Electrovaya Announces Q3 2010 Financial Results

  • Toronto, Ontario –
  • August 16, 2010
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Electrovaya Inc. (TSX: EFL) today announced financial results for the third quarter of fiscal 2010 ended June 30, 2010. All figures are in US dollars.

Third Quarter Fiscal 2010 Financial Highlights
Business Highlights

“During the third quarter of 2010 the intense focus and work on battery systems for electric plug in vehicles continued,” commented Dr. Sankar DasGupta, Electrovaya CEO. “We also made progress on a number of other important fronts, including the strengthening of our management team and Board as we extend our reach beyond the automotive electrification to adjacent and complementary markets such as Smart Grid, Utility-Scale Energy Storage and strategic power for the telecommunications sector, where billions are spent on reliable and high performance energy delivery systems, leading to a growing need for advanced battery solutions. With the addition of Bruce Coventry to our management team, and Clarence Chandran to our Board of Directors, we are continuing on the path of positioning Electrovaya to best capture the opportunities for growth ahead of us.”

Summary of Financial Results
In thousands of US$ except per share amounts Three months ended June 30 Nine months ending June 30
2010 2009 2010 2009
Revenue $ 1,298 $ 880 $ 3,289 $ 2,347
Loss from operations before interest, taxes, foreign exchange and amortization, capital assets write-down and gain on sale of investments $ (441) $ (483) $ (1,349) $ (1,247)
Loss for the period $ (363) $ (915) $ (1,850) $ (1,126)
Loss per share $ (0.01) $ (0.01) $ (0.03) $ (0.02)

The Company’s complete Fiscal 2010 Third 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 electric transportation, Utility Scale Energy Storage and 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. The Company’s other mission is to deliver Utility Scale Energy Storage Systems for the highest efficiency in electricity storage, whether the electricity is generated from intermittent wind and solar power or from other sources. 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.
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 forwardlooking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.

For more information, please contact:
Electrovaya Inc.
Telephone: 905.855.4618
Email: ir@electrovaya.com

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