Electrofuel Inc. (TSE: EFL) announced today its results forthe six months ended March 31, 2001. Electrofuel’s fiscal year end is September 30. All dollaramounts are in U.S. dollars unless otherwise indicated.
Financial Results
Revenue for the first six months of fiscal 2001 was $270,372, reflecting sales of the Powerpad160 rechargeable laptop computer battery from the Company’s low volume production plant inToronto. The company had no revenue in the same six months of fiscal 2000.
Research and development costs increased to $1.3 million from $512,978 in the same six monthslast year, due primarily to costs associated with the development of our Powerpad family ofproducts for portable computers and the EF2100 cellular phone battery and R&D costsassociated with the new Mississauga plant.
Sales and marketing expenses rose to $694,572 from $251,672 a year earlier, reflecting anincrease in marketing, personnel, trade show, advertising and other costs associated with ourproducts and in anticipation of sales from our Mississauga plant.
General and administrative expenses increased to $2.5 million from $924,064 a year earlier dueto an increase in corporate staff, legal and consulting fees and the costs relating to theMississauga plant
The net loss for the six months was $2.6 million, compared to $1.2 million for the same sixmonths of fiscal 2000.
Operational Highlights
On November 10, 2000, Electrofuel began trading on the Toronto Stock Exchange. The netproceeds of the initial public offering, $28.3 million, have been used in part to build a highvolume manufacturing facility in Mississauga, Ontario.
During the six months, the company continued to make inroads into the portable computerbattery market and a number of significant purchase orders were received.
The Mississauga plant received its occupancy permit in February and started commercialproduction in April 2001. The production ramp up is proceeding.
About Electrofuel
Electrofuel Inc. is engaged in the development, manufacture and sale of products using itsproprietary lithium ion SuperPolymer rechargeable battery technology. Electrofuel’s goal is tobecome the leading provider of portable power for the notebook computer and wireless sectors,and to apply its technology to a broad spectrum of alternative energy applications such as electriccars, solar energy storage, off – peak load levelling and UPS for telecommunications.
This press release may contain forward-looking statements that involve a number of risks anduncertainties, including statements regarding the outlook for the Company’s business and resultsof operations. By nature, these risks and uncertainties could cause actual results to differmaterially from those indicated. Such factors include, without limitation, the various factors setforth in public disclosure documents filed with Canadian regulatory authorities.
Electrofuel disclaims any intention or obligation to update or revise any forward-lookingstatements, whether as a result of new information, future events or otherwise.
For more information, please contact:
iContact CommunicationsAna-Maria Mosoiu
(416) 926-2494 anamaria.mosoiu@icontact.ca
For more information about our company and our products, please visit our website at http://www.electrofuel.com/.