Astris Energi in Negotiation on Two Fuel Cell Joint Ventures

    MISSISSAUGA, Ontario--Jan. 14, 2002--Astris Energi, Inc. (OTCBB:ASRNF) reported today that it is in negotiation with two potential joint venture partners which are pursuing two separate applications of the company's fully developed and field-tested alkaline fuel cell systems.
    Jiri K. Nor, President of Astris, said one is a U.S. concern planning to use Astris energy systems to power golf cars, neighborhood electric vehicles and other material and people movers. He noted that Astris has been operating a fuel cell-powered golf car since last summer.
    The other joint venture candidate is a British company developing fuel cell-based power sources for various applications in industry. Astris already has one, two and four-kilowatt systems, with the capability to ramp up to much larger energy sources, Mr. Nor said.
    Three other companies-- in Scotland, Norway and New Zealand-- which had been developing fuel cell applications with a now-defunct alkaline fuel cell concern in Europe, plus several Canadian and U.S. concerns, also have recently inquired about the possibility of working with Astris. "We have been in communication with them as well," Mr. Nor concluded.

    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.