Astris Energi, CareAction Update Joint Venture

    MISSISSAUGA, Ontario, Canada--May 29, 2003--Astris Energi Inc. (OTC BB: ASRNF) has been advised this week by its joint venture partner, CareAction Inc., of Montreal, that the company expects to have its funding in place next month and be in position to complete closing of the joint venture -- Astris Transportation Systems Inc. (ATSI) -- that has already been formed in Montreal.
    "Our financing should be concluded by the third week in June," according to F. Lynnwood Farr, president and CEO of CareAction.
    Upon closing, ATSI will immediately initiate planning and installation of the world's first plant for production of Astris electric energy-producing alkaline fuel cell systems in its new headquarters, the 28,000-square-foot facility in St. Laurent, Quebec, formerly owned by HPower Corp. of Englewood, N.J.
    Technical teams of both companies are meeting this week to work on the joint business development plans.

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