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| Plug Power, Inc. |
| 968 Albany-Shaker Road, Latham, NY 12110 * (518) 782-7700 |
| Business Description | The company is a leading designer and developer of on-site, electricity generation systems utilizing proton exchange membrane fuel cells for residential applications. |
| Offering Information Company has | |||
| Trading As | PLUG (NASNTL) | Industry | Manufacturing (SIC 3629) |
| Type of Stock Offered | Common Shares | Filing Date | 8/27/99 |
| Domestic Shares Offered | 6,000,000 | Offer Date | 10/28/99 |
| Foreign Shares Offered | 0 | Filing Range | $13.00 - $15.00 |
| Company Shares | 6,000,000 | Offer Price | $15.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.050 |
| Gross Proceeds | $90,000,000 | Selling | $0.630 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 42,208,500 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Goldman, Sachs & Co. | Lead Manager | (212) 902-5959 |
| FAC/Equities | Co-manager | (518) 447-8641 |
| Hambrecht & Quist Incorporated | Co-manager | (415) 439-3626 |
| Merrill Lynch & Co. | Co-manager | (212) 449-4600 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 6 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/97 | 12/31/98 | 6/30/98 | 6/30/99 | |||
| Revenues | - | - | - | 1.194 | 6.541 | 2.549 | 5.118 |
| Income from Oper. | - | - | - | -6.006 | -9.709 | -4.372 | -14.959 |
| Net Income | - | - | - | -5.903 | -9.616 | -4.330 | -14.740 |
| E.P.S | - | - | - | -0.620 | -0.710 | -0.400 | -0.690 |
| Revenue Growth (%) | - | - | - | 448.042 | 100.81 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -7.47 | -3.63 | -7.62 | ||||
| Cash Flow - Inv. | -2.37 | -1.88 | -5.50 | ||||
| Cash Flow - Fin. | 10.75 | 4.25 | 26.37 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 6/30/99 | Financial Ratios | ||||
| Total Assets | 30.08 | Current Assets | 18.34 | Current Ratio | 3.84 |
| Total Liab. | 4.93 | Current Liab. | 4.77 | Debt Ratio | 16.38% |
| Total Equity | 25.15 | Working Cap. | 13.57 | Debt to Equity Ratio | 0.20 |
| Cash | 17.24 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for general corporate purposes including research and development, manufacturing and market development, capital expenditures and potential acquisitions. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Goodwin Procter & Hoar |
| Bank's Law Firm | Ropes & Gray |
| Auditor | Pricewaterhouse Coopers LLC |
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