Return to News Releases
Copyright 2007, Carthew Bay Technologies Inc.
Astris Energi Position Upheld In Court Of Appeal
MISSISSAUGA, ONTARIO, CANADA, June 16, 2004 -- Astris Energi Inc. (“Astris”, OTC Bulletin Board - ASRNF), the world's leading alkaline fuel cell (AFC) technology company, today announced that the Court of Appeal for Ontario has dismissed an appeal by a former officer and director of Astris. A lawsuit by former officer and director, E. Roy Birkett, was dismissed in its entirety after a trial in the Superior Court of Justice of Ontario held in October 2002. The trial judge awarded Astris costs in the amount of $81,000. Mr. Birkett appealed that decision and yesterday the Court of Appeal for Ontario dismissed the appeal and awarded Astris an additional $20,000 for legal and court costs.
“We were always confident we would be successful in defending against this claim, and we are pleased to have it behind us in order to remove any uncertainty among investors about the outcome,” said Jiri Nor, President and Chief Executive Officer.
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
