Astris Energi Inc. (Mississauga, ON), a developer of alkaline fuel cell technology, announced that it has completed a private placement to accredited investors worth $500,000. Each individual unit consists of one share priced at $0.30 plus one warrant with an exercise price of $0.50 expiring on December 31, 2005. The lead investor in the offering was Alternate Energy Corp. (AEC). In May 2004, Astris signed an agreement with AEC whereby it became a value-added reseller of Astris' AFC power generator products. The agreement gives Astris access to AEC's substantial customer prospects and distribution arrangements.
"This financing demonstrates the confidence investors have in the future success of Astris Energi," said Astris President and CEO Jiri Nor. "The funds will enable Astris to move the POWERSTACK™ MC250 fuel cell module to the pre-commercial stage of development. As well as generating revenue, this pre-commercial phase is crucial to our plans for developing strategic partnerships with existing entities - OEMs, engineering firms, research labs and government research and development organizations - to further develop custom applications for Astris' products."
