Toronto, Ontario – Electrovaya Inc. (TSX: EFL) today announced financial results for the fourth quarter and year ended September 30, 2004. All figures are in US dollars. Highlights Year end FY2004 revenues increased by 47.3% to $6.4 million from $4.3 million in FY2003. This annual growth follows a similar 45.3% revenue growth in FY 2003 over FY 2002. Q4 revenues increased by 26.0% to $1.6 million in 2004 from $1.3 million in Q4 2003. Revenue less Direct Manufacturing expenses in the fourth quarter were $ 425,000 or 26.0% of revenue, compared to negative ($601,000) for the same quarter in the prior year. The Technology Partnerships Canada (“TPC”) contribution was $149,000 for the quarter ending September 30, 2004 compared to $1,140,000 in the quarter ending September 30, 2003. Cash flow for the fourth quarter was positive $175,000 compared to a positive cash-flow of $536,000 in the same quarter in Fiscal 2003. Cash & investments were $13.6 million as at September 30, 2004.
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 about the Company and its products, please visit our website at www.electrovaya.com.
For more information, please contact:
P. Hart, Chief Financial Officer
Electrovaya Inc.
tel: 905-855-4636
email: plhart@electrovaya.complhart@electrovaya.com