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Electrofuel Inc. (TSE: EFL) announced today that it hasreached an agreement with Mr. Upkar Arora, the former Chief Financial Officer of theCorporation, with respect to his compensation upon leaving Electrofuel. Mr. Arora resigned fromElectrofuel on February 20, 2001 to pursue other opportunities. The agreement includes thesurrender to the Corporation of Mr. Arora’s 525,000 vested and unvested stock options.
Electrofuel is actively engaged in a search for a permanent Chief Financial Officer. TheCorporation hopes to fill such position as soon as possible.
About Electrofuel
Electrofuel Inc. is engaged in the development, commercialization, manufacturing and sale ofproducts using its proprietary lithium ion SuperPolymer rechargeable battery technology.Electrofuel’s goal is to become the leading provider of portable power for the notebook computerand wireless sectors, and to apply its technology to a broad spectrum of alternative energyapplications over the long term.
Electrofuel is a public company trading on the Toronto Stock Exchange under the symbol EFL.
For more information about Electrofuel and its products, please visit our website at www.electrofuel.com.
Electrofuel Sankar Das Gupta
(416) 535-1114 ext.
sdasgupta@electrofuel.com
InciContact Communications Michael Van Dusen
229(416) 926-2491 michael.vandusen@icontact.ca