Plug Power Announces Public Offering of Common Stock and Warrants
25 May 2011 - 6:01AM
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 Power's 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 tomorrow's
incumbent power solutions today. Additional information about Plug
Power is available at www.plugpower.com.
The Plug Power Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4446
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 Power's 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 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 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's 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 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 (i) Plug Power's 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 Power's 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.
CONTACT: Media Contact:
Reid Hislop
Plug Power Inc.
Phone: (518) 782-7700 ext. 1360
Investor Relations Contact:
Cathy Yudzevich
Plug Power Inc.
Phone: (518) 782-7700 ext. 1448
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