RNS Number : 4396X
PolyFuel Inc.
25 June 2008
June 25, 2008
PolyFuel, Inc.
AGM Statement
At today's AGM of PolyFuel, Inc. (AIM:PYF), a world leader in fuel cell technology,
particularly engineered membranes for the portable
electronic and automotive industries, Jim Balcom, President and CEO will state:
"We are making good progress towards the development of a reference design for a compact
fuel cell power supply for a notebook PC. The
Company's next short term goal will be to complete a functioning prototype of the design to be
shared with battery and notebook PC OEMs, the
majority of which have already expressed strong interest in this reference design technology.PolyFuel intends to work with these current
and potential customers to seek to introduce the fuel cell technology, designed to outperform
Lithium-ion battery packs, into the high
growth, 100+ million unit per year notebook PC market. We are also working with our channel
partner Johnson Matthey Fuel Cells on a higher
performance membrane which should further increase PolyFuel's share of the market for fuel
cell membranes."
"With market demand continuing to grow for longer runtime portable power sources, we
believe PolyFuel remains well positioned to be the
leader in providing the industry with the products, tools and designs to commercialise
portable fuel cell technology."
-Ends-
For further information please contact:
PolyFuel, Inc Tel: +1 650 429 4646
Jim Balcom, Chief Executive Officer
Tom Caldwell, CFO
Tel: +44 (0)20 7357 9477
Hogarth Partnership Limited
Nick Denton / Sarah MacLeod / Ian Payne
KBC Peel Hunt (Nominated Adviser and Broker) Tel: +44 (0)20 7418 8900
Jonathan Marren / David Anderson
About PolyFuel:
PolyFuel (www.polyfuel.com) is a world leader in fuel cell technology, particularly
engineered membranes, that provides significantly
improved performance in both direct methanol and hydrogen fuel cells, especially for portable
electronic and automotive applications. The
state of the art in fuel cells is closely tied to the membrane, and PolyFuel's best in class,
hydrocarbon-based membranes enable a new
generation of fuel cells that for the first time can deliver on the long-awaited promise of
clean, long-running, and cost-effective portable
power.
PolyFuel has an unmatched capability to rapidly translate the system-level requirements of
fuel cell designers and manufacturers into
engineered polymer nano-architectures. Such capability - based on PolyFuel's more than 150
combined years of fuel cell experience,
world-class polymer nano-architects, and a fundamental patent position covering more than 25
different inventions - also makes PolyFuel an
essential development partner and supplier to any company seeking to advance the state of the
art in fuel cells. Fuel cells built with
PolyFuel's hydrocarbon membranes, as the Company's own performance-leading reference designs
have demonstrated, can be smaller, lighter,
longer-running, more efficient, less expensive and more robust than those made with other
membrane materials.
PolyFuel is working with many of the world's most advanced portable fuel cell system
developers, the majority of whom are household
brand name consumer electronics manufacturers. Leading Japanese and Korean consumer
electronics companies rank PolyFuel's hydrocarbon
membrane as the best portable fuel cell membrane available in the world today, and its DMFC
stack and system technology, which it readily
shares with its customers, is unsurpassed.
PolyFuel was spun out of SRI International (formerly the Stanford Research Institute) in
1999, after 14 years of applied membrane
research. The company is based in Mountain View, California, and is publicly listed on the AIM
market of the London Stock Exchange.
This information is provided by RNS
The company news service from the London Stock Exchange
END
AGMBUGDLISDGGIS
|