Proton Power Systems PLC Board changes, restructuring and trading update (9162F)
August 02 2016 - 1:01AM
UK Regulatory
TIDMPPS
RNS Number : 9162F
Proton Power Systems PLC
02 August 2016
02 August 2016
Proton Power Systems plc
("Proton" or the "Company")
Board re-organisation, proposed group restructuring and trading
update
Proton Power Systems plc (AIM: PPS), a Clean Tech total power
solution provider, uniquely the designer, developer and producer of
fuel cells and fuel cell electric hybrid systems, announces board
changes and a proposed restructuring of the Company that underlines
the future growth strategy. Proton sees the volume growth in the
Clean Tech market and has segmented the business into three trading
business units: 1) Stationary business, 2) Mobile business and 3)
Maritime business. This will enable the business units to focus on
their respective market sector as traction in the Clean Tech market
increases.
Board Reorganisation
The Board announces that Mr Thomas Meltzer has left the Company
with immediate effect. The Board wishes to thank Thomas for his
hard work and diligence, particularly during the early stages of
the Company's life. Thomas's endeavour has helped build the Company
from a product business into the group that operates today.
Mr Achim Loecher has also stepped down as the financial director
with immediate effect and will continue as non-executive director
with special responsibilities. The Board would like to thank Achim
for his dedication and hard work over the last 9 years, helping
strengthen Proton's position in the Clean Tech market. As a
non-executive director he will offer invaluable advice to the board
with his in-depth knowledge of the Company.
Re-structuring
As recently reported, 2016 is a year of strong growth and the
Company has now established a solid platform for future
profitability.
The business model pursued by the Company up to this point in
time, offering a broader portfolio of products in Fuel Cell Hybrid
Power Solutions provider, has worked. The Group increased in size
and continued in further investments in product development and
manufacturing capabilities. Furthermore, the stature and scale of
our customers has improved. As a result, increasingly exciting and
favourable sales opportunities and partnerships have arisen for the
Company.
With the three new proposed reorganised divisions, the Board
believes that the Company can drive further integration and selling
opportunities, whilst reducing overheads with a shared service
infrastructure.
Trading Update
As recently reported, current trading is positive and revenue
forecast for 2016 will show significant growth of approximately 250
per cent.
Summary
The Board again would like to thank both Thomas and Achim for
all the hard work and endeavours in building the Company from a
product business into the group that operates today.
The Board believes that there is an excellent opportunity to
build on the underlying scale of the Company and that the
restructuring will benefit all shareholders in 2016 and beyond.
The Board looks forward to updating the market in due
course.
Faiz Francoise Nahab Ph.D., CEO of Proton, said: "This new
structure will offer a focus to the market demands in each business
segment which will improve shareholder value. Proton will provide
year on year revenue streams as commercialization of our core
technology is now realised. Our continued investment in our
manufacturing capability is now bearing fruits. The board sees
proof that the fuel cell technology is commercially attractive to
customers resulting in projects which will provide years of
revenues for Proton. I would also like to personally thank Thomas
and Achim for their dedication in getting the company to this
position. We are confident of an increase in demand for Protons
Power applications in 2016 and beyond".
- Ends -
For further information:
Proton Power Systems plc
Dr Faiz Nahab, CEO
Ian Peden, Chairman Tel: +49 (0) 162 101
6470
www.protonpowersystems.com
Stockdale Securities Limited
Nominated adviser and broker Tel: +44 (0) 20 7601
6100
Antonio Bossi / David Coaten www.stockdalesecurities.com
About Proton Motor Fuel Cells GmbH ("Proton Motor")
Proton Motor is an expert in industrial fuel cells, fuel cell
and hybrid systems with more than 21 years of experience in this
sector. Based in Puchheim near Munich, Proton Motor offers complete
fuel cell and hybrid systems from a single source - from the
development and production through the implementation of customized
solutions. The focus of Proton Motor is on mobile, marine and
stationary solutions and applications. The product portfolio
consists of base-fuel cell systems, standard complete systems, as
well as customized systems.
Proton Motor acquired and integrated SPower GmbH in 2013.
Established in 2007, SPower serves IT, Telecoms, public
infrastructure and healthcare customers in Germany, Europe and
Middle East with power supply solutions for DC and AC power demand.
In addition to power supply, SPower also offers solutions for Solar
Systems as well as a new product line for Solar Energy Storage.
With the SPower expertise, Proton Motor can offer complete power
supply solutions with fuel cell and all electrical components.
Proton Motor is a wholly owned subsidiary of Proton Power
Systems plc which has been listed on the London Stock Exchange
since October 2006 (code: PPS).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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