MISSISSAUGA, Ontario, Sept. 8, 2005 (PRIMEZONE) -- Astris Energi Inc. (OTCBB:ASRNF), the world's leading alkaline fuel cell (AFC) technology company, announced today unaudited consolidated financial results for the second quarter and six months ended June 30, 2005. All amounts are in Canadian dollars unless otherwise indicated.
Revenue increased to $76,364 for the six months ended of 2005 from $11,221 for the same period of 2004.
For the first half of 2005, expenses totalled $1,687,417, compared with $1,283,636 for the same period of 2004. As a result of the recent acquisition, the financial data includes the consolidated performance of the wholly owned Czech subsidiary, Astris s.r.o., for the first time.
Astris reported a net loss for the six months ended June 30, 2005 of $1,611,053, which compares to a net loss of $1,272,415 for the same period of 2004. This represents a loss of $0.059 per share (basic and diluted) compared with $0.062 during the same period of 2004.
Highlights subsequent to the period ended June 30, 2005 include:
-- Gary G. Brandt, fuel cell industry veteran and former CFO of
Hydrogenics Corporation joined the Astris Board;
-- Astris s.r.o. received the largest fuel cell grant from the
Ministry of Industry and Trade of the Czech Republic for
approximately $0.4 million;
-- Astris secured a $0.2 million order for its fuel cells, test
equipment, an E8 generator and engineering services fees to
Electronic Machining s.r.l.;
-- Astris received approximately $0.3 million in cash from federal
and provincial scientific research and experimental development
claims.
"We are focused on making the transition from R&D to sales," said Jiri K. Nor, Astris' president and CEO. "Astris is currently completing its systems for delivery to prospective strategic partners and potential recurring customers."
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. Astris is commencing pilot production of its POWERSTACK(tm) MC250 technology in 2005. Astris is the only publicly traded company in North America focused exclusively on the, economically more favourable alkaline fuel cell. Additional information is also available at the company's Web site 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.