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Plug Power Announces New Director, Executive Appointments And Receipt Of Deficiency Notice From NASDAQ

LATHAM, N.Y., April 16, 2013 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today announced that Johannes M. Roth has joined the Company's Board of Directors.

Mr. Roth is the founder and Managing Director of FiveT Capital Holding AG, an investment holding company based in Switzerland with businesses specializing in asset management, risk management and alternative investments. Mr. Roth is also a Portfolio Manager and Managing Director at FiveT Capital AG, Zurich, Switzerland, which advises several long-only funds and operates an asset management business for high net worth individuals. From 1999 to 2006, Mr. Roth was an Equity Specialist Trader and Proprietary Trader with Baader Bank AG at the Stuttgart Stock Exchange. Mr. Roth also serves as a Director of Insilico Biotechnology AG, a Stuttgart, Germany based global leader in systems biology and bioinformatics.

The Company also announced that David P. Waldek has been appointed as Interim Chief Financial Officer of the Company and Jill McCoskey has been named to the position of Chief Accounting Officer. Mr. Waldek replaces Gerald Anderson, who had served as Chief Financial Officer since July 2007.

Mr. Waldek has been a founding partner of CFO Advisory Group, LLC, a financial and business solutions advisory firm, since 2005. Prior to founding CFO Advisory Group, Mr. Waldek served as Chief Financial Officer of Albany Molecular Research, Inc., a publicly held drug discovery and development company, from March 1999 to November 2004.

Ms. McCoskey has served as Controller of the Company since 2008.

The Company also announced that on April 12, 2013, the Company received a notice from The NASDAQ OMX Group indicating that the Company has not regained compliance with NASDAQ Listing Rule 5550(a)(2), the minimum bid price rule, because the Company's common stock did not maintain a minimum closing bid price of $1.00 per share over a period of 10 consecutive business days ending on or prior to April 10, 2013. The NASDAQ notice has no immediate effect on the listing of the Company's common stock.

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