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Proton Energy Systems Announces Initial Public Offering

2 October 2000

Proton Energy Systems Announces Initial Public Offering

    ROCKY HILL, Conn.--Sept. 29, 2000--Proton Energy Systems, Inc. today announced the initial public offering of seven million shares of its common stock at a price of $17 per share.
    The net proceeds of this offering will be used for general corporate purposes and capital expenditures, including expenditures on equipment and leasehold improvements to the Company's planned manufacturing facility.
    The underwriters have been granted an over-allotment option by the Company to purchase up to 1,050,000 additional shares of common stock. Morgan Stanley Dean Witter, Credit Suisse First Boston and Salomon Smith Barney are serving as lead underwriters of the offering. A prospectus can be obtained from the Prospectus Department of Morgan Stanley Dean Witter (212) 761-4000, 1585 Broadway, New York, NY 10036.