Astris Energi Reports Third-Quarter 2003 Results
Astris Energi Inc. (Mississauga, ON), a developer of alkaline fuel cell technology, announced unaudited results for the third quarter and nine months ended September 30, 2003. (All amounts are in Canadian dollars unless otherwise indicated.) Revenue increased to $114,267 for the third quarter of 2003, and $139,579 for the nine months, from $10,244 for the first nine months of 2002.
The company reported a loss of $189,061 for the third quarter and $630,980 for the nine months, which compares with a loss of $476,034 for the first nine months of 2002. The company increased its cash position from $253,938 at December 31, 2002, to $446,512 at September 30, 2003, representing its highest cash position to date. The company raised $650,000 through the issuance of common shares to private investors during the third quarter, bringing total proceeds from shares issued to $1,070,400 for the first nine months. Shareholders' equity at September 30, 2003 was $564,973.