PLUG POWER APPOINTS DOUGLAS HICKEY TO BOARD OF DIRECTORS
LATHAM, N. Y. -- Plug Power Inc. (NASDAQ: PLUG) announced today that Douglas T. Hickey has been appointed to the company’s board of directors, effective September 1, 2000.
“We are pleased to have an individual as talented as Doug join our Plug Power board,” said George McNamee, chairman of Plug Power. “His extensive experience working with some of the most innovative and rapidly growing telecommunications and Internet communications companies will be a valuable asset to us.”
Hickey is Chief Executive Officer and Director of Critical Path Inc., the dominant global provider of business-to-business Internet messaging solutions for the wireless, Internet-centric, telecommunication and corporate markets. Critical Path delivers the infrastructure and services powering everything “E”, including ebusiness, ecommerce and esecurity, enabling businesses and consumers to communicate electronically through a comprehensive set of secure messaging applications to partners such as E*TRADE, CompuServe, Network Solutions, U S West, Sprint, France Telecom, and ICQ. Critical Path's technology currently reaches more than 125 million end-users through its customer relationships including more than 25 million wireless devices.
Hickey joined Critical Path, Inc. as Chief Executive Officer in October 1998. Hickey brings to Critical Path more than 20 years of experience in telecommunications and Internet communications. Prior to joining Critical Path, Inc., he was Senior Vice President of Frontier Corporation and President of Frontier GlobalCenter, leading Frontier's strategic direction into the Internet and data environment. Hickey joined GlobalCenter in its infancy and, as Chief Executive Officer, built that company into one of the leading Web hosting organizations, ultimately leading to its merger with Frontier. Prior to joining GlobalCenter, he was President of Internet services at MFS Communications, which acquired UUnet Technologies, the first commercial Internet service provider.
“Doug’s appointment to the board will allow for a smooth transition as Michael Cudahy has resigned from our board of directors for personal reasons,” said Chairman McNamee. “Michael was one of our early investors and his support and guidance will truly be missed.”
Plug Power is a leading U.S. designer and developer of on-site, electricity generation systems utilizing proton exchange membrane fuel cells for residential applications. Since being founded in 1997, the Latham, N.Y.-based company has grown from 22 to over 500 employees. Plug Power’s strategic partners and investors include: DTE Energy Company, Michigan’s largest electric utility; Mechanical Technology Incorporated, an early developer of fuel cell technologies; General Electric Company, one of the world’s leading suppliers of power generation technology and energy services; and Sempra Energy subsidiary, Southern California Gas Company, the largest U.S. natural gas distribution company.
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This press release may include statements which are not historical facts and are considered "forward- looking" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Plug Power's current views about future events and financial performance. These forward-looking statements
are identified by their use of terms and phrases such as "believe," "expect," "plan,"
"anticipate," and similar expressions identifying forward-looking statements. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties, and other factors that could cause actual results to differ materially from Plug Power's expectations, and Plug Power expressly does not undertake any duty to update forward-looking statements. These factors include, but are not limited to, the following: (i) the cost and timing of development and market acceptance of Plug Power's fuel cell systems, (ii) competitive factors, such as price competition and new product introductions, (iii) the cost and availability of products, (iv) the cost of complying with current governmental regulations, (v) unanticipated expenses or delays in resolving Year 2000 computer issues by either Plug Power or those with whom Plug Power does business, and (vi) other factors detailed from time to time in Plug Power's filings with the Securities and Exchange Commission. |
