MISSISSAUGA, Ontario, Aug. 1, 2007 (PRIME NEWSWIRE) -- Astris Energi Inc. (OTCBB:ASRNF) (the "Company" or "Astris"), announced today that it has completed its previously announced sale of assets to MKU Canada Inc. ("MKU"), a corporation incorporated under the laws of Ontario, Canada. MKU is a wholly-owned subsidiary of MKU Cyprus Ltd. (f/k/a Green Shelters Innovations Ltd.) ("MKU Cyprus"), a wholly-owned subsidiary of MKU (India) Private Ltd. (f/k/a Green Shelters (India) Private Ltd. ("MKU India").
This transaction includes the sale of substantially all of the assets of the Company, including its fuel cell and test load technology assets for consideration of: (i) approximately US$3.1 Million in cash; (ii) forgiveness of US$1.6 Million of face value secured convertible debentures held by ACME Global Inc. (a subsidiary of MKU Cyprus) and accrued interest of over US$210,000; (iii) an option for Astris to purchase and then cancel 4,248,750 shares recently acquired by ACME Global Inc. for US$0.08 per share, for nominal consideration (which option has been exercised); and (iv) forgiveness of a secured convertible promissory note in the amount of US$600,000.
Jiri Nor and Anthony Durkacz have resigned both as officers and directors of the Company effective July 31, 2007. Peter Nor has resigned as an officer of the Company effective July 31, 2007. Michael Liik will become the new President & CEO and Brian Clewes will be the new CFO, Secretary & Treasurer of the Company. In addition, subject to regulatory approval, the company will be changing its name to Carthew Bay Technologies Inc.
Michael Liik, the new President & CEO said, "We believe that the cash alone remaining upon completion of this transaction equates to approximately US$0.06 per share which represents a significant premium to current market price. Additionally, with no debt, almost US$3 Million in remaining cash, and significant tax losses in a publicly traded vehicle, we will be in a unique position regarding new investment opportunities."
More details on the above-noted transaction will be filed on www.sec.gov and www.sedar.com .
About MKU Canada Inc. ("MKU") and MKU Cyprus Ltd. ("MKU Cyprus").
MKU is a corporation incorporated under the laws of Ontario, Canada. It is a wholly owned subsidiary of MKU Cyprus. MKU Cyprus is a research and development company organized under the laws of the Republic of Cyprus. It currently holds a portfolio of technologies in various industries including telecom equipment, alternate energy, air conditioning and refrigeration, waste water treatment and sewage treatment. Acme Global Inc., a Delaware corporation, is a wholly owned subsidiary of MKU Cyprus. Acme Global Inc. has research and development laboratories in Rochester, New York and Saskatoon, Canada.
The Astris Energi Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=2132
Notes on Forward-Looking Statements
This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, statements with respect to Astris' plans, objectives, expectations and intentions and other statements identified by words such as "may," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," or similar expressions. These statements are based upon the current assumptions, beliefs and expectations of Astris's management and are subject to known and unknown risks and uncertainties, many of which are beyond Astris' control. Such risks include those detailed in Astris's filings with the Securities and Exchange Commission and the Alberta Securities Commission. Actual results may differ from those set forth in the forward-looking statements. Astris undertakes no obligation to update any forward-looking statements, except as required by law.