Electrovaya Inc. (TSX: EFL) today announced financial results for the fourth quarter and fiscal year 2010 ended September 30, 2010. All figures are in US dollars.
“Fiscal 2010 was a year of tremendous accomplishments and increasing momentum as we established ourselves as a key supplier to a major OEM in the automotive sector, expanded our reach to the utility and data center end markets, and strengthened our board and management team with the addition of several key industry veterans,” commented Dr. Sankar Das Gupta, Chairman and CEO of Electrovaya. “We are very pleased to report steady top-line growth and improvement of our cash position despite our substantially increased work load associated with the development of the complete battery system for our major OEM automotive client,” commented Dr. Sankar Das Gupta. “Our battery system consists of intensively engineered cells, thermal management, software and hardware in our battery management system, all mechanicals, power electronics and the necessary interface to vehicle electronics.”
“We have also begun discussions with additional automobile manufacturers and have found that our unique and proprietary Lithium Ion SuperPolymer® technology is of interest to other Global OEMs. Green vehicle manufacturers need complementary Green manufactured Lithium Ion batteries,” added Dr. Das Gupta.
“In addition to our progress in the automotive market, we have established a position within the burgeoning stationary grid market, an increasingly important user of lithium-ion batteries as utilities strive to meet growing energy storage needs. Our technology has advantages in terms of energy density, cost, and unique clean manufacturing (NMP-free). We are also addressing the growing need for energy storage by data centers as cloud computing increases the need for energy storage.”
“We have also meaningfully bolstered our team and Board of Directors over the past year to help us achieve our business and financial goals. Electrovaya announced two key additions to its Board in fiscal 2010, including former Chrysler CEO Thomas W. LaSorda, as special advisor and former Nortel COO, Clarence J. Chandran. The addition of these industry experts positions the Company well to expand manufacturing and operations, as well as secure key partnerships as it continues its trajectory of growth.unique, advanced NMP-free technology to create efficiencies in commercial automotive, utility scale energy storage and consumer electronics applications, through a variety of avenues, including joint ventures, licensing, strategic investors and partnerships.”
| In thousands of US$ except per share amounts | 3 months ended Sept 30 | 12 months ended Sept 30 | ||
|---|---|---|---|---|
| 2010 | 2009 | 2010 | 2009 | |
| Revenue | $ 1,736 | $ 1,435 | $ 5,025 | $ 3,782 |
| Profit (Loss) from operations before interest, taxes, foreign exchange and amortization | $ (132) | $ 942 | $ (1,481) | $ (305) |
| Profit (Loss) for the period | (501) | 549 | $ (2,351) | $ (577) |
| Gain (Loss) per share | $ (0.01) | $ 0.01 | $ (0.03) | $ (0.01) |
| Cash & cash equivalents | $ 3,001 | $ 5,614 | $ 3,001 | $ 5,614 |
The Company’s complete Fiscal 2010 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 Suzanne Craig or Danielle Ginach
Chief Financial Officer The Blueshirt Group
Electrovaya Inc. Investor Relations for Electrovaya Inc.
Telephone: 905.855.4636 Telephone: 415-217-4962 or 415-217-4964
Email: ir@electrovaya.com Email:suzanne@blueshirtgroup.com or danielle@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.