Astris Energi Completes Czech Affiliate Purchase

Fuel Cells Today, Feb 2, 2005

Mississauga, Ontario-based alkaline fuel cell (AFC) technology company Astris Energi, Inc. recently announced it has completed the purchase of its affiliate Astris s.r.o., located in the Czech Republic.

Prior to the purchase, Astris Energi said it owned 30 percent of the shares of Astris s.r.o., with the remaining 70 percent owned by Macnor Corporation, a company controlled by Astris Energi president and CEO Jiri Nor.

Under the purchase terms, Astris Energi noted that Macnor received an aggregate consideration of 5 million purchase units, each consisting of one common share and one share purchase warrant.

"The purchase of Astris s.r.o. adds approximately [$2.2 million Canadian (about $1.8 million U.S.)] to our assets and completes a key phase of our business development plan," said Astris Energi vice president of finance Anthony Durkacz. "This will enable us to aggressively pursue institutional funding; target large strategic partners; and develop new revenue streams from product sales and licensing."

Contact: Astris Energi, website http://www.astris.ca.

(EIN STAFF: 1/31)