LATHAM, N.Y., Oct. 15, 2010 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today announces that Jeffrey M. Drazan has resigned from the Board of Directors of Plug Power Inc.
"I regret that I have to tender my resignation from the Plug Power Board at this time," commented Mr. Drazan, Managing Partner at Bertram Capital. "Plug Power has made tremendous progress over the past year and I wish them well as I focus my time on managing Bertram Capital's recently closed private equity fund."
"Though Jeff will be leaving the Board, I will continue to seek his advice and counsel," said Andy Marsh, CEO at Plug Power. "I have found his insights and suggestions for transforming Plug Power into a market- and sales-driven company invaluable over the past years. I wish Jeff well in all his future ventures."About Plug Power Inc. The architects of modern fuel cell technology, Plug Power revolutionized the industry with cost-effective power solutions that increase productivity, lower operating costs and reduce carbon footprints. Long-standing relationships with industry leaders forged the path for our key accounts, including Wegmans, Whole Foods, and FedEx Freight. With more than 1,000 units in the field and over 1.5 million hours of runtime, Plug Power manufactures tomorrow's incumbent power solutions today. Visit us at www.plugpower.com. The Plug Power Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4446 Plug Power Inc. Safe Harbor Statement This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to expectations regarding revenues and product orders for 2010. These statements are based on current expectations that are subject to certain assumptions, risks and uncertainties, any of which are difficult to predict, are beyond our control and that may cause our actual results to differ materially from the expectations in our forward-looking statements including 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; the ability to achieve the forecasted gross margin on the sale of our products; the 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 system; 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 GenDrive; 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; 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. Plug Power does not intend to, and undertakes no duty to update any forward-looking statements as a result of new information or future events.
CONTACT: Plug Power Inc. Media Contact: Reid Hislop (518) 782-7700 ext. 1360 Investor Relations Contact: Cathy Yudzevich (518) 782-7700 ext. 1448