(PPS.L) Proton Power Systems PLC Buy/Sell

RNS Number : 4947G Proton Power Systems PLC 02 February 2010

Press Release 2 February 2010

Proton Power Systems plc

("Proton Power" or "the Group")

Memorandum of Understanding with Smith Electric Vehicles

partnership to build and market electric vehicles with Proton Power fuel cells as range extender

Proton Power Systems plc (AIM:PPS), a leading designer, developer and producer of fuel cells and fuel cell electric hybrid systems, is pleased to announce that it has signed a Memorandum of Understanding ("MoU") with Smith Electric Vehicles ("Smith"), the commercial electric vehicle division of The Tanfield Group Plc. Under the MoU both parties will collaborate to build and market a battery-powered commercial vehicle, equipped with a Proton Power fuel cell system as a range extender. The collaboration will aim to supply systems to local authorities and other fleet operators across Germany initially, and will address projects in the UK and North America.

This partnership will target Smith's highly successful Edison range of electric light-duty vehicles, which are currently used by leading UK brands such as Sainsbury's, Scottish & Southern Energy and Royal Mail. Smith has also rolled out its larger Newton vehicle in North America, through its associate company Smith Electric Vehicles US Corp.

Proton Power and Smith will present the first prototype at the Hannover Fair in April 2010, a premier trade event for the power industry. Thereafter, the partners plan to roll out the vehicle in transport and maintenance applications across German municipalities, with the first vehicles due to be delivered in the last quarter of 2010. The German-based hydrogen and electric vehicle promotion organisation ('NOW') - backed by the German government - has expressed an interest in providing funding support to operators of electric vehicle fleets and local authorities in Germany for the purchase of up to 20 vehicles with specifications similar to the prototype which will be presented at the Hannover Fair.

Electric vehicles integrated with a fuel cell expand the addressable market for zero emission vans and trucks. Pure electric commercial vehicles have a limited range and are restricted to low mileage, urban operations.

Proton Power's PM200 fuel cell will improve the range of vehicle operation (from 160km to up to 300 km) enabling the vehicles to have a wider application within large fleets. It will also provide an on-board electrical supply which will boost the ease of maintenance work, improving a vehicle's suitability for every-day back-to-base applications, while also supporting auxiliary functions such as air conditioning and heating.

Commenting on the MoU, Thomas Melczer, CEO of Proton Power, said: "Our partnership with Smith Electric Vehicles is a major milestone for the Group. Fuel cell range extenders are an attractive option for overcoming the current problems of electric vehicles. There are strong initiatives, such as NOW, in Europe towards the adoption of electric vehicles and there is also considerable interest in the United States and Canada. We aim to use our fuel cell range extender to help electric vehicle manufacturers such as Smith break further into these markets.

"Smith has extensive experience with electric vehicles and a strong reputation in the market. We look forward to working with them to roll out our fuel cells as vehicle range extenders in Germany and beyond."

RNS Number : 2162G Proton Power Systems PLC 27 January 2010

27 January 2010

Proton Power Systems plc

("Proton Power" or the "Company")

Extension of convertible loan

Extension convertible loan agreement

Proton Power (AIM: PPS), the designer, developer and producer of fuel cells and fuel cell electric hybrid systems, announces that it has agreed with Roundstone Properties Ltd ("Roundstone Properties") to increase by a further EUR1.62 million the amount of the convertible loan facility announced on 29 April 2009 (the "Convertible Loan") which was increased in November 2009. All other terms of the Convertible Loan, including the exercise price of 2p (at the exchange rate of 1.08 EUR per GBP) per Proton Power ordinary share, are unchanged and as announced on 29 April 2009.

Conversion of this tranche of the Convertible Loan into 75,000,000 new proton Power Ordinary shares is subject to obtaining the requisite approvals to allot the new shares from shareholders at the Company's Annual General Meeting to be held in June 2010.

As a result of this increase and the conversions into ordinary shares announced on 23 July 2009 and 18 January 2010, the Convertible Loan facility is now up to EUR3.24 million of which EUR2.025 million have been drawn down and which would be convertible, assuming that the facility is fully drawn down, into 150,000,000 new Proton Power ordinary shares.

Related party Transaction

Roundstone Properties is a company connected to Dr. Faiz Nahab, a non-executive director of the Company, and is also a substantial shareholder (as defined in the AIM Rules) of the Company. The increase of the Convertible Loan from Roundstone is therefore classified as a transaction with a related party for the purposes of the AIM Rules. In accordance, therefore, with the AIM Rules, the directors of the Company, with the exclusion of Dr. Faiz Nahab, having consulted with the Company's nominated adviser, Arbuthnot Securities Limited, consider that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.

For further information: Proton Power Systems plc
John Wall, Chairman Tel: +44 (0) 78 0291 7615
Ali Naini, Deputy Chairman Tel: +44 (0) 20 7329 1750
Thomas Melczer, CEO Tel: +49 (0) 89 127 626 555
www.protonpowersystems.com

Arbuthnot Securities Limited
Tom Griffiths / Antonio Bossi Tel: +44 (0) 20 7012 2000
www.arbuthnotsecurities.co.uk

Media enquiries: Abchurch Communications Limited
Heather Salmond / Justin Heath / Monique Tsang Tel: +44 (0) 20 7398 7700
monique.tsang@abchurch-group.com www.abchurch-group.com

About Proton Power

Proton Power is a developer and manufacturer of fuel cells and fuel cell hybrid systems for motive and stationary power supply. Its sales-driven strategy focuses on identifying applications with the greatest market needs and supplying large volumes of cost-competitive systems to fulfil those needs. Proton Power is gaining access to a broad range of markets through partnerships with leading OEMs such as Skoda Electric, in addition to contract manufacturers such as Deutsche Mechatronics.

Proton Power's motive applications include forklifts, city buses, municipal utility vehicles, commercial vehicles and ferries. Stationary applications focus on the Uninterruptible Power Supply ("UPS") sector, where there is a large demand for mission-critical, grid-independent secure power supply in places such as telecommunications stations, data centres, hospitals, and power substations.

Through its wholly owned subsidiary, Proton Motor Fuel Cell GmbH ("Proton Motor"), the group has developed and deployed fuel cell modules that can be integrated with energy storage media to create hybrid fuel cell systems. Proprietary, intelligent energy management software balances the power output across the system to maximise efficiency and improve power delivery. The system therefore boasts lower fuel consumption and more consistent levels of power delivery than conventional diesel/combustion engine or fuel cell-only systems, while producing zero harmful emissions.

Proton Power was admitted to trading on AIM on 31 October 2006 and is incorporated in the UK. Proton Motor has more than 15 years of experience in the fuel cell market and is located in Puchheim, near Munich, Germany.

www.protonpowersystems.com

This information is provided by RNS The company news service from the London Stock Exchange

AGREALFXADLEEFF

RNS Number : 6732F Proton Power Systems PLC 18 January 2010

18 January 2010

Proton Power Systems plc

("Proton Power" or the "Company")

Conversion of Loan, Admission of new shares and Total Voting Rights

Conversion of a convertible loan from Roundstone to the Company and admission of the resulting 50,000,000 new Ordinary Shares

Further to the announcements of 29 April 2009, 23 July 2009 and 9 November 2009, Proton announces that Roundstone Properties Limited ("Roundstone") has decided to convert £1 million of a convertible loan to the Company (the "Convertible Loan") into 50,000,000 New Proton ordinary shares of 1p each (the "Ordinary Shares").

Following this conversion, the outstanding amount of the Convertible Loan owed by Proton to Roundstone is Euro1.62 million which is convertible into new Ordinary Shares at 2p per share. In addition, as announced on 31 July 2009, Roundstone has provided a separate Euro1.5 million loan to the Company which remains outstanding.

Application has been made for the 50,000,000 new Ordinary Shares to be admitted to AIM and it is expected that admission will be effective on 21 January 2010.

Following admission of the 50,000,000 new Ordinary Shares, Roundstone will own 117,981,769 Ordinary Shares representing approximately 75.15 per cent. of the Company's issued share capital.

Total Voting Rights

Following admissions of the 50,000,000 new Ordinary Shares, the total number of issued New Ordinary Shares in the Company will be 156,990,863 New Ordinary Shares. The Company does not hold any New Ordinary Shares in treasury. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Service Authority's Disclosure and Transparency Rules.

RNS Number : 6732F Proton Power Systems PLC 18 January 2010

18 January 2010

Proton Power Systems plc

("Proton Power" or the "Company")

Conversion of Loan, Admission of new shares and Total Voting Rights

Conversion of a convertible loan from Roundstone to the Company and admission of the resulting 50,000,000 new Ordinary Shares

Further to the announcements of 29 April 2009, 23 July 2009 and 9 November 2009, Proton announces that Roundstone Properties Limited ("Roundstone") has decided to convert £1 million of a convertible loan to the Company (the "Convertible Loan") into 50,000,000 New Proton ordinary shares of 1p each (the "Ordinary Shares").

Following this conversion, the outstanding amount of the Convertible Loan owed by Proton to Roundstone is Euro1.62 million which is convertible into new Ordinary Shares at 2p per share. In addition, as announced on 31 July 2009, Roundstone has provided a separate Euro1.5 million loan to the Company which remains outstanding.

Application has been made for the 50,000,000 new Ordinary Shares to be admitted to AIM and it is expected that admission will be effective on 21 January 2010.

Following admission of the 50,000,000 new Ordinary Shares, Roundstone will own 117,981,769 Ordinary Shares representing approximately 75.15 per cent. of the Company's issued share capital.

Total Voting Rights

Following admissions of the 50,000,000 new Ordinary Shares, the total number of issued New Ordinary Shares in the Company will be 156,990,863 New Ordinary Shares. The Company does not hold any New Ordinary Shares in treasury. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Service Authority's Disclosure and Transparency Rules.