Astris Energi Reports Fiscal 2004 Results

May 04, 2005 by Jeff Shepard

Astris Energi Inc. (Mississauga, ON), a developer of alkaline fuel cell technology, reported its audited financial results for the twelve months ended December 31, 2004. Revenue for the year ended December 31, 2004, was CDN$88,798, compared with CDN$67,870 for the previous year. The main source of revenue in 2004 was from the sale of fuel cells and an E8 Portable AFC Generator.

Astris reported a net loss for the year ended December 31, 2004, of CDN$3,462,257 compared with a loss of CDN$2,206,969 in 2003. On a per-share basis, the loss was CDN$0.16 (basic and diluted) compared with a loss of CDN$0.12 (basic and diluted) in 2003. During the year ended December 31, 2004, Astris raised CDN$2,076,041 through the private placements of shares and warrants compared with CDN$1,193,165 in 2003.

"Astris has had a very successful year," said Astris President and CEO Jiri Nor. "The completion of the pilot production line, our first E8 sale, the launch of the new Freedom II Golf Car, and the various agreements with Alternate Energy, El.Ma., and Plasma Environmental Technologies, are all indicators of the progress we are making towards the commercialization of our product line. Astris looks forward to an exciting year focused on the business development of our world-leading alkaline fuel cell technology."