Trading Update
27 Oktober 2009 - 8:00AM
UK Regulatory
TIDMPTX TIDMPTXU
RNS Number : 4038B
Protonex Technology Corporation
27 October 2009
FOR IMMEDIATE RELEASE
27 October 2009
PROTONEX TRADING UPDATE
DATELINE: SOUTHBOROUGH, MA; Protonex Technology Corporation (LSE: AIM: PTX and
PTXU), a leading provider of advanced fuel cell power systems, today provides a
trading update following its fiscal year end on 30 September 2009. The
Company expects to announce its full year results in January 2010.
During the year to 30 September 2009 Protonex made significant progress as it
finalised several core technologies and prepared for a set of initial product
launches during 2010. The Company's prime focus has been on developing
high-value fuel cell products for which there is near term market demand and
which are scalable. Those products must be robust as well as efficient and
economic in comparison with alternative sources of energy.
Protonex' unique combination of PEM (proton exchange membrane) and SOFC (solid
oxide fuel cell) systems is emerging as a critical advantage for the Company,
allowing it to offer multi-fuel capabilities and to target a broader set of
addressable markets. The Directors believe that the Company is very
well-positioned to compete in an attractive set of commercial, consumer and
military markets in 2010 and beyond.
TRADING UPDATE
Protonex expects to report a significant increase in total revenues for the
second half of 2009, as compared with the first half of the year. Based on this
strong second half, the Directors expect full year 2009 results to be in line
with their expectations of revenue and cash flow.
The US Military continues to increase its focus and associated funding on
detached, portable, and unmanned systems. Protonex' cutting-edge products and
technologies are receiving strong interest from a broad range of U.S. Military
and government agencies and the Company expects future programme revenue to
remain robust.
The Company expects to report that government programme revenues in the second
half of fiscal 2009 increased significantly over the first half of the year as
the new US Administration took office and new contracts again began to flow to
Protonex. Also, since many of the new programmes are for 12 months or more, the
Company has a strong backlog of programme revenue for fiscal 2010.
PRODUCT PLATFORMS
Protonex is tightly focused on developing and launching a series of advanced
fuel cell products that deliver strong value propositions to a set of targeted
commercial, consumer and military markets in 2010 and 2011. The Company
continues to make steady progress on the development of its four major product
platforms.
1) M250 Product Platform: Protonex' 250-watt methanol-fuelled product platform
is the Company's most mature and enables several near-term products.
* The M250-BTM system, targeted initially at the recreational vehicle (RV), marine
and renewable energy markets, provides users with clean, quiet and efficient
auxiliary power, eliminating the need for conventional generators or engines.
The M250-B product is currently scheduled for a 2010 launch into the RV and
marine markets, both of which appear to be showing signs of recovery as the
world economy begins to pull out of recession. As previously announced, Cummins
(NYSE: CMI), a global leader in power generation and distribution, has partnered
with Protonex to cooperate in the marketing of the M250-B system into the RV
market. The Directors believe that the Cummins commitment provides important
confirmation of the M250-B product's viability and value proposition in the
leisure segment.
* The M250-CXTM system, a high performance, lightweight and quiet power unit, is
designed to charge up to six military batteries simultaneously or to function as
a portable auxiliary power unit (APU). By using the M250-CX in certain mission
scenarios, the US Department of Defense could switch to rechargeable batteries
in the field, thereby reducing overall weight and saving significantly on the
hundreds of millions of dollars spent annually on non-rechargeable batteries. To
date, Protonex has received $7.75 million in contracts from the US Military to
develop this platform.
Earlier in 2009, Protonex shifted the M250-CX platform to its highest priority
due to strong military interest and funding potential. Protonex is scheduled to
deliver 22 M250-CX units to the US Military for testing and evaluation in late
2009 and a proposal has been submitted for a significant next-stage programme
(up to $6 million over 24 months), including a product sales component of over
100 units.
2) Unmanned Aerial Vehicle (UAV) Power Systems: Protonex UAV power systems
provide critical performance improvements and mission enhancements for small
UAVs, delivering up to four times the flight duration compared to advanced
battery systems. A recent performance indicator is the Company's 23-hour UAV
flight earlier this month with the US Navy, far surpassing any flights by
similarly-sized UAVs.
Long duration, small UAVs remain one of the highest priorities for the US
Military and Protonex has emerged as a leader in providing next generation power
systems for this market space. The Company continues to receive significant,
ongoing development contracts and funding from the US Air Force, Navy, SOCOM,
and other branches and is currently in discussions with several UAV prime
contractors. Protonex UAV power systems are moving rapidly from flight
demonstrations to deployable products and the Company expects that its first
shipment of products could take place in mid to late 2010.
3) Power Managers: Protonex' BPMTM and SPMTM power managers are small energy
management devices designed to create an efficient and flexible "smart grid" on
special forces and regular infantry personnel. Protonex' power managers can
deliver up to a 30-50% improvement in energy use and corresponding weight. They
also enable the use of solar, fuel cell, and other alternative power sources.
Both the BPM and SPM units are complete as products and are now being tested and
evaluated by several branches of the US Military domestically and in Iraq and
Afghanistan. Management expects power managers to be the most likely source of
near-term product revenue in its 2010 fiscal year.
4) SOFC Product Platforms: Protonex' SOFC platforms have made extensive
progress in 2009. The Company recently demonstrated the operation of fully
packaged SOFC systems running on propane and is pleased to announce that two of
these units have been delivered to the US Army for testing and evaluation. The
Company is also making good progress in the processing of more energy dense
liquid fuels including kerosene, butanol, gasoline, and diesel. The Company was
very successful during 2009 in securing military funding to help support its
overall SOFC development efforts and Management expects this level of support to
continue.
As announced in July 2009, Protonex hired Dr. Caine Finnerty, a leading expert
in SOFC and former CTO of Nanodynamics Inc. Subsequently, Protonex has hired
several other key employees from Nanodynamics to enhance further the
capabilities of the Company's SOFC team. In addition, the Company
is participating in the bidding process for substantially all of the
SOFC-related assets of Nanodynamics Energy Inc, which recently entered into US
bankruptcy proceedings.
SUMMARY
The Company's core business strategy remains unchanged and on track. The
Company has launched two products in 2009 and expects additional product
introductions during 2010. The Directors of Protonex are pleased with the
Company's 2009 performance and remain confident in the Company's growth
prospects in 2010 and beyond.
- ENDS -
Enquiries
Protonex Technology Corporation Tel: +1 508 490 9960
Scott Pearson, Chief Executive Officer
Margaret Dorsheimer, Director of Marketing
Redleaf Communications Limited Tel: +44 (0)20 7566 6700
Press and Investor Relations protonex@redleafpr.com
Samantha Robbins
Paul Dulieu
Piper Jaffray Ltd. Tel: +44 (0)20 3142 8700
Nominated Adviser
Michael Covington
Rupert Winckler
Notes to Editors
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
100 to 1000-watt range. The Company's fuel cell systems are designed to meet the
needs of military, commercial and consumer customers for off-grid applications
underserved by existing technologies by providing customizable, stand-alone
portable power solutions and systems that may be hybridized with existing power
technologies. The Company is headquartered in Southborough, Massachusetts.
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 Company's
admission to AIM.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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