Toronto, Ontario – Electrofuel Inc. (TSE:EFL) (“Electrovaya”), the producer of lithium-ionSuperPolymerTM battery products, today announced its financial results for the first quarter ended December 31,2001. All figures are in U.S. dollars unless otherwise indicated
About Electrovaya
Electrovaya is the commercial name of Electrofuel Inc. The Company develops, manufactures and sells productsusing its proprietary lithium ion SuperPolymer™ rechargeable battery technology, which delivers the highestenergy density level of any battery technology on the market today. The Company’s goal is to become the leadingprovider of portable power for the notebook computer and wireless sectors and to apply its technology to a broadspectrum of alternative energy applications over the long term. Shares of Electrofuel Inc. trade on The TorontoStock Exchange under the symbol EFL. For more information about the Company and its products, please visitour website at www.electrovaya.com.
Forward-Looking Statements
This news release may contain forward-looking statements that involve a number of risks and uncertainties,including statements regarding the outlook for the Company’s business and results of operations. Risks areoutlined in the Company’s MD&A for the fiscal year ended September 30, 2001 and are set forth in publicdisclosure documents filed with Canadian regulatory authorities. By nature, these risks and uncertainties couldcause actual results to differ materially from those indicated. The Company disclaims any intention or obligationto update or revise any forward-looking statements, whether as a result of new information, future events orotherwise.
Financial statements and notes are attached
For more information, please contact:
Paul J. Van Damme
Vice-President, Finance & CFO
Electrovaya
tel: 905-855-4636
email: pvandamme@electrovaya.com