Electrovaya Inc. (TSX: EFL) today announced financial results for the fourth quarter and fiscal year 2009 ended September 30, 2009. All figures are in US dollars.
The Company had $5.6 Million in cash and cash equivalents at 30th September 2009, as compared to the $4.9 Million reported at 30th September 2008, an increase of $0.7 Million.
Over the calendar year, Electrovaya participated in several battery, electric vehicle and finance conferences. Most notably it was the only battery industry speaker at the OECD Conference on “Potential Environmental Benefits of Nanotechnology: Fostering Safe Innovation-Led Growth” in Paris. In addition, Electrovaya was an invited speaker at the 24th International Electric Vehicle Symposium, the IEEE Vehicle Power and Propulsion Conference, the inaugural Wedbush Morgan Securities’ Clean Technology & Industrial Growth Conference, and many others.
“Fiscal 2009 marked a turning point for Electrovaya,” commented Dr. Sankar Das Gupta, Chief Executive Officer of Electrovaya. “Over the course of the past fiscal year we have increased our presence in the global market for lithium ion batteries used for the electrification of vehicles and for smart grid applications. In addition to accomplishing these important business development milestones, in the fourth fiscal quarter we reached profitability, a significant achievement”.
“As we look ahead to fiscal 2010, we are optimistic about our opportunities for continued growth as the macro-environment for our business improves and interest in our unique zero-emission, toxin-free manufacturing process is higher than it has ever been. We are seeing growing opportunities to add new customers and expand our presence in markets across the globe. In conjunction with these opportunities, we intend to continue our disciplined approach to managing our business, prudently investing to take advantage of emerging opportunities,” concluded Dr. Das Gupta.
The Company’s complete Fiscal 2009 Fourth Quarter and Annual Financial Statements and Management Discussion and Analysis are available at www.sedar.com or on the Company’s website at www.electrovaya.com.
About Electrovaya Inc.
Electrovaya Inc. (TSX:EFL) designs, develops and manufactures proprietary Lithium Ion SuperPolymer® batteries, battery systems, and battery-related products for the clean transportation, smart grid power, consumer and healthcare markets. The Company’s mission is to accelerate clean transportation as a commercial reality with its advanced power system for all classes of zero-emission electric vehicles and plug-in hybrid electric vehicles. Founded in 1996 and headquartered in Ontario, Canada, Electrovaya has production facilities in Canada as well as in the US, and customers around the globe. To learn more about how Electrovaya is powering mobility, please explore www.electrovaya.com
For more information, please contact:
Paul L. Hart
Chief Financial Officer
Electrovaya Inc.
Telephone: 905.855.4636
Email: ir@electrovaya.com
Suzanne Craig The Blueshirt Group
Investor Relations for Electrovaya Inc.
Telephone: 415-217-4962
Email: suzanne@blueshirtgroup.com
Forward-Looking Statements
This press release contains forward-looking statements that involve a number of risks and uncertainties, including statements that relate to, among other things, the Company’s objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and can generally be identified by the use of words such as “may”, “will”, “could”, “should”, “would”, “likely”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “plan”, “objective” and “continue” (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from expectations include but are not limited to: general business and economic conditions (including but not limited to currency rates and creditworthiness of customers); Company liquidity and capital resources, including the availability of additional capital resources to fund its activities; level of competition; changes in laws and regulations; legal and regulatory proceedings; the ability to adapt products and services to the changing market; the ability to attract and retain key executives; and the ability to execute strategic plans. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the Company’s most recent annual and interim Management’s Discussion and Analysis under “Risk and Uncertainties”, as well as in other public disclosure documents filed with Canadian securities regulatory authorities. The Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.