Medis Technologies Receives Fuel Cell Order from AES

July 28, 2005 by Jeff Shepard

Medis Technologies Ltd. (New York) announced that Medis distributor ASE International has issued to Medis a purchase order totaling over $50 million for delivery of 200,000 Power Packs a month for the first year of availability from Medis production, and 400,000 Power Packs a month from the second year of production. The company also announced that it is delivering on schedule its newest version of the fuel cell Power Pack product to its various distributors.

Medis also has Power Pack units available to deliver to those mobile operators and original equipment manufacturers (OEMs) with whom it has entered into cooperation agreements. Meetings are already scheduled starting next month with mobile operators and OEMs in the United States and Europe to deliver Power Packs to them so that they can demonstrate the Power Packs to their customers and provide feedback to Medis, including indications of orders, as contemplated by the cooperation agreements with those parties.

"Obviously, we are gratified by this strong show of confidence on the part of ASE," said Medis Technologies Chairman and CEO Robert Lifton. "We believe that mobile operators and OEMs, as well as other distributors, will also want to reserve availability of Power Pack units once they have demonstrated the Power Packs to their customers. This is particularly the case regarding those customers in the enterprise market. We are committed to building the first fully automated line, capable of producing 1.5 million Power Packs a month, as rapidly as we can. We believe that the financing we have just announced will enable us comfortably to complete that line and if that line becomes sold out we will start to plan for another fully automated line."