Business Energy Tax Credit
March 03 2010 - 2:00AM
UK Regulatory
TIDMIDA
RNS Number : 9831H
IdaTech PLC
03 March 2010
For Immediate Release
3 March 2010
Business Energy Tax Credit
IdaTech today announces that, the Oregon Department of Energy (the Department)
unexpectedly, informed the Company that the Business Energy Tax Credit ('BETC')
would not be available for 2009, or 2010. This has been contrary to previous
assurances to the Company and the approach taken in approving the previous four
years of applications. BETC provided tax credits to the Company which were used
to offset development expenditures.
The Department allows for an appeals process and IdaTech is vigorously pursuing
this. The impact, should the appeal be unsuccessful, for 2009 is an increased
loss of US$2.5 million over that originally expected. It will also increase the
cash needed in 2010 by the same amount.
The Company is constantly focused on cost containment such that the Board
believes the loss of the BETC (were it to be confirmed following appeal) will
not materially impact current estimates of the Company's losses in 2009 or 2010,
nor does it alter the time it expects the business to reach sustainable cash
breakeven.
Investec the Company's largest shareholder continues to be supportive of the
Company.
For further information please contact:
+----------------------------------+----------------------------+
| IdaTech plc | +1 541 383 3390 |
+----------------------------------+----------------------------+
| Harol Koyama, Chief Executive | |
| Officer | |
+----------------------------------+----------------------------+
| James Cooke, Chief Financial | |
| Officer | |
+----------------------------------+----------------------------+
| | |
+----------------------------------+----------------------------+
| Numis Securities Limited | +44 (0) 20 7260 |
| | 1000 |
+----------------------------------+----------------------------+
| Michael Meade | |
+----------------------------------+----------------------------+
| | |
+----------------------------------+----------------------------+
| Buchanan Communications | +44 (0) 20 7466 5000 |
+----------------------------------+----------------------------+
| Charles Ryland / Catherine Breen | |
+----------------------------------+----------------------------+
About IdaTech
IdaTech plc is an advanced fuel cell products company which is operationally
headquartered in Bend, Oregon, USA and is listed on AIM with the ticker code
IDA.
IdaTech designs, develops, and manufactures extended run backup power fuel cell
products for Telecom applications requiring 100 W to 15 kW of backup power.
IdaTech's unique PEM fuel cell technology provides solutions for a wide range of
applications to directly support efforts towards sustainable energy.
IdaTech's portfolio of industry-certified fuel cell products are based on the
company's fuel processing, purification and fuel cell system integration
capabilities. With the support of strategic partners and customers, the
company's extended run backup power products are being deployed worldwide for
stationary applications.
Additional information may be obtained by contacting the company direct or by
visiting its website at http://www.idatech.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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