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Astris Energi Cites Huge Foreign Alkaline Fuel Cell Prospect

Astris Energi Cites Huge Foreign Alkaline Fuel Cell Prospect

Published 07-24-03

Submitted by Astris Energi Inc.

MISSISSAUGA, ONTARIO, Canada - Astris Energi Inc. (OTC BB: ASRNF) is in constant discussions with India's largest engineering and manufacturing enterprise in the field of electrical machinery, which has been designated by the government of India to carry out the largest fuel cell project in the world, the electrification of 60,000 villages now without power, stockholders were told at their annual meeting. The government of India is exploring for this giant undertaking the use of potentially low-cost, high-efficiency alkaline fuel cell technology in which Astris Energi is the world leader, Jiri K. Nor, Astris president and CEO, reported. The director of the Indian program visited both Mississauga headquarters and the fuel cell development and production facility of the company's joint venture in Montreal last month, and a few days ago, authorized this statement for the Astris annual meeting.

Closing of the joint venture with CareAction Inc. of Montreal awaits completion of CareAction's multimillion dollar financing which is expected soon, according to Lynnwood Farr, president and CEO, who attended the Astris meeting. Meanwhile, the staff of the joint venture, Astris Transportation Systems Inc., has continued to pursue both sales prospects and development contracts for the new company, with considerable success, Farr said.

Nor also explained plans for expansion of Astris s.r.o., the company's affiliate in the Czech Republic, reporting that an 8,000-square-foot building has been purchased and equipment for a fuel cell electrode production line is now being assembled.

All five directors nominated were elected with large majorities. They are

  • Jiri K. Nor, president & CEO;
  • Anthony Durkacz, vice president of finance;
  • Gerald A. Crawford, consultant;
  • Arthur E. Laudenslager, financialconsultant; and
  • Gordon T. Emerson, financial consultant.
    Both Durkacz and Laudenslager are newly elected members of the board. Retention of the company's auditors was also approved.

    NOTE: Any statement in this release that is not a statement of fact may be considered a "forward-looking statement" as that term is defined under federal security laws. Forward-looking statements are only predictions and may differ materially from actual events or results.

  • Astris Energi Inc.

    Astris Energi Inc.

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