TORONTO, ONTARIO–(CCNMatthews) -Revenue up 17% from the same quarter in Fiscal 2003 Electrovaya Inc. (TSX:EFL) today announced financial results for the second quarter ended March 31, 2004. All figures are in US dollars. Second Quarter Highlights – Second quarter revenue for 2004 was up 17% from the second quarter of fiscal 2003. – Gross profit of $139,000 or 9% of revenue, compared to $7,000 or 0.5% for the same quarter in the prior year. – Excluding the impacts of government assistance and foreign exchange gains and losses, the cash burn rate was $1.1 million, down $1.5 million from $2.6 million in the second quarter of fiscal 2003. Overall cash burn was $1.3 million compared to $1.1 million in the same quarter in Fiscal 2003. – Scribbler 2000 series receives positive reviews from a variety of technology publications, including PC World, Laptop and Mobile PC magazines, as well as from on-line publications such as Medical Tablet PC.com, Geek.com and CNET.com.
About Electrovaya Inc.
Electrovaya’s goal is to become the leading provider of tablet PC’s, portable power for the notebook computer, aerospace and wireless sectors, and to apply its technology to a broad spectrum of alternative energy applications including UPS, stand-by power and zero-emission vehicles. It develops, manufactures and sells high value products globally using award winning patented proprietary lithium ion SuperPolymer(R) rechargeable battery technology, which delivers the highest energy density of any battery technology on the market today. Electrovaya has designed, developed and markets the Scribbler(TM) Tablet PC which offers longer run time than any other Tablet PC currently available. The Company’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 FURTHER INFORMATION PLEASE CONTACT:
Electrovaya Inc.P. Hart
Chief Financial Officer
(905) 855-4636
Email: plhart@electrovaya.com