MISSISSAUGA, Ontario, Aug. 30, 2004 (PRIMEZONE) -- Astris Energi Inc. (OTCBB:ASRNF), the world's leading alkaline fuel cell (AFC) technology company, announced today unaudited results for the second quarter and six months ended June 30, 2004. All amounts are in Canadian dollars unless otherwise indicated.
Revenue decreased to $10,066 for the second quarter of 2004 from $12,800 for the same period of 2003. This resulted from a decrease in sales of the company's older model fuel cells as customers await the newer POWERSTACK(tm) MC250 model.
As the company gears up the alkaline fuel cell pilot production line in the Czech Republic, its expenses continue to exceed revenue. The company reported a net loss for the second quarter of $691,528, which compares to a net loss of $176,788 for the second quarter of 2003. The company decreased its cash position, quarter over quarter, from $583,337 as of March 31, 2004 to $90,590, as the result of the purchase and installation of new equipment for the pilot production line. The company has previously reported that the pre-commercial, semi-automatic production line is on schedule and should be ready for production trials in September.
The company raised $135,132 through the issuance of common shares and warrants to private investors during the second quarter, bringing total proceeds from shares issued to $949,452 for the first six months of 2004. Shareholders' deficiency at June 30, 2004 was $6,800,585.
"We are particularly pleased that during the second quarter we signed a value added reseller agreement with Alternate Energy Corporation," said Jiri Nor, Astris' President and CEO. "A combined fuel cell power pack will use Astris' alkaline fuel cell and portable generator unit joined with AEC's hydrogen production technology. The resulting product will be offered to prospective customers through Alternate Energy's distribution channels. We are also very excited to get the pilot production plant up and running. The new production line will increase our capacity ten-fold and supply fuel cells for the joint Astris-AEC power pack as well as fill existing backorders."
About Astris Energi Inc.
Astris is a late-stage development company committed to becoming the leading provider of affordable fuel cells and fuel cell generators internationally. Over the past 21 years, more than $17 million has been spent to develop Astris' alkaline fuel cell for commercial applications. Astris is commencing pilot production of its POWERSTACK(tm) MC 250 technology in 2004. Astris is the only publicly traded company in North America focused exclusively on the alkaline fuel cell. Additional information is also available at the company's website at www.astris.ca.
Forward-Looking Statements
Any statements in this release that are not statements of fact may be considered "forward looking statements" as that term is defined under securities laws in the United States and Canada. Forward-looking statements are only predictions and may differ materially from actual events or results.
-0- For further information, please contact: Anthony Durkacz Vice President of Finance Astris Energi Inc. Phone: (905) 608-2000 Fax: (905) 608-8222 adurkacz@astris.ca