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Astris Energi announces VAR ARRANGEMENT with Alternate Energy for Demonstration and Deployment of Economical Hydrogen solution into Marketplace
MISSISSAUGA, ONTARIO, CANADA, May 17, 2004 - Astris Energi Inc. (“Astris”, OTCBB:ASRNF), the world's leading alkaline fuel cell (AFC) technology company, announced today that it has signed an agreement with Alternate Energy Corporation (“AEC”, OTCBB: ARGY), whereby AEC becomes a value added reseller (VAR) for Astris' AFC power generator products, effective immediately. The VAR relationship permits Astris access to AEC's substantial customer prospects and distribution arrangements, and enables AEC to use Astris' AFC for demonstration and sales purposes at AEC's Oak Ridge Tennessee Product Development Centre. AEC owns the rights to low-cost technology for the production of on-demand hydrogen from water
The purpose of this VAR arrangement is to enable AEC to demonstrate and make available a combined fuel cell power pack for sale to major corporate customers, utility customers, as well as demonstration with U.S. Federal energy authorities. With many government energy agencies working to promote numerous green energy projects and the substantial availability of Federal and State grants, this combination of fuel cell and hydrogen production technology (power pack) should be very attractive to commercial users interested in renewable on-site energy.
“We at Astris are pleased to have been able to refine our relationship and move forward with AEC,” said Jiri K. Nor, President of Astris Energi. “We agreed on a VAR relationship because AEC has attractive, substantial distribution channels and customers ready for our technology, and we see AEC's fast product deployment program now underway as a good channel to the market for us. This is a very powerful combination for safe, clean, on-site energy at a very competitive price structure. This agreement is in line with our business strategy to partner with OEMs to advance pilot-scale production of our AFC to full-scale production.”
Blaine Froats, Chairman of Alternate Energy Corp. said:” Cost-effective, clean fuel cells are a key part of deploying our on-demand, small scale Hydrogen Production Technology system, which we believe is important for the international goals of a Hydrogen-based Economy. The use of Astris' very economical alkaline AFC Power Generator allows us to demonstrate the full system of safe, competitively priced, hydrogen generated electricity for stationary industrial and residential primary and back-up power applications, “
Astris plans to commence pilot production of its POWERSTACK™ MC250 fuel cell power module by late summer at facilities of its affiliate company, Astris s.r.o. in Vlasim, Czech Republic. Suitable for applications requiring up to 10 kW, The POWERSTACK™ MC250 provides the electricity for Astris' 2.4 kW model E8 power generator which it unveiled in December 2003 and will be distributed by AEC. When tested in December 2003, the POWERSTACK™ performed up to 60% over the original design specification and the E8 generator demonstrated a total system efficiency of more than 50%, a figure unequalled by any other device in its class.
Fuel cells generate electric energy through a chemical reaction between hydrogen gas and oxygen from the air. They are noiseless, odourless and release no pollutants to the atmosphere, the only effluent being pure water one can drink. Astris has significantly reduced the cost of the AFC by replacing platinum as a catalyst.
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 http://www.astris.ca
About Alternate Energy Corporation (AEC; www.cleanwatts.com):
Alternate Energy Corporation (AEC) is energizing the hydrogen economy. AEC is the first company to provide a hydrogen device that has mass-deployment economics and provides small-scale, on-demand distributed generation of electricity. The device is deployable in 2004 and qualifies for Renewable Energy Certificates. AEC's proprietary discovery in metallurgy permits a small-scale unit to generate hydrogen from water through a “green” process at a fraction of the fossil fuel kWh cost of energy. AEC believes its product can have a revolutionary impact on the energy industry. Additional information is also available at the company's website at http://www.cleanwatts.com
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: Peter Nor Vice President, Marketing and Corporate Development Astris Energi Inc. (905) 608-2000 pnor@astris.ca Cormac Glynn CEOcast, Inc. 212-732-4300 or Suzanne Brydon VP Investor Relations Alternate Energy Corporation (519) 620-2623 www.cleanwatts.com
