LATHAM, N.Y., May 18, 2010 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, will hold its annual shareholder meeting on May 19, 2010 at 10:00 ET at the offices of Goodwin Procter LLP, New York Times Building in New York City. The Company's CEO, Andy Marsh, will provide the board of directors and shareholders with highlights of Plug Power's accomplishments in 2009 as well as a direct discussion of Plug Power's business opportunities and challenges during 2010.
Plug Power's accomplishments in 2009 marked some of the most significant achievements in company history, including a 116% increase in GenDrive™ and GenSys® orders from 2008. These orders represent an invoiceable value of $21.3 million. Plug Power also added premier companies to its customer-base, including Sysco, Wegmans, Whole Foods, Coca-Cola Consolidated, Federal Express Freight, GENCO, United Natural Foods and WTTIL, the tower arm of Tata Teleservices.
"Plug Power has proven itself the industry leader in the commercialization of fuel cell technology," said Marsh. "In the last year, Plug Power's fuel cell systems have achieved a dominant position in the material handling marketplace. The strength of our customer-base reinforces that Plug Power develops the right technology solutions, targets the right fuel cell market, and builds the right commercial relationships."
Following a brief question and answer session, Marsh will be available to meet with shareholders and investors, which will conclude the business meeting. A webcast of the meeting can be accessed by going to the Plug Power Web site (www.plugpower.com) and selecting the conference call link on the home page. The webcast will be archived online for a short period following the meeting.
About Plug Power Inc.
Plug Power Inc. (Nasdaq:PLUG), is an established leader in the development and deployment and commercialization of alternative fuel cell technology. Revolutionizing the way the world thinks about clean energy, Plug Power has installed more commercial fuel cell systems in the motive and stationary power markets than anyone else in the industry. The Company is actively engaged with private and public customers in targeted markets throughout the world. For more information about how to join Plug Power's energy revolution as an investor, customer, supplier or strategic partner, please visit www.plugpower.com.
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Plug Power Inc. Safe Harbor Statement
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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, statements regarding the risk that unit orders will not ship, be installed and/or convert to revenue, in whole or in part; the cost and timing of developing our products and our ability to raise the necessary capital to fund such development costs; we may be unable to achieve the forecasted gross margin on the sale of our products; our actual net cash used for operating expenses may exceed the projected net cash for operating expenses; the cost and availability of fuel and fueling infrastructures for our products; market acceptance of our GenDrive and GenSys systems; our ability to establish and maintain relationships with third parties with respect to product development, manufacturing, distribution and servicing and the supply of key product components; the cost and availability of components and parts for our products; our ability to develop commercially viable products; our ability to reduce product and manufacturing costs; our ability to successfully expand our product lines; our ability to improve system reliability for both GenDrive and GenSys; competitive factors, such as price competition and competition from other traditional and alternative energy companies; our ability to manufacture products on a large-scale commercial basis; our ability to protect our intellectual property; 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 energy products; and other risks and uncertainties discussed under "Item IA-Risk Factors" in our annual report on Form 10-K for the fiscal year ended December 31, 2009, filed with the Securities and Exchange Commission ("SEC") on March 16, 2010, and the reports we file from time to time with the SEC. We do not intend to and undertake no duty to update the information contained in this communication.