Millennium Cell Announces Q3 2001 Results

October 29, 2001 by Jeff Shepard

Millennium Cell Inc. (Eatontown, NJ) announced an adjusted net loss of $3.5 million, or $0.13 per share (adjusted for non-cash charges), for the quarter ended September 30, 2001. This compares to an adjusted net loss of $3.1 million, or $0.11 per share, for the second quarter ended June 30, 2001. The adjusted net loss for the third quarter of 2000 was $0.06 per share.

”We continue to be very pleased with the progress made toward our commercialization objectives," said Stephen Tang, Millennium Cell president and CEO. “We are particularly encouraged by our success this quarter in entering into key strategic partnerships with leading companies like Air Products and Chemicals Inc. and US Borax and in initiating a presence in Europe through our partnership with System Consulting of Hungary."