USD1.49 Million Contract Extension With US Army

 

TIDMPTX TIDMPTXU 
 
RNS Number : 6530G 
Protonex Technology Corporation 
04 February 2010 
 

 
 
 
 
FOR IMMEDIATE RELEASE 
 
February 4, 2010 
 
 
          PROTONEX awarded $1.49 MILLION CONTRACT EXTENSION BY US ARMY 
 
DATELINE: SOUTHBOROUGH, MA;Protonex Technology Corporation (LSE: AIM: PTX and 
PTXU), a leading provider of advanced fuel cell power systems, today announces 
that it has received an incremental $1.49 million contract award from the U.S. 
Army CECOM to deliver additional advanced portable battery charger / APU fuel 
cell products.  This follows the US Army CECOM's decision to exercise an option 
in its original contract with the Company which was announced on 20 January 
2010. 
 
This award increases the total funded value of the overall contract to $3.34 
million and additional options remain within the contract which, if awarded, 
could increase the total value of the contract to $6.4 million. 
 
Under the terms of this eight-month, phase two program, Protonex is expected to 
deliver 30 additional portable battery charger / APU products to the U.S. Army 
for field use.  The M250-CX units will include all of the next-generation 
improvements developed during the phase one program, which include increased 
power output, further integrated battery management and charging capabilities, 
additional ruggedisation and reduced overall size and weight. 
 
Commenting on the news, Greg Cipriano, Vice President, Marketing & Military 
Development at Protonex said: 
"This additional phase two program is another important milestone for Protonex 
as our M250-CX power systems move closer to deploying to our U.S. soldiers.  We 
are excited about delivering on our first low volume order for the M250-CX, one 
of the Company's flagship military products." 
 
Protonex' M250-CX system is a lightweight, 250-watt portable power system 
designed to meet the stringent demands of a wide range of military battery 
charging and auxiliary power unit applications.  The unique design combines 
advances in fuel cell energy conversion and battery charging technology into one 
complete product solution to provide military battery charging and 28V auxiliary 
power with extremely low weight, noise, and thermal signature. 
 
                                    - ENDS - 
 
Enquiries 
Protonex Technology Corporation                                           Tel: 
[phone] 
Scott Pearson, Chief Executive Officer 
Margaret Dorsheimer, Director of Marketing 
 
Redleaf Communications Limited                                           Tel: 
[phone] 
Press and Investor Relations 
  [e-mail] 
Samantha Robbins 
Paul Dulieu 
Michael Ward 
 
Piper Jaffray Ltd.  Tel: [phone] 
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 
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