Protonex Begins Trading of Common Shares on the AIM Market

July 12, 2006 by Jeff Shepard

Protonex Technology Corp. announced the opening of trading of its common shares of 0.5 cents each ("Common Shares") on the AIM market of the London Stock Exchange.

Admission to trading follows a placing by the company of 10,350,000 new Common Shares, which raised US$ 16.2 million (£8.8 million) before expenses. Upon Admission, and based on the placing price of 85 pence (US$ 1.57) per Common Share, the market capitalization of the company was US$ 67.9 million (£36.8 million). Following the placing, Protonex has 43,296,450 Common Shares in issue.

Scott Pearson, CEO of Protonex, commented: "We are delighted that investors have responded so positively to our business strategy and prospects. The funds raised through the placing will enable us to further develop and commercialise our product platforms and to address the growing demand for high performance portable power across military, industrial and commercial applications. We believe that the admission to trading on AIM gives us the international visibility and funding opportunities to deliver attractive returns to our shareholders."