Plug Power Settles Shareholder Litigation
19 Maggio 2004 - 8:31PM
PR Newswire (US)
Plug Power Settles Shareholder Litigation LATHAM, N.Y., May 19
/PRNewswire-FirstCall/ -- Plug Power Inc. announced today an
agreement has been reached in the shareholders' class action
lawsuit commenced against Plug Power and certain of its officers
and directors in August 2000. The settlement is subject to
negotiation of a final agreement by the parties and approval of the
settlement by the court. (Logo:
http://www.newscom.com/cgi-bin/prnh/20021024/PLUGLOGO ) Plug Power
denies it committed any wrongdoing and agreed to the settlement
solely to eliminate the uncertainties, burden and expense of
further protracted litigation. Under the terms to which both
parties have agreed, the settlement will be covered by the
Company's primary insurance policy. The final settlement is
expected to have no effect on the Company's financial condition,
results of operations, or liquidity. About Plug Power Plug Power
Inc. designs and develops on-site energy systems based on proton
exchange membrane fuel cells. Plug Power's strategic partners
include GE Fuel Cell Systems, DTE Energy Technologies, Vaillant
GmbH, Honda R&D Co., Ltd., Engelhard Corporation and Celanese
Ventures. The Company's headquarters are located in Latham, N.Y.,
with offices in Washington, D.C., and The Netherlands. This press
release may contain statements, which are not historical facts and
are considered forward-looking within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements contain projections of Plug Power's future results of
operations, Plug Power's product development expectations or of
Plug Power's financial position or state other forward-looking
information. In some cases you can identify these statements by
forward-looking words such as "anticipate," "believe," "could,"
"estimate," "expect," "intend," "may," "should," "will" and "would"
or similar words. You should not rely on forward-looking statements
because Plug Power's actual results may differ materially from
those indicated by these forward- looking statements as a result of
a number of important factors. These factors include, but are not
limited to, 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 reliance on its relationship
with certain affiliates of General Electric (GEFCS); Plug Power's
ability to perform on its multi- generation product plan in a
manner satisfactory to GEFCS; 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; the ability to raise and provide the necessary
capital to develop, manufacture and market 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; fluctuations in the trading price and volume of Plug
Power's common stock and other risks and uncertainties discussed
under the heading "Factors Affecting Future Results" in Plug
Power's annual report on Form 10-K for the fiscal year ended
December 31, 2003, dated March 11, 2004 and filed with the
Securities Exchange Commission on March 11, 2004, and the reports
Plug Power files from time to time with the Securities and Exchange
Commission. Plug Power does not intend to and undertakes no duty to
update the information contained in this press release.
http://www.newscom.com/cgi-bin/prnh/20021024/PLUGLOGO
http://photoarchive.ap.org/ DATASOURCE: Plug Power Inc. CONTACT:
Cynthia Mahoney White, Manager, Public Relations & Marketing,
of Plug Power, +1-518-782-7700, ext. 1973,
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