Toronto, Ontario – Electrovaya Inc. (TSX: EFL) today announced financial results for the first quarter ended December 31, 2004. All figures are in US dollars. Highlights For the quarter ending December 31, 2004: Revenue decreased by 5.9% to $1.5 million from $1.6 million for the quarter ended December 31, 2003 Net loss improved by $0.5 million from a loss of ($2.4 million) to ($1.95 million) compared to the same quarter in fiscal 2003. Cash & investments were $13.5 million as at December 31, 2004, compared to $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.com