Toronto, Ontario – Electrovaya Inc. (TSX: EFL) today announced financial results for the third quarter ended June 30, 2004. All figures are in US dollars.
Third Quarter Highlights
Revenues increased by 100.4% to $1.6 million, from $0.8 million in the third quarter ended June 30, 2003. Gross profit was $ 139,000 or 9% of revenue, compared to ($376,000) for the same quarter in the prior year. Overall cash burn was $2.2 million compared to a positive cash-flow of $0.3 million in thesame quarter in Fiscal 2003. Cash & investments were $13.4 million as at June 30, 2004, compared to $17.1 million as at June 30, 2003
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 broadspectrum 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® rechargeable battery technology, which delivers the highest energy density of any battery technology on the market today. Electrovaya has designed, developed and markets the ScribblerTM 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 more information, please contact:
P. Hart, Chief Financial Officer
Electrovaya Inc.
tel: 905-855-4636
email: plhart@electrovaya.com