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--Company Continues Transition from Development Stage, with Revenues from Bipolar Plate Manufacturing--
Pacific Fuel Cell Corp. (OTCBB: PFCE), a leading specialty component manufacturer to the fuel cell industry, today announced results for the third quarter ended September 30, 2007.
The company reported revenues of $140,158 for the most recent three-month period, representing the commercial launch earlier this year of its bipolar plate manufacturing operation. There were no revenues in the same period last year. As expected, Pacific Fuel Cell sustained a net loss for the 2007 third quarter of $412,077, or $0.01 per basic and diluted share, compared with a net loss of $176,990, or $0.00 per basic and diluted share, in the comparable year-ago period.
"This is an exciting time in the history of Pacific Fuel Cell as we ramp up our bipolar manufacturing facility in anticipation of continued growth and move from development stage to production," said George Suzuki, president and chief executive officer. "Our ability to manufacture both high and low temperature graphite-based bipolar plates fills an important need in the fuel cell industry and positions us to become the premier component provider. We anticipate that the Ohio facility will reach breakeven by the first half of 2008."
Total operating expenses in the third quarter ended September 30, 2007 were $548,705, compared with $174,960 in the comparable year-ago period, reflecting preparing the manufacturing facility for production, as well as associated higher general and administrative costs.
For the nine-month period ended September 30, 2007, PFCE reported revenues of $276,081 compared with no revenues for the corresponding period last year. Net loss for the first nine months of fiscal 2007 was $1,098,428, or $0.02 per basic and diluted share, compared with a net loss of $375,925, or $0.01 per basic and diluted share, a year ago.
Total operating expenses for the 2007 year-to-date period were $1,373,067, versus $373,961 in the same period last year.
About Pacific Fuel Cell Corp.
Pacific Fuel Cell Corp. is a nanotechnology company committed to producing fuel cell components with reduced cost and higher performance in the portable, stationary and micro fuel cell market.
For more information about Pacific Fuel Cell, please visit http://www.pfce.net .
Certain matters discussed in this press release, including, but not limited to the Ohio facility reaching breakeven, may constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995 and, as such, may involve known and unknown risks and uncertainties. Other factors also may cause actual results to be materially different from the results implied herein. Readers are cautioned not to place undue reliance on the forward-looking statements made in this press release.
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