Medis Technologies Reports 2001 Results

March 26, 2002 by Jeff Shepard

Medis Technologies (New York) released its financial report for the period ending December 31, 2001, showing the company sustained net losses of $31,582,000 for the year. From the company's inception in April 1992 through December 31, 2001, it has generated a cumulative net loss of approximately $77,669,000, including approximately $39,757,000 from amortization expense.

The company reported that it expects to incur additional operating losses during 2002 and possibly thereafter, principally as a result of continuing anticipated research and development costs, selling, general and administrative expenses, and the uncertainty of bringing fuel cell technology or any other technologies to commercial success.