Energy Research Corporation Spin-off Evercel, Inc. Begins Trading
6 April 1999
Energy Research Corporation Spin-off Evercel, Inc. Begins Trading
DANBURY, Conn.--April 6, 1999--Energy Research Corporation (AMEX: ERC) today reminded shareholders of the initial trading of Evercel, Inc. on the Nasdaq SmallCap Market (EVRC) and the Boston Stock Exchange (EVL) formerly the Battery Group of ERC.Evercel, Inc. will focus on battery technology especially the marketing of its patented rechargeable nickel-zinc battery for high performance, deep discharge applications. Principal markets are expected to be bicycles, electric scooters, trolling motors for bass boats, hybrid electric vehicles and electric vehicles.
Energy Research Corporation will continue to concentrate on the manufacturing and marketing of its carbonate fuel cell products. "The Direct Fuel Cell product will convert natural gas to electricity much more efficiently than other competing technologies," said Jerry Leitman, President and CEO. "It is this type of unit that is currently providing 250 kW of electricity to run our Danbury, Connecticut facilities with the excess production being fed into the electric grid. Research and development work will continue to be conducted by ERC on other fuel cell applications."
Additional fuel cell units of varying size will be installed in the U.S. and Europe during 1999. All fuel cell stack units are currently manufactured in ERC facilities in Danbury, Connecticut.
"We congratulate Evercel on their independence and wish them a strong and prosperous future," said Mr. Leitman. "Taking a research discovery from the laboratory to commercialization is the true Evercel story," Mr. Leitman continued.
Energy Research Corporation located in Danbury, Connecticut, is an internationally recognized leader in the field of electrochemical technology for electric power generation. ERC is developing its Direct Fuel Cells through funding from and in cooperation with government, electric utility, and major international industrial organizations. Evercel, Inc. specializes in battery technology especially the nickel-zinc battery for high performance, high drain, and rechargeable applications.
This press release contains forward-looking statements, including statements regarding ERC's and Evercel's plans and expectations regarding the development and commercialization of their fuel cell and battery technologies. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could cause such a difference include, without limitation, the risk that ERC's Direct Fuel Cell Power Plant will not operate as efficiently as planned, the risk that ERC's or MTU's commercial field trials will not be conducted as anticipated, the risk that ERC and Evercel will not initiate commercial sales as currently scheduled, the risk that ERC's and Evercel's manufacturing capacity will not be increased as planned, general risks associated with product development, manufacturing and introduction, changes in the utility regulatory environment, potential volatility of energy prices, rapid technological change, and competition, as well as other risks set forth in ERC's and Evercel's filings with the Securities and Exchange Commission. The forward-looking statements contained herein speak only as of the date of this press release. ERC and Evercel expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in ERC's and Evercel's expectations of any change in events, conditions or circumstances on which any such statement is based.