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Astris Energi Completes Us$500,000 Financing
MISSISSAUGA, ONTARIO, CANADA, August 9, 2004 -- Astris Energi Inc. (OTCBB: ASRNF), the world's leading alkaline fuel cell (AFC) technology company, announced today that it has completed a private placement to accredited investors worth US$500,000. Each individual unit consists of one share priced at US$0.30 plus one warrant with an exercise price of US$0.50 expiring on December 31, 2005.
The lead investor in the offering was Las Vegas-based Alternate Energy Corporation (“AEC”, OTCBB: ARGY). In May 2004, Astris signed an agreement with AEC whereby it became a value-added reseller of Astris' AFC power generator products. The agreement gives Astris access to AEC's substantial customer prospects and distribution arrangements.
“This financing demonstrates the confidence investors have in the future success of Astris Energi,” said Jiri Nor, Astris' President and CEO. “The funds will enable Astris to move the POWERSTACK™ MC250 fuel cell module to the pre-commercial stage of development. As well as generating revenue, this pre-commercial phase is crucial to our plans for developing strategic partnerships with existing entities ñ OEMs, engineering firms, research labs and government R&D organizations ñ to further develop custom applications for Astris' products.
