Mobile, +1-716-310-3949, or Web site:
http://www.plugpower.com/ http://www.cellexpower.com/
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