2007 Financial Highlights

159% increase in revenue to $6.0 million (2006: $2.3 million)

Successful secondary placing in April 2007 raising $26.5 million (net proceeds)

Secured largest contract to date: a $3.5 million product development program from the U.S. Army

Acquired and successfully integrated Mesoscopic Devices, a leading solid oxide fuel cell and reformer technology company based in Colorado

Strong year end financial position of $33.9 million in cash and cash equivalents

2007 Development Highlights

Publicly demonstrated a 250-watt power system fuelled by liquid methanol, the Company's first commercial reformer-based fuel cell product

Exceptional results achieved in long-duration unmanned aerial vehicle (UAV) flights powered by Protonex fuel cells

Teamed with Cummins to develop and deliver diesel-fuelled solid oxide fuel cell systems for on- highway truck auxiliary power

Enlisted Raytheon to test and optimise the functionality of a 250-watt portable fuel cell power system for the U.S. Army

Expansion of facilities in Massachusetts and Colorado to enable increased capability in product development and manufacturing

Post Period End

Created PTXU trading line to enable CREST electronic trading for eligible unrestricted common shares of the Company

Commenting on the results, Scott Pearson, Chief Executive of Protonex Technology Corporation said: "2007 was an important year for Protonex as the Company experienced impressive growth and made significant progress in virtually all areas of the business.

"The Company has moved considerably closer to launching its first commercial product offerings and with our business continuing to develop on plan we remain very positive about the future."

To view a copy of the full release, please go to the link below.

http://www.protonex.com/Protonex-Technology-RNS-Results-2007-FINAL.pdf