PolyFuel Announces Suspension of Shares from Trading
The Board of PolyFuel has requested that trading of the Company’s shares be suspended with immediate effect.
The Board of PolyFuel has previously announced that it was seeking additional sources of capital to help fund the completion of the Company’s technology and product development and to achieve commercial introduction. Equity capital for AIM listed development stage companies is very difficult to raise in the current economic environment. Although PolyFuel has made significant technical progress toward the goal of incorporating fuel cell technology into consumer electronics applications, and is widely considered a world leader in this field, unfortunately, despite much effort the Company has been unable to secure its critical next financing round.
Given the circumstances the Board continues to explore various strategic alternatives, including the possible sale of the Company or certain of its operations or assets, failing which the Board is of the opinion that it should take steps in the near term to wind down the business in an orderly fashion.
Recently, PolyFuel announced two pending U.S. Department of Energy (”DOE”) program awards. These two awards, totaling US$5,000,000, would provide funding to offset the continued development costs of the Company’s non-stop power technology. PolyFuel has developed a prototype fuel cell power supply that is fully integrated with a Lenovo ThinkPad notebook PC and that delivers 10 hours of continuous runtime at similar volume but 30% lower weight compared to a lithium ion battery. The Company believes its technology represents a significant advancement for the portable power market and is the leading technology available to the industry today.
PolyFuel’s non-stop power technology is based on the Company’s patented and patent pending hydrocarbon-based fuel cell membrane, and on its novel membrane electrode assembly and fuel cell system designs. Together these enable a significant simplification in the design of a fuel cell system, and corresponding reduction in system size and weight compared to conventional fuel cell and battery technologies.
A further announcement will be made as soon as possible.
