Toronto, Ontario –Electrovaya Inc. (TSX: EFL) today announced financial results for the fourth quarter and fiscal year ended September 30, 2003. All figures are in thousands of US dollars.Fourth Quarter HighlightsßFourth quarter revenue for fiscal 2003 was $1.3 million, up 96% from the same quarter in fiscal 2002ßLoss per share was $0.02 per share, down33% from $0.03 in Q4 2002ßScribbler 2000 series was launched at Comdex in early November and PC World magazine and others have expressed positive commentsßWe signed a non-binding Memorandum of Understanding with Exide Technologies (OTCBB: EXDTQ, a global leader in stored electrical-energy solutions, to collaborate to develop products and application solutions incorporating Electrovaya’s lithium ion battery technologyßIn October, 2003, we were awarded a US $2.95 million contract by NASA (National Aeronautics and Space Administration – Johnson Space Center) to provide its high-energy lithium ion SuperPolymer(R) power systems as a power source for the spacesuits astronauts wear during their space walk missions outside the spacecraft
About Electrovaya Inc.
Electrovaya develops, manufactures and sells products using its proprietary lithium-ion SuperPolymer™ rechargeable battery technology, which delivers the highest energy density of any battery technology on the market today. The Company’s goal is to become 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 over the long term. Electrovaya’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:
Paul Hart
Chief Financial Officer
Electrovaya Inc.
tel: 905-855-4636
email: plhart@electrovaya.com