Attached files
file | filename |
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8-K - PLUG POWER INC | esplugpower8k.htm |
EX-5.1 - PLUG POWER INC | es5-1.htm |
EX-1.1 - PLUG POWER INC | es1-1.htm |
EX-4.1 - PLUG POWER INC | es4-1.htm |
EX-99.2 - PLUG POWER INC | es99-2.htm |
Exhibit 99.1
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News Release |
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FOR IMMEDIATE RELEASE
PLUG POWER ANNOUNCES PUBLIC OFFERING
OF COMMON STOCK AND WARRANTS
LATHAM, N.Y., May 24, 2011 -- Plug Power Inc. (NASDAQ: PLUGD), a leader in providing clean, reliable energy solutions, today announced that it intends to offer shares of its common stock and warrants to purchase shares of its common stock in an underwritten public offering. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
ROTH Capital Partners is acting as the sole manager for the offering.
All of the securities in the offering are to be sold by Plug Power. Plug Power intends to use the net proceeds of the offering for general corporate purposes, which may include working capital, capital expenditures, research and development expenditures, commercial expenditures, acquisitions of new technologies or businesses that are complementary to its current technologies or business focus, and investments.
The securities described above are being offered by Plug Power pursuant to a shelf registration statement on Form S-3 including a base prospectus, previously filed and declared effective by the Securities and Exchange Commission (SEC). The securities may be offered only by means of a prospectus. A preliminary prospectus supplement related to the offering will be filed with the SEC and will be available on the SEC's website located at www.sec.gov. Electronic copies of the preliminary prospectus supplement, when available, also may be obtained from Roth Capital Partners, LLC Equity Capital Markets, 24 Corporate Plaza, Newport Beach, CA 92660, at 800-678-9147 and Rothecm@roth.com. Before you invest, you should read the preliminary prospectus supplement and the accompanying prospectus in that registration statement and other documents Plug Power has filed or will file with the SEC for more complete information about Plug Power and the offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
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 Plug Powers key accounts, including Wegmans, Whole Foods, and FedEx Freight. With more than 1,200 GenDrive units shipped to material handling customers, accumulating over 2.5 million hours of runtime, Plug Power manufactures tomorrows incumbent power solutions today. Additional information about Plug Power is available at www.plugpower.com.
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Plug Power Inc. Safe Harbor Statement
This
communication contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including but not limited to
Plug Powers expected use of the net proceeds from the offering. 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 Powers control and that may cause Plug Powers actual results
to differ materially from the expectations in Plug Powers forward-looking
statements including statements regarding 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 Powers products 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 Powers 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 Powers products; market acceptance of Plug Powers GenDrive system;
Plug Powers 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 Powers products; Plug Powers ability to develop
commercially viable products; Plug Powers ability to reduce product and
manufacturing costs; Plug Powers ability to successfully expand its product
lines; Plug Powers ability to improve system reliability for GenDrive;
competitive factors, such as price competition and competition from other
traditional and alternative energy companies; Plug Powers ability to manufacture
products on a large-scale commercial basis; Plug Powers 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 (i) Plug Powers annual report on Form 10-K
for the fiscal year ended December 31, 2010, filed with the Securities and
Exchange Commission ("SEC") on March 31, 2011 and (ii) in Plug
Powers quarterly report on Form 10-Q for the quarter ended March 31, 2011
filed with the SEC on May 13, 2011, as well as in the other reports Plug Power
files 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.
Media Contact:Reid HislopPlug Power Inc.Phone: (518) 782-7700 ext. 1360 |
Investor Relations Contact: Cathy Yudzevich Plug Power Inc. Phone: (518) 782-7700 ext. 1448 |