Business Energy Tax Credit

 

TIDMIDA 
 
RNS Number : 9831H 
IdaTech PLC 
03 March 2010 
 

 
 
 
For Immediate Release 
                                       3 March 2010 
 
 
 
 
                           Business Energy Tax Credit 
 
IdaTech today announces that, the Oregon Department of Energy (the Department) 
unexpectedly, informed the Company that the Business Energy Tax Credit ('BETC') 
would not be available for 2009, or 2010.  This has been contrary to previous 
assurances to the Company and the approach taken in approving the previous four 
years of applications.  BETC provided tax credits to the Company which were used 
to offset development expenditures. 
The Department allows for an appeals process and IdaTech is vigorously pursuing 
this.  The impact, should the appeal be unsuccessful, for 2009 is an increased 
loss of US$2.5 million over that originally expected.  It will also increase the 
cash needed in 2010 by the same amount. 
The Company is constantly focused on cost containment such that the Board 
believes  the loss of the BETC (were it to be confirmed following appeal) will 
not materially impact current estimates of the Company's losses in 2009 or 2010, 
nor does it alter the time it expects the business to reach sustainable cash 
breakeven. 
Investec the Company's largest shareholder continues to be supportive of the 
Company. 
For further information please contact: 
 
+----------------------------------+----------------------------+ 
| IdaTech plc                      |            [phone] | 
+----------------------------------+----------------------------+ 
| Harol Koyama, Chief Executive    |                            | 
| Officer                          |                            | 
+----------------------------------+----------------------------+ 
| James Cooke, Chief Financial     |                            | 
| Officer                          |                            | 
+----------------------------------+----------------------------+ 
|                                  |                            | 
+----------------------------------+----------------------------+ 
| Numis Securities Limited         |            [phone] | 
|                                  |                       1000 | 
+----------------------------------+----------------------------+ 
| Michael Meade                    |                            | 
+----------------------------------+----------------------------+ 
|                                  |                            | 
+----------------------------------+----------------------------+ 
| Buchanan Communications          |       [phone] | 
+----------------------------------+----------------------------+ 
| Charles Ryland / Catherine Breen |                            | 
+----------------------------------+----------------------------+ 
 
About IdaTech 
 
IdaTech plc is an advanced fuel cell products company which is operationally 
headquartered in Bend, Oregon, USA and is listed on AIM with the ticker code 
IDA. 
 
IdaTech designs, develops, and manufactures extended run backup power fuel cell 
products for Telecom applications requiring 100 W to 15 kW of backup power. 
IdaTech's unique PEM fuel cell technology provides solutions for a wide range of 
applications to directly support efforts towards sustainable energy. 
 
IdaTech's portfolio of industry-certified fuel cell products are based on the 
company's fuel processing, purification and fuel cell system integration 
capabilities. With the support of strategic partners and customers, the 
company's extended run backup power products are being deployed worldwide for 
stationary applications. 
 
Additional information may be obtained by contacting the company direct or by 
visiting its website at http://www.idatech.com. 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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