Protonex Releases Interim Financial Results; Comments On Company Developments

Protonex Technology Corp. announced its interim results for the six months ended 31 March 2009. The company claims that it achieved significant milestones in the development of several key product areas in the first half of fiscal year 2009, including its M250 professional and military product series, unmanned aerial vehicle (UAV) power systems and solid oxide fuel cell platforms. The company states that progress towards bringing these portable fuel cell products to the market beginning in 2009 has continued to attract industry-leading development partners and positions the company to be an early leader in this sector.

The company reported H1 2009 fiscal year revenues of $2.6 million, a 17% decrease compared to $3.2m in H1 2008, which it says are primarily a result of contracting delays on new military programs caused by change in US Administration and a general delay in the release of military contracts.

Commenting on the results, Scott Pearson, CEO of Protonex, said: "Throughout the first half of our 2009 fiscal year, Protonex has made significant progress in virtually all areas of its business. The company has continued its transition from being primarily a technology development company to being a product company. Today, that transition is substantially complete and we expect the resulting products to deliver strong value to a broad set of military and commercial markets."