Proton Energy Reveals Quarterly Progress

May 7, 2003 [] Proton Energy Systems, Inc. a hydrogen generator and regenerative fuel cell company, have announced their results for the first quarter ended March 31, 2003. Revenues for the first quarter ended March 31, 2003 were US$173,000 compared to revenues of US$938,000 for the same period last year. The decrease in revenues primarily relates to the first phase of a contract that was substantially completed in 2002. Among the companies other pertinent highlights: delivered 32 laboratory hydrogen generators under an agreement with Matheson Tri-Gas, Inc; delivered three HOGEN 40 series hydrogen generators in the quarter; featured at a White House-sponsored event to promote President Bush’s US$1.2 billion Freedom Car and Fuel initiative; installed a HOGEN 380 hydrogen generator for a hydrogen fuel cell bus program in Barth, Germany; reached agreement to end the Development, Marketing and Distribution Agreement for laboratory hydrogen generators with Matheson Tri-Gas Inc; successfully tested HIPRESSTM high-pressure cell stack modules, thereby achieving a key milestone in the Naval Research Laboratory contract funded by the Defense Advance Research Projects Agency; Received a contract to develop a 1 kW regenerative solar/Proton Exchange Membrane fuel cell demonstration system from Jacobs Sverdrup Technology, Inc, a subcontractor to the U.S. Navy for testing at the Naval Air Weapons Station at China Lake, California.

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