MISSISSAUGA, Ontario, Feb. 21, 2005 (PRIMEZONE) -- Astris Energi Inc. (OTCBB:ASRNF), the world's leading alkaline fuel cell (AFC) technology company, announced today that it has engaged Toronto investment house Fraser Mackenzie Limited to raise private placement financing for Astris' next stage of development.
Fraser Mackenzie has been hired on a "best efforts" basis for two separate financings. The first is for an amount equal to a minimum of CDN$300,000 and a maximum of CDN$600,000. This financing will be structured as a debenture with a 6% coupon, convertible into common shares of the Corporation with a term of 9 months. Proceeds from this financing will be used for operations, with a focus on marketing. This will allow the company to aggressively pursue channel partners for the commercialization of its line of AFC generators. The second financing will be for the sale of corporate securities, the exact nature of which will be determined at a later date, with a view to raising a minimum of CDN$2,500,000 and a maximum of CDN$3,500,000. The proceeds of this financing will be used for operational purposes, marketing and initiation of Phase II of Astris' pilot production line for its POWERSTACK(tm) MC250 fuel cell modules.
"The proceeds from these two financings will put us closer to our ultimate goal of the commercialization of our product line," said Jiri K. Nor, President and CEO. "Our focus right now is to find marketing partners for our products and use the resulting sales orders to drive our pilot production line. Phase II of the pilot production line will ensure production capacity to meet projected product demand."
About Fraser Mackenzie
Fraser Mackenzie is an independent investment dealer providing objective, value-added equity research on North American small- and mid-cap companies. Fraser Mackenzie distributes its research and provides sales and trading services for institutional investors and selected high-net-worth investors in North America and Europe. Fraser Mackenzie offers investment banking services for small- and mid-cap enterprises, as well as private equity investment services.
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 to develop Astris' alkaline fuel cell for commercial applications. 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 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.