Intelligent Energy Secures Financing and AIM Listing

July 13, 2005 by Jeff Shepard

Intelligent Energy Holdings plc (UK), a fuel cell technology company, announced that it has secured additional equity financing of up to STG8 million (US$14 million) from Evolution Placements Corp., a company that invests in potential high-growth ventures in the innovation and technology sectors. In addition, Intelligent Energy and Dickie Walker Marine said they have amended their acquisition agreement. Intelligent Energy will now seek a listing on the Alternative Investment Market (AIM) prior to Dickie Walker reversing into the company. Intelligent Energy said it will use the new funds to commercialize its fuel cell technologies.

"With this financing now complete, we intend to proceed with appropriate haste to bringing the proposed acquisition of Intelligent Energy to a successful conclusion," said Dickie Walker Chairman and Chief Executive Officer Jerry Montiel. "We also believe that Intelligent Energy's proposed AIM admission is an important preliminary step toward a successful transaction between Intelligent Energy and Dickie Walker, and we have agreed with Intelligent Energy that the AIM admission is to be effected before our transaction proceeds."

The equity financing will take place in two transactions. Initially, Intelligent Energy will issue 3.2 million new shares at 80 pence each, raising STG2.56 million. The second transaction will also be priced at 80 pence, raising STG5.44 million through the issue of 6.8 million new Intelligent Energy shares.