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Astris Energi Reports Third Quarter 2005 Results
MISSISSAUGA, ONTARIO, CANADA, November 30, 2005 -- Astris Energi Inc. (OTC Bulletin Board - ASRNF), announced today unaudited consolidated financial results for the third quarter and nine months ended September 30, 2005. All amounts are in Canadian dollars unless otherwise indicated.
Revenue increased to $82,725 for the nine-months ended of 2005 from $17,076 for the same period of 2004.
For the period ended September 30, 2005, expenses totalled $2,489,829, compared with $2,305,287 for the same period of 2004. As a result of the recent acquisition, the financial data includes the consolidated performance of the wholly owned Czech subsidiary, Astris s.r.o., for the first time.
Astris reported a net loss for the nine months ended September 30, 2005 of $2,407,104, which compares to a net loss of $2,288,211 for the same period of 2004. This represents a loss of $0.084 per share (basic and diluted) compared with $0.11 during the same period of 2004.
Highlights in the period ended September 30, 2005 include:
-Gary G. Brandt, fuel cell industry veteran and former CFO of Hydrogenics Corporation, joined the Astris Board
-Astris s.r.o. received the largest fuel cell grant from the Ministry of Industry and Trade of the Czech Republic for approx. $0.4 million
-Astris secured a $0.2 million order for its fuel cells, test equipment, an E8 generator and engineering services fees to Electronic Machining s.r.l.
-Astris received approx. $0.3 million in cash from federal and provincial scientific research and experimental development claims
“We are focused on making the transition from R&D to sales,” said Jiri K. Nor, Astris’ President and CEO. “Astris is currently completing its systems for delivery to prospective strategic partners and potential recurring customers.”
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. Astris is commencing pilot production of its POWERSTACK™ MC250 technology in 2005. Astris is the only publicly traded company in North America focused exclusively on the, economically more favourable, 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.
Contacts: For further information, please contact: Anthony Durkacz VP of Finance 905-608-2000 Astris Energi Inc.
