Protonex Technology Corporation (LSE: AIM: PTX and PTXU), a leading provider of advanced fuel cell power systems reported its preliminary results for the fiscal year ended 30 September 2009 on January 13th 2010. The results show strong support by the U.S. military with $46 million in program value.
2009 HIGHLIGHTS
* Significant progress in moving PEM and SOFC fuel cell platforms towards initial commercial and military products.
* Established partnership with Cummins Power Generation, a global leader in power generation and distribution, to jointly promote the M250-B product into the recreational vehicle (RV) market.
* Demonstrated M250-B product at RV trade shows in the US. OEM evaluations and beta trials underway in H2 2009; general availability expected in H2 calendar year 2010.
* Significant progress towards completion of 22 M250-CX fuel cell systems for evaluation program with the US Army; delivery of units expected in Q1 calendar 2010. Competing for significant follow on program funds.
* BPM and SPM power managers launched as complete products in September 2009. Currently undergoing testing and evaluation by the US Military in the US, Iraq and Afghanistan.
* Strong and ongoing support from US Military with over $46 million* in program value as of 30 September 2009 from the US Air Force, Army, Navy, SOCOM, DARPA, DOE, NASA.
* Awarded up to $3.3 million contract in March 2009 by US Department of Defense to develop a high performance UAV system for emerging AECV platform.
* Received $1.44 million in additional funding from the US Naval Research Laboratory (NRL) and Air Force Research Lab (AFRL) to extend capabilities of high performance fuel cell systems for UAVs.
* Awarded contracts of $2.0 million in September 2009 and $1.48 million in January 2009 from US Army for further liquid-fuelled SOFC system development.
* Revenues of $7.1 million for the year ended 30 September 2009 (2008: $7.8 million), reflecting delays in H1 of new military programs caused by change in US Administration and a general delay in the release of military contracts.
* David Ierardi hired as VP Operations in May 2009 adding very strong manufacturing and operations background.
*Programme value includes contracts awarded to Mesoscopic Devices before acquisition in April 2007.
Post period end highlights
* Small Unmanned Aerial Vehicle (UAV) completed record 23-hour flight using Protonex fuel cell power system, extending flight duration by as much as seven times compared to advanced batteries.
* Dr. Caine Finnerty promoted to Vice President of SOFC Development in December 2009, following appointment as Director of SOFC Systems Development in July 2009. Now assuming operating responsibility for the Company's solid oxide fuel cell group in Colorado.
Commenting on the results, Scott Pearson, CEO of Protonex, said: "We are very happy with the progress made by the Company during a year in which we finalized several core technologies and launched the first of a sequence of important products. With the economy beginning to pull out of recession, along with the rising global shift towards finding cleaner alternative energy solutions, our expectations remain high as we begin producing and selling our first commercial and military fuel cell power products in 2010."
A copy of the complete press release, including financials, can be obtained on its website at: www.protonex.com
