Toronto, Ontario –
Electrovaya Inc. (TSX: EFL) (the “Company”) today announced that Dr. Sankar Das Gupta, the Chairman & Chief Executive Officer of the Company, has indirectly acquired 21,514,823 common shares of the Company from Dr. James Jacobs, who had previously shared control of the Company with Dr. Das Gupta. The shares were acquired by Dr. Das Gupta on October 6, 2006 at an aggregate purchase price of $1,500,000. Together with the 23,965,359 shares he previously owned or controlled, Dr. Das Gupta now beneficially owns or controls 45,480,182 shares, representing 65.4% of the outstanding shares of the Company.
About Electrovaya Inc.
Electrovaya (TSX: EFL) is a developer and manufacturer of portable power solutions with its proprietary Lithium Ion SuperPolymer® battery technology. Its goal is to become the preferred provider of tablet PCs, portable power for aerospace and wireless sectors, and the developer of alternative energy applications including UPS, stand-by power, plug-in hybrids and zero-emission vehicles. The Company’s shares trade on the Toronto Stock Exchange under the symbol EFL. For more information on Electrovaya and its products, please visit www.electrovaya.com.
For more information aboutthe 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