Electro Energy CEO Featured on Home Page of www.wallst.net
Accompanying Article Emphasizes Company's Growth Strategy
DANBURY, Conn., Oct. 31 -- Martin G. Klein, Founder, Chairman and CEO of Electro Energy Inc. , a leading provider of advanced battery technologies and associated systems, is today featured on the home page of http://www.wallst.net/ following an interview last Wednesday discussing the Company's growth and pending transition to commercial production. An article by staff writer Lester Green and an audio transcript of that interview are prominently displayed on the site.
In the article, Mr. Green writes, "Manufacturers of everything from laptops to automobiles are searching for more effective, lower-priced power solutions. Electro Energy, Inc. is feeding this need with its innovative bipolar battery designs. The Company's first product, a bipolar nickel metal hydride battery, is currently undergoing tests with a number of manufacturers for a variety of applications. According to Electro Energy's chairman and CEO, commercialization of the technology is a little more than a year away."
Mr. Green further noted the company is testing a bipolar design for lithium ion batteries under a development agreement with In-Q-Tel, a private, not-for-profit group funded by the CIA with the goal of investing in companies that have technologies that are of interest to the agency. Mr. Green writes, "Although the scope of applications under the In-Q-Tel deal may be limited, Klein said the same technology has the potential for additional applications in the commercial sector such as computers, cellular phones and hybrid vehicles."
The Green article further notes Mr. Klein's discussion of EEEI's relationship with the California Cars Initiative (CalCars), a program promoting the use and mass production of plug-in hybrid vehicles.
Drawing from previously published technical writings by Mr. Klein, Mr. Green cites advantages of the bipolar design. "In addition to higher performance and lower cost components, the Company's bipolar design also touts automated flexible manufacturing capabilities, scalability, capacity and high voltage," the article states.
Quoting Mr. Klein about Electro Energy's letter of intent to acquire equipment and lease facilities for large-scale battery manufacturing near Gainesville, Fla., the article says, "Although the deal has not been finalized, Klein said he has no reason to believe this 'critical element' of the Company's commercialization strategy will fall through."
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 Chief Financial Officer Tel: (203) 797-2699 Fax: (203) 797-2697 E-mail: amace@electroenergyinc.com Stanley Wunderlich Consulting for Strategic Growth Tel: (800) 625-2236 Fax: (212) 337-8089 E-mail: info@cfsg1.com