Electric Fuel Corp. (New York) announced that it will discontinue retail sales of its INSTANT POWER® consumer battery products because of the high costs associated with consumer marketing and low-volume manufacturing. The move is expected to significantly accelerate progress toward achieving positive cash flow in 2003. The company will continue to fulfill all its existing contractual obligations, online sales, and sales to OEMs and the military.
"In pursuit of the best interests of our shareholders, we have made a strategic decision to arrest the negative cash flows stemming from the retail business," stated new President and CEO Robert Ehrlich. "The division has used up capital well beyond our resources over the past few years, and this has stymied the company's growth."
