Electro Energy Inc. CEO Discusses Company's Major Developments on www.wallstreetreporter.com
DANBURY, Conn., Oct. 25, 2005 -- Electro Energy Inc. , a leading provider of advanced battery technologies and associated systems, discussed a series of major developments for the Company in an interview yesterday with Todd Santorelli, Senior Analyst of Wall Street Reporter, which can now be heard on http://www.wallstreetreporter.com/.
Last week, EEEI issued press releases regarding three major company developments, including progress on completing the transaction for major manufacturing capabilities in Gainesville, Fla.; a relationship with California Cars Initiative (CalCars) to develop a high-energy content bi-polar battery to retrofit a Toyota Prius as a plug-in hybrid electric vehicle (PHEV); and a direct equity investment and development agreement with In-Q-Tel, a private, independent, not-for-profit venture group established by the CIA. In addition to these major announcements, the Company revealed, on October 19, that Deloitte and Touche has ranked EEEI among the 500 fastest growing technology companies in North America.
In the interview, Martin Klein, Founder, Chairman and CEO of EEEI, described how contracts with In-Q-Tel and other government agencies have enabled EEEI to develop its innovative bi-polar battery technology without incurring significant debt. With the Company now poised for commercial application of its technology, Mr. Klein explained, EEEI is seeking to acquire high-volume manufacturing facilities in Gainesville, Fla. Mr. Klein further noted that the Company has targeted high-growth markets such as the utility market, portable electric products and hybrid electric vehicles. He described how EEEI is now working with CalCars to create a high-power battery pack to power PHEVs, which CalCars is promoting as a solution to the nation's high- level fuel consumption.
About Electro Energy Inc.
Electro Energy Inc., headquartered in Danbury, Connecticut, was founded in 1992 to develop, manufacture and commercialize high-powered, rechargeable bipolar nickel-metal hydride batteries for use in a wide range of applications. Its Colorado Springs operation supplies aerospace-grade high quality nickel cadmium batteries and components for satellites, aircraft and other specialty applications. EEEI is also developing high power lithium rechargeable batteries utilizing the Company's proprietary design. In May, EEEI announced plans to acquire significant manufacturing assets near Gainesville, Fla., by the end of 2005 to accelerate commercialization of its battery technology.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the companies, are forward- looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, the following: general economic and business conditions; competition; unexpected changes in technologies and technological advances; ability to commercialize and manufacture products; results of experimental studies; research and development activities; changes in, or failure to comply with, governmental regulations; and the ability to obtain adequate financing in the future. This information is qualified in its entirety by cautionary statements and risk factors disclosure contained in certain of Electro Energy Inc.'s Securities and Exchange Commission filings available at http://www.sec.gov/.
Pursuant to a December 1, 2004 agreement, Consulting For Strategic Growth I, Ltd. ("CFSG") provides Electro Energy with consulting, business advisory, investor relations, public relations and corporate development services, for which CFSG receives a fixed monthly fee for the duration of the agreement. Independent of CFSG's receipt of cash compensation from Electro Energy, CFSG may choose to purchase the common stock of Electro Energy and thereafter sell those shares at any time it deems appropriate to do so.
CONTACTS: Audra J. Mace Stanley Wunderlich Chief Financial Officer Consulting for Strategic Growth Tel: (203) 797-2699 Tel: (800) 625-2236 Fax: (203) 797-2697 Fax: (212) 337-8089 E-mail: amace@electroenergyinc.com E-mail: CFSG1@aol.com http://www.electroenergyinc.com/
