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Astris Energi Obtains Judgement To Dissolve ATSI
MISSISSAUGA, ONTARIO, CANADA, June 21, 2004 -- Astris Energi Inc. (“Astris”, OTC Bulletin Board - ASRNF), the world's leading alkaline fuel cell (AFC) technology company, today announced that the Quebec Superior Court has ruled in Astris' favour and supported its application to immediately wind up and liquidate Astris Transportation Systems Inc. (“ATSI”), a corporation that was formed jointly with Care Automotive Inc.(“Care”). Astris served notice in November 2003 that its agreements with Care were effectively terminated, as Care did not meet its funding commitment for the proposed joint venture which was to manufacture and market Astris fuel cell systems for vehicular use.
“We are pleased to have this situation successfully settled,” said Jiri Nor, President and Chief Executive Officer. “Our focus is on progressing toward pilot production of our POWERSTACK MC250 later this summer, to be followed by full-scale production. We have signed one agreement and are discussing others which would support pilot production “
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 20 years, more than $17 million has been spent on the development of Astris' AFC. The company is commencing pilot production of its POWERSTACK™ 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.
Contacts: For further information, please contact: Anthony Durkacz Vice President of Finance Astris Energi Inc. Phone: 905-608-2000 Fax: 905-608-8222 E-mail: adurkacz@astris.ca
