MISSISSAUGA, Ontario, Canada, Aug. 9, 2004 (PRIMEZONE) -- 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(tm) 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 -- OEMs, engineering firms, research labs and government R&D organizations -- to further develop custom applications for Astris' products."
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 21 years, more than $17 million has been spent on the development of Astris' AFC. The company is commencing pilot production of its POWERSTACK(tm) 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.
About Alternate Energy Corporation
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 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.
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