Return to News Releases
Copyright 2007, Carthew Bay Technologies Inc.
Astris Energi Reports First Quarter 2004 Results
MISSISSAUGA, ON, June 2, 2004 -- Astris Energi Inc. (OTC Bulletin Board - ASRNF), the world's leading alkaline fuel cell (AFC) technology company, announced today unaudited results for the first quarter and three months ended March 31, 2004. All amounts are in Canadian dollars unless otherwise indicated.
Revenue from product sales decreased to $5,662 for the first quarter of 2004 from $9,074 for the first three months of 2003, reflecting a decrease in sales primarily of the Company's older model fuel cells. A late-stage development company, Astris' expenses continued to exceed revenue and the Company reported a loss of $580,887 for the first quarter which compares with a loss of $265,131 for the first three months of 2003. The increase is due to gearing up for pilot production of the POWERSTACK(TM) MC250.
The Company increased its cash position from $217,058 at March 31, 2003 to $583,337 at March 31, 2004, representing its highest cash position to date. The Company raised $742,250 through the issuance of common shares to private investors during the first quarter. Shareholders' deficiency at March 31, 2004 was $6,109,057.
“We are focused on progressing to pilot production of our POWERSTACK(TM) MC250, which would increase revenues significantly,” said Jiri Nor, President and Chief Executive Officer. “We have been encouraged by the continued interest both of private investors as seen by the recent investment activity, and of companies well positioned to partner with Astris.”
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(TM) MC250 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 http://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
Note: Parties interested in receiving Astris news releases or corporate documents may e-mail such a request to adurkacz@astris.ca . They can also review the Company's website at http://www.astris.ca/ or its public documents at http://www.sedar.com/ or http://www.sec.gov/
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
