LATHAM, N.Y., June 6 /PRNewswire-FirstCall/ -- Plug Power Inc. (NASDAQ: PLUG), a leader in providing clean, reliable on-site energy products, has appointed Gerald Anderson to the position of Chief Financial Officer (CFO). As CFO, Anderson will be responsible for financial management of the Company, including accounting and internal controls, treasury, financial planning, audit, tax, investor relations and information systems. David Waldek, who has served as interim CFO since February 2007, will remain with Plug Power as the Vice President of Finance.
Anderson has more than 25 years of experience in finance with expertise in strategic value creation, profitability improvement, interpretive financial analysis and business planning. Most recently, he served as Treasurer and Director of Finance for Intermagnetics General Corporation, an international medical device manufacturing company with headquarters in Latham, N.Y. While with Intermagnetics, Anderson was instrumental in the company's merger and acquisition activities, which effectively doubled its revenues and ultimately culminated in its sale to Philips Medical Systems for $1.3 billion in November 2006.
"After an extensive search, we're confident that Gerry's considerable experience and comprehensive skill set will be valuable assets for Plug Power and will be instrumental in our efforts to drive down costs while building market acceptance of fuel cell technology," said Dr. Roger Saillant, Plug Power's President and CEO. "We're also fortunate that Dave will remain on our executive team to ensure the seamless continuity and enhancement of our financial operations." Prior to working with Intermagnetics, Anderson was the CFO for J Management Company, a Toledo, Ohio-based venture capital company with six operating subsidiaries and combined annual sales in excess of $30 million. He has also held executive-level financial posts for Sky Trust and KeyCorp, both in Cleveland, Ohio. Anderson is a certified public accountant with a degree in business administration from the University of Arizona.
About Plug Power Plug Power Inc. (NASDAQ:PLUG), an established leader in the development and deployment of clean, reliable, on-site energy products, integrates fuel cell technology into backup and primary power products for telecommunications, material handling, utility and uninterruptible power supply applications. The Company is actively engaged with private and public customers in targeted markets throughout the world, including North America, Europe, the Middle East, Russia, South Africa and South America. For more information about how to join Plug Power's energy revolution as an investor, customer, supplier or strategic partner, please visit http://www.plugpower.com/.
Safe Harbor Statement This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to our 2007 milestones and statements regarding our growth plans. We believe that it is important to communicate our future expectations to our investors. However, there may be events in the future that we are not able to accurately predict or control and that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements, including, without limitation, the risk that the anticipated synergies of the Cellex Power and General Hydrogen acquisitions are not realized, that unit orders will not ship, be installed and/or convert to revenue, in whole or in part. Plug Power's ability to develop commercially viable on-site energy products; the cost and timing of developing Plug Power's on-site energy products; market acceptance of Plug Power's on-site energy products; Plug Power's ability to manufacture on-site energy products on a large-scale commercial basis; competitive factors, such as price competition and competition from other traditional and alternative energy companies; the cost and availability of components and parts for Plug Power's on-site energy products; Plug Power's ability to establish relationships with third parties with respect to product development, manufacturing, distribution and servicing and the supply of key product components; Plug Power's ability to protect its intellectual property; Plug Power's ability to lower the cost of its on-site energy products and demonstrate their reliability; the cost of complying with current and future governmental regulations; the impact of deregulation and restructuring of the electric utility industry on demand for Plug Power's on- site energy products and other risks and uncertainties discussed under "Item IA-Risk Factors" in Plug Power's annual report on Form 10-K for the fiscal year ended December 31, 2006, filed with the Securities and Exchange Commission ("SEC") on March 16, 2007, and the reports Plug Power files from time to time with the SEC. Plug Power does not intend to and undertakes no duty to update the information contained in this press release. DATASOURCE: Plug Power Inc.
CONTACT: Media: Cynthia Mahoney White, Plug Power Inc., +1-518-782-7700, ext. 1973, Mobile: +1-518-527-1172, ; Investor: Deborah K. Pawlowski, Kei Advisors, +1-716-843-3908, +1-716-843- 3874, Mobile: +1-716-310-3949, +1-732-778-9966, Web site: http://www.plugpower.com/
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