LATHAM, N.Y., May 13, 2011 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today announces the results of its 2011 Annual Meeting of Stockholders, which was held on May 12, 2011. The number of shares of common stock entitled to vote at the Annual Meeting was 132,784,673. The number of shares of common stock present or represented by valid proxy at the Annual Meeting was 111,696,855 (84.11 percent).
Based on the voting results from the Annual Meeting, consistent with the recommendations of the Board of Directors, stockholders approved all proposals as follows:
- Incumbent director Larry G. Garberding has been re-elected with 87 percent of the shares voted supporting his re-election.
- An amendment to the company's charter to allow the Plug Power Board of Directors to effect a reverse stock split of the company's common stock has been approved with 86.86 percent of the shares voted supporting the proposal.
- Plug Power's 2011 stock option and incentive plan has been approved with 90.92 percent of the shares voted supporting the proposal.
- The overall compensation of the company's named executive officers has been approved with 92.46 percent of the shares voted supporting the proposal.
- It has been approved that an advisory vote on the compensation of the company's named executive officers will be included in the company's proxy statement every three years with 79.93 percent of the shares voted supporting the proposal.
Plug Power will file a Form 8-K to report the specific voting results later today.
About Plug Power Inc.
The architects of modern fuel cell technology, Plug Power revolutionized the industry with cost-effective power solutions that increase productivity, lower operating costs and reduce carbon footprints. Long-standing relationships with industry leaders forged the path for our key accounts, including Wegmans, Whole Foods, and FedEx Freight. With more than 1,200 GenDrive units shipped to material handling customers, accumulating over 2.5 million hours of runtime, Plug Power manufactures tomorrow's incumbent power solutions today. Visit us at www.plugpower.com.
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CONTACT: Media Contact: Reid Hislop Plug Power Inc. Phone: (518) 782-7700 ext. 1360 Investor Relations Contact: Cathy Yudzevich Plug Power Inc. Phone: (518) 782-7700 ext. 1448