Toronto, Ontario – Electrovaya Inc. (TSX: EFL) today announced financial results for the first quarter ended December 31, 2003. All figures are in US dollars.First Quarter HighlightsßFirst quarter revenue for 2004 was up 79% from the first quarter of 2003 and up 22% from the fourth quarter of 2003ßGross profit improved to $ 144,000 or 9% of revenue, the highest amount in the history of the Company, up from a loss of $38,000 in the same quarter of the prior year and a loss of $601,000 in the quarter ending September 30, 2003ßCash burn declined to $623,000 from $2,756,000 in the same quarter in Fiscal 2003ßThe Company announced the launch of the ScribblerTM SC2000 series, a laptop/tablet PC with the winning combination of computing power provided by the Intel® Centrino processor and up to 9 hours of runtime provided by Electrovaya’s 75 Wh thin Li Ion SuperPolymer® batteryßThe Company announced the award of a $3.0 million contract by NASA (National Aeronautics and Space Administration – Johnson Space Center) to provide high-energy lithium ion SuperPolymer® power systems as a power source for Extra-Vehicular Mobility Units (EMUs).
About Electrovaya Inc.
Electrovaya’s goal is to become the leading provider of tablet PC’s, portable power for the notebook computer, aerospace and wireless sectors, and to apply its technology to a broad spectrum of alternative energy applications including UPS, stand-by power and zero-emission vehicles. It develops, manufactures and sells high value products globally using award winning patented proprietary lithium ion SuperPolymer® rechargeable battery technology, which delivers the highest energy density of any battery technology on the market today. Electrovaya has designed, developed and markets the ScribblerTM Tablet PC which offers longer run time than any other Tablet PC currently available. The Company’s shares trade on the Toronto Stock Exchange under the symbol EFL
For more information aboutthe Company and its products, please visit our website at www.electrovaya.com.
For more information, please contact:
P. L. Hart, Chief Financial Officer
Electrovaya Inc.
tel: 905-855-4636
email: plhart@electrovaya.com