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Posted by lkgeo1 on March 16, 2007, 5:58 am
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Plug Power Announces Agreement to Acquire Cellex Power
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Proposed acquisition advances Plug Power's market engagement
strategy
while
diversifying product portfolio
>>
LATHAM, N.Y., and VANCOUVER, British Columbia, March 15 /CNW/ --
Plug
Power Inc. (Nasdaq: PLUG), a leader in providing clean, reliable on-
site
energy products, today announced execution of a definitive agreement
to
acquire Cellex Power Products Inc., a leader in fuel cell power
solutions for
industrial vehicles.
Plug Power and Cellex Power, a private Canadian company, have
signed a
definitive stock purchase agreement and expect to complete the
acquisition in
April. Plug Power intends to continue Cellex Power's current
operations in
Richmond, near Vancouver, British Columbia, upon completion of the
transaction, which is subject to satisfaction of customary closing
conditions.
Plug Power will pay USD 45 million in cash for all of Cellex Power's
outstanding shares. Cellex Power is expected to have approximately
USD
8
million in cash and cash equivalents on hand at time of closing.
Since its inception in 1998, Cellex Power has been developing
Proton
Exchange Membrane (PEM) fuel cell power units for electric lift
trucks
and is
targeting the estimated USD 1.5 billion industrial motive battery
market. In
November 2006, Cellex successfully completed beta testing of its
zero-
emission, hydrogen fuel cell power units in pallet trucks at two
Ohio-
based
Wal-Mart distribution centers.
Cellex Power has focused its initial product initiatives on class
3
electric lift trucks, often referred to as "pallet trucks," that are
the
predominant equipment used to transport goods within large
distribution
centers. The company's product strategy is to develop a full product
portfolio
addressing all three classes of electric lift trucks, enabling
complete
conversion of distribution centers and maximizing customer benefit.
Cellex
Power's product delivers value to the customer via increased
productivity and
reduced fueling time, as well as the elimination of cost,
environmental and
safety issues associated with traditional lead acid batteries.
"Cellex has established itself as the leader in the development
of
fuel
cell technology for material handling applications," said Dr. Roger
Saillant,
Plug Power's President and Chief Executive Officer. "This acquisition
marks
Plug Power's continued commitment to providing clean, reliable on-
site
energy
solutions and to the commercialization of fuel cell technology across
multiple
robust market sectors."
Plug Power considers telecommunications backup and material
handling
applications to be attractive near-term markets for PEM fuel cell
power and
has selected these as central components of the Company's revenue
growth
strategy. In addition, the two applications use complementary fuel
cell
technology and have similar electrical output requirements. Plug
Power
and
Cellex Power expect to realize technology and operational synergies
by
leveraging the strengths of both organizations.
"With Plug Power, we anticipate accelerating the
commercialization
of our
fuel cell solutions for the multi-billion dollar electric lift truck
market,"
said Chris Reid, Cellex Power's President and Chief Executive
Officer.
"Plug
Power's strong balance sheet and established operational capabilities
in
manufacturing, supply chain management and product testing, support
and
training will be critical to this effort."
Plug Power has scheduled a conference call for Friday, March 16th
at
11:00 a.m. (EDT) to provide all interested parties with information
about the
Cellex Power acquisition. The dial-in phone number for the conference
call is
(617) 597-5393, and the pass code is 7584 (PLUG). A webcast of the
conference
call can be accessed by selecting the conference call link on the
Company's
Web site at www.plugpower.com. A playback of the call will be
available on the
Web site for a period following the call.
<<
About Cellex Power Products
>>
Cellex Power is a world leader in developing and commercializing
fuel
cell solutions for industrial vehicles. Cellex Power fuel cell
solutions
replace the industrial lead acid battery system used today in
powering
fork
lift truck fleets in large-scale distribution centers. For more
information,
please visit www.cellexpower.com.
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Posted by wmbjk on March 16, 2007, 10:38 am
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< a bunch of worthless hype about Plug Power>
It's been on a downhill slide for as long as you've been posting your
off-topic crap.
http://www.fool.com/investing/general/2006/10/27/a-plug-with-no-power.aspx
http://www.fool.com/investing/general/2007/03/07/plug-uncorked.aspx
One would have to be a special breed of moron to invest in that
company, or in anything you promote for that matter.
Wayne
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Posted by lkgeo1 on March 18, 2007, 11:07 am
Please log in for more thread options Wal-Mart distribution centers across the country ........ Plug Power's
growth strategy moving forward very bullish.... Acquisition advances
Plug Power's market engagement strategy while diversifying product
portfolio......
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