MISSISSAUGA, Ontario, May 3, 2006 (PRIMEZONE) -- Astris Energi Inc. (OTCBB:ASRNF), an alkaline fuel cell (AFC) technology company, today reported its audited financial results for the twelve months ended December 31, 2005. All amounts are in Canadian dollars unless otherwise indicated.
12-Month Financial Review
Revenue for the year ended December 31, 2005 quadrupled to $291,512, compared with $88,798 for the previous year. The main source of revenue in 2005 was from the sale of fuel cells, portable AFC generators and related test equipment.
Expenses for the 2005 fiscal year totaled $5,622,376 compared with $3,551,055 for the same period in 2004. The main expense increase was a $1.5 million non-cash accounting write off of intangible technology asset. General and Administrative expenses were also higher, reflecting stock option and warrant expensing, higher consulting expenses for additional fund raising and first time compensation paid to directors and chairs of committees. Other expenses include increased accounting and legal expenses related to being a publicly traded company in the United States. For the first time, 2005 financial figures include Astris' European subsidiary, Astris s.r.o.
Astris reported a net loss for the year ended December 31, 2005 of $5,330,864 compared with a loss of $3,462,257 in 2004. On a per share basis, the loss was $0.16 (basic and diluted) compared with a loss of $0.16 (basic and diluted) in 2004.
More information can be found at www.sedar.com.
2005 Operational Highlights
-- Astris Energi Inc. acquired the remaining 70% of the
outstanding shares of its affiliate Astris s.r.o.
-- Astris announced delivery of its first E8 Alkaline fuel
cell generator.
-- Astris sold its first demonstration E7 generator in a golf
car to Fuel Cell One in Canada.
-- Astris signed a Teaming Agreement with Plasma Environmental
Technologies Inc. (TSX-V:PE) of Burlington, Ontario for the
development of a real-world installation utilizing PET's
hydrogen-producing waste processing system and Astris' AFC
technology.
-- Astris s.r.o. received the largest fuel cell grant from the
Ministry of Industry and Trade in the Czech Republic of 8.75
million Czech Crowns or approximately US$0.4 million.
-- Astris announced the appointment of Gary Brandt, former CFO
of Hydrogenics, to the Board.
-- Astris signed a distributor agreement with Tropical S.A.
in Greece.
-- Astris delivered over CDN$0.2 million order to ElMa in Italy.
-- Astris secured orders for alkaline fuel cell generators to
Mobile Attic in the United States and delivered in the first
quarter 2006.
-- Astris hired the New York investment firm Ardour Capital
Investments LLP as its exclusive investment banker. To date,
Ardour has arranged an institutional financing of US$1.5 million
through a 10% convertible debenture due April 9, 2009. Funds
will be used for production and general corporate purposes.
"2005 was a challenging year for Astris," said Jiri Nor, Astris' President and CEO. "Transitioning from a technology company to a market oriented entity is perhaps the most difficult phase in a company's development. I am pleased with our progress as we have secured some great new customers seeking to be early adopters of our unique technology. The recent financing combined with the market response to our early prototypes gives us confidence that repeat orders are achievable in 2006, as well as the prospect for new sales. We look forward to an exciting year focused on continued business development of our world leading alkaline fuel cell technology."
About Astris Energi Inc.
Astris is committed to becoming a leading provider of affordable stationary and motive power fuel cells and components. Additional information is also available at the company's website at www.astris.ca.
The Astris Energi Inc. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2132
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.