Plug Power Announces New Director, Executive Appointments and Receipt of
Deficiency Notice From NASDAQ
LATHAM, N.Y., April 16, 2013 (GLOBE NEWSWIRE) -- Plug Power Inc.
(Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today
announced that Johannes M. Roth has joined the Company's Board of Directors.
Mr. Roth is the founder and Managing Director of FiveT Capital Holding AG, an
investment holding company based in Switzerland with businesses specializing
in asset management, risk management and alternative investments. Mr. Roth is
also a Portfolio Manager and Managing Director at FiveT Capital AG, Zurich,
Switzerland, which advises several long-only funds and operates an asset
management business for high net worth individuals.From 1999 to 2006, Mr.
Roth was an Equity Specialist Trader and Proprietary Trader with Baader Bank
AG at the Stuttgart Stock Exchange.Mr. Roth also serves as a Director of
Insilico Biotechnology AG, a Stuttgart, Germany based global leader in systems
biology and bioinformatics.
The Company also announced that David P. Waldek has been appointed as Interim
Chief Financial Officer of the Company and Jill McCoskey has been named to the
position of Chief Accounting Officer.Mr. Waldek replaces Gerald Anderson, who
had served as Chief Financial Officer since July 2007.
Mr. Waldek has been a founding partner of CFO Advisory Group, LLC, a financial
and business solutions advisory firm, since 2005.Prior to founding CFO
Advisory Group, Mr. Waldek served as Chief Financial Officer of Albany
Molecular Research, Inc., a publicly held drug discovery and development
company, from March 1999 to November 2004.
Ms. McCoskey has served as Controller of the Company since 2008.
The Company also announced that on April 12, 2013, the Company received a
notice from The NASDAQ OMX Group indicating that the Company has not regained
compliance with NASDAQ Listing Rule 5550(a)(2), the minimum bid price rule,
because the Company's common stock did not maintain a minimum closing bid
price of $1.00 per share over a period of 10 consecutive business days ending
on or prior to April 10, 2013. The NASDAQ notice has no immediate effect on
the listing of the Company's common stock.
In accordance with NASDAQ rules, the Company has a period of 180 calendar
days, until October 7, 2013, to regain compliance with the minimum bid price
rule. If at any time before October 7, 2013, the closing bid price of the
Company's common stock is $1.00 per share or more for a minimum of 10
consecutive business days, NASDAQ will notify the Company that it has regained
compliance with the minimum bid price rule.In the event that the Company does
not regain compliance with the minimum bid price rule prior to the expiration
of the 180-day period, NASDAQ will notify the Company that its securities will
be delisted. However, the Company may appeal the delisting determination to a
NASDAQ hearing panel and the delisting will be stayed pending the panel's
determination. At this hearing, the Company would present a plan to regain
compliance and NASDAQ would then subsequently render a decision. The Company
is currently evaluating its alternatives to resolve the listing deficiency.
About Plug Power Inc.
The architects of modern fuel cell technology, Plug Power revolutionized the
industry with cost-effective power solutions that increase productivity, lower
operating costs and reduce carbon footprints. Long-standing relationships
with industry leaders forged the path for our key accounts, including Walmart,
Sysco and Coca-Cola. With more than 3,000 GenDrive units shipped to material
handling customers, accumulating over 8 million hours of runtime, Plug Power
manufactures tomorrow's incumbent power solutions today. Additional
information about Plug Power is available at www.plugpower.com.
Plug Power Inc. Safe Harbor Statement
This communication contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These statements are
based on current expectations that are subject to certain assumptions, risks
and uncertainties, any of which are difficult to predict, are beyond Plug
Power's control and that may cause Plug Power's actual results to differ
materially from the expectations in Plug Power's forward-looking statements
including statements regarding the risk that we may not have sufficient cash
to fund our operations to profitability and that we may be required to seek
strategic alternatives, including but not limited to a potential business
combination or a sale of the company, or reduce and/or cease our operations,
other risks and uncertainties related to satisfaction of the closing
conditions of the offering, the estimated proceeds from the offering and the
anticipated use of proceeds from the offering, the risk that unit orders will
not ship, be installed and/or convert to revenue, in whole or in part; the
cost and timing of developing Plug Power'sproducts and its ability to raise
the necessary capital to fund such development costs; the ability to achieve
the forecasted gross margin on the sale of Plug Power's products; the actual
net cash used for operating expenses may exceed the projected net cash for
operating expenses; the cost and availability of fuel and fueling
infrastructures for Plug Power's products; market acceptance of Plug Power's
GenDrive system; Plug Power's ability to establish and maintain relationships
with third parties with respect to product development, manufacturing,
distribution and servicing and the supply of key product components; the cost
and availability of components and parts for Plug Power's products; Plug
Power's ability to develop commercially viable products; Plug Power's ability
to reduce product and manufacturing costs; Plug Power's ability to
successfully expand its product lines; Plug Power's ability to improve system
reliability for GenDrive; competitive factors, such as price competition and
competition from other traditional and alternative energy companies; Plug
Power's ability to manufacture products on a large-scale commercial basis;
Plug Power's ability to protect its intellectual property; the cost of
complying with current and future governmental regulations; and other risks
and uncertainties discussed under "Item IA-Risk Factors" in our annual report
on Form 10-K for the fiscal year ended December 31, 2012, filed with the
Securities and Exchange Commission ("SEC") on April 1, 2013, and the reports
we file from time to time with the SEC.Plug Power does not intend to, and
undertakes no duty to update any forward-looking statements as a result of new
information or future events.
CONTACT: Media & Investor Relations Contact:
Gerard L. Conway, Jr.
Plug Power Inc.
Phone: (518) 782-7700
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