Toronto, Ontario – April 3, 2002 – Electrovaya Inc. (TSE: EFL) announced today that its shareholders approvedchanging the Company’s name from Electrofuel Inc. to Electrovaya Inc. at the Annual and Special Meeting ofShareholders. The Company’s symbol on the Toronto Stock Exchange will remain as “EFL”. The Company’sshareholders also approved transferring Electrovaya’s operations and operating assets to a new wholly-ownedsubsidiary, Electrovaya Corp., and transferring all or a portion of the Company’s intellectual property to its wholly-owned subsidiary, Electrofuel Global SRL, which will be renamed Electrovaya Global SRL.
“We wanted to pick a name that would transfer the brand equity from Electrofuel to the new name,” said Sankar DasGupta, President and CEO of the Company. “Electrovaya does that and honours the ‘corporate DNA’ of the oldname. Transferring the Company’s operations, operating assets and intellectual property to two of its subsidiarieswill also better position the Company as it grows in the future.”
About Electrovaya
Electrovaya develops, manufactures and sells products using its proprietary lithium-ion SuperPolymer™rechargeable battery technology, which delivers the highest energy density level of any battery technology on themarket today. The Company’s goal is to become the leading provider of portable power for the notebook computerand wireless sectors and to apply its technology to a broad spectrum of alternative energy applications over the longterm. The Company’s shares trade on The Toronto Stock Exchange under the symbol EFL.
For more information aboutthe Company and its products, please visit www.electrovaya.com
For more information, please contact:
Electrovaya
Paul J. Van Damme
Vice-President, Finance & CFO
905-855-4636
pvandamme@electrovaya.com
iContact
Michael Van Dusen
416-926-4291
michael.vandusen@icontact.ca