MISSISSAUGA, Ontario, Canada, Aug. 12, 2004 (PRIMEZONE) -- Astris Energi Inc. (OTCBB:ASRNF), the world's leading alkaline fuel cell (AFC) technology company, announced today it has paid down an existing debenture thus eliminating Astris' only long-term financial liability.
The CDN$100,000 debenture, which was secured by a lien on Astris' assets, was held by three Astris related parties and dated from June 1996. Yearly interest on the debenture was 12 per cent. The remaining interest and principal was paid in full through the issuance of 260,175 common shares.
"The paying down of the debenture plus our recently announced U.S. $500,000 financing gives Astris a strengthened financial position and brings us one step closer to capitalizing on our world-leading alkaline fuel cell technology," said Jiri Nor, President and CEO.
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.
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.