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| Proton Energy Systems, Inc. |
| 50 Inwood Road, Rocky Hill, CT 06067 * (860) 571-6533 |
| Business Description | The Company designs, develops and manufactures proton exchange membrane, or PEM, electrochemical products that the Company employs in both hydrogen generating devices and power generating and energy storage devices for use in a variety of commercial applications. |
| Offering Information Company has | |||
| Trading As | PRTN (NASNTL) | Industry | Manufacturing (SIC 3629) |
| Type of Stock Offered | Common Shares | Filing Date | 6/21/00 |
| Domestic Shares Offered | 7,000,000 | Offer Date | 9/28/00 |
| Foreign Shares Offered | 0 | Filing Range | $14.00 - $16.00 |
| Company Shares | 7,000,000 | Offer Price | $17.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.190 |
| Gross Proceeds | $119,000,000 | Selling | $0.770 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 32,014,816 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Morgan Stanley Dean Witter | Lead Manager | (212) 761-5900 |
| CS First Boston | Co-manager | (212) 325-2000 |
| Salomon Smith Barney | Co-manager | (212) 723-7300 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 3 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/97 | 12/31/98 | 12/31/99 | 3/31/99 | 3/31/00 | ||
| Revenues | - | - | 0.000 | 0.000 | 0.934 | 0.023 | 0.056 |
| Income from Oper. | - | - | -1.698 | -2.650 | -3.462 | -0.665 | -1.244 |
| Net Income | - | - | -1.670 | -2.681 | -3.290 | -0.633 | -1.210 |
| E.P.S | - | - | -0.960 | -1.640 | -2.200 | -0.430 | -0.770 |
| Revenue Growth (%) | - | - | - | - | 140.18 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -2.88 | -0.51 | -0.95 | ||||
| Cash Flow - Inv. | -0.01 | 0.41 | 0.78 | ||||
| Cash Flow - Fin. | 3.00 | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 3/31/00 | Financial Ratios | ||||
| Total Assets | 4.28 | Current Assets | 3.40 | Current Ratio | - |
| Total Liab. | 14.72 | Current Liab. | -10.44 | Debt Ratio | 344.07% |
| Total Equity | -10.44 | Working Cap. | 13.84 | Debt to Equity Ratio | - |
| Cash | 0.41 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for general corporate purposes, including working capital and capital expenditures. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Hale and Dorr |
| Bank's Law Firm | Shearman & Sterling |
| Registrar/Transfer Agent | American Stock Transfer & Trust Co |
| Auditor | Pricewaterhouse Coopers LLC |
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| Industry Competition |
The Company�s hydrogen generators will compete with delivered hydrogen, and with older alternative equipment used to manufacture hydrogen-rich gas. Competitors in the delivered hydrogen market include Air Liquide, Air Products and Chemicals, Linde, and Praxair. The Company�s hydrogen generators will also compete with older generations of electrolysis-based hydrogen generation equipment sold by Electrolyser, Norsk Hydro, Teledyne-Brown and other companies. These systems are generally much larger in size, require manual operation and supervision, contain hazardous liquid electrolyte and require the assistance of mechanical compressors to produce hydrogen at pressure. |
| Business Plan |
The Company�s objective is to be a leader in harnessing PEM technology for a number of commercial applications. The Company�s strategy for achieving this objective includes the following elements: (i) Leverage Technological Position, (ii) Focus on Near-Term Market Opportunities, (iii) Continue Focus on Cost Reduction, (iv) Develop Key Strategic Relationships and (v) Position Our Technology for Longer-Term Opportunities. |
| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Arete Corporation, entities affiliated with | 21.50 | |
| Connecticut Innovations, Inc. | 12.00 | |
| Beacon Group Energy Investment Fund II, L.P. , The | 11.40 | |
| Ballentine Capital Partners Fund, L.P. | 5.70 | |
| MP Investments, Inc. | 5.00 | |
| CIBC World Markets, entities affiliated with | 4.60 | |
| Nth Power Technologies, entities affiliated with | 4.30 | |
| Note: represents ownership of 5% or more prior to the offering. | ||