Fuel Cell Developer Astris Energi Names I.M.I. as Rep in India and Asia

    MISSISSAUGA, Ontario, Canada--Sept. 5, 2001--Astris Energi Inc. (OTC BB: ASRNF), pioneer developers of alkaline fuel cell energy systems for small vehicles and home use, Wednesday announced the appointment of I.M.I. Inc. as the company's consultants and authorized representatives for business development in India, South and Southeast Asia, and the Far East.
    Based in Beverly Hills, Calif., I.M.I. Inc. (International Media Investment) provides investment support and consultancy services to new and developing ventures. Its chairman and chief executive officer, Bhaskar Menon, will direct the firm's activities on behalf of Astris.
    "We believe that region represents major potential markets for our 4-kilowatt fuel cell system which can provide electricity, heat and hot water to homes, and also for our 2-kilowatt power source for small vehicles," said Gordon Emerson, chief financial officer and director of Astris.
    "Mr. Menon's many years of business management experience and his numerous contacts at the highest level of industry and government throughout that area will be invaluable in our effort to take advantage of those opportunities."
    I.M.I.'s role will be exclusive for India and on a non-exclusive basis for the rest of the region. Menon reports that the single great inhibitor to economic and social development throughout the Third World is the extreme inadequacy of power form conventional sources. "Fuel cell systems can certainly alleviate that shortage," he said.
    Educated at the University of Delhi and at Oxford University in England, Menon served for several years as a director on the parent boards of EMI Limited and Thorn EMI PLC, the British-based entertainment, rental and electronics giant where until his retirement in 1990, he was also chairman and chief executive officer of the music division with operating subsidiaries in 46 countries.
    A citizen of the United States, he is a highly respected and experienced international businessman, particularly in India and throughout Asia.
    Menon has received a number of honors, including a Knighthood from the French government for his contributions to the arts and literature worldwide.
    Astris' fuel cell systems generate electrical energy and heat by combining hydrogen and oxygen from the air. They require no fossil fuels, are noiseless, odorless and emit no pollutants to the environment.

    NOTE: Any statements contained in this release that are not statements of fact may be considered "forward-looking statements" as that term is defined under U.S. federal security laws. Forward-looking statements are only predictions and may differ materially from actual events or results.