TORONTO, ONTARIO–Electrovaya Inc. (TSX: EFL) today announced financial results for the second quarter ended March 31, 2003. All figures are in US dollars.
– Second Quarter Highlights
– Second quarter revenue for 2003 up 54% from first quarter 2003 and up 104% from Q4, FY 2002. –
– For the first time in its history, the company showed a small gross profit. –
– As part of corporate restructuring, the company is reducing expenses. Sales and marketing expenses decreased by 56% over the prior quarter, general & administrative expenses decreased by 21% and research and development expenses declined by 15%. In spite of lower expenditures, the sales & marketing activities have increased through improved efficiency & increased coordination with distributors and partners.
– The Company entered into an agreement with Technology Partnerships Canada (TPC) to contribute up to 29.7% of eligible costs incurred since January 1, 2002 for research in high rate batteries and electric vehicles to a maximum of $6.7 million.
– The company continued to expand its distribution and promote its products in 27 expositions in Q2, 2003.
About Electrovaya Inc.
Electrovaya’s goal is to become the leading provider of portable power for the notebook computer and wireless sectors, and to apply its technology to a broad spectrum of alternative energy applications over the long term. It develops, manufactures and sells high value products globally using its award winning patented proprietary lithium ion SuperPolymer(TM) rechargeable battery technology, which delivers the highest energy density of any battery technology on the market today. Electrovaya has designed, developed and markets the SCRIBBLER Tablet PC which offers significantly longer run time than any other Tablet PC on the market today. The Company’s shares trade on the Toronto Stock Exchange under the symbol EFL.
For more information about the Company and its products, please visit our website at www.electrovaya.com.
Forward-Looking Statements This news release may contain forward-looking statements that involve a number of risks and uncertainties, including statements regarding the outlook for the Company’s business and results of operations. Risks are outlined in the Company’s MD&A for the three months ended March 31, 2002 and are set forth in public disclosure documents filed with Canadian regulatory authorities. By nature, these risks and uncertainties could cause actual results to differ materially from those indicated. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
FOR FURTHER INFORMATION PLEASE CONTACT:
Electrovaya Inc.
Julia Harrison
(905)855-4610 Ext3099
jharrison@electrovaya.com