Astris Energi, Alternate Energy Corp. Plan Fuel Cell, Hydrogen Production Joint Venture.Business Editors/Automotive Writers MISSISSAUGA, Ontario--(BUSINESS WIRE)--Aug. 5, 2003 Astris Energi Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ASRNF), world leader in alkaline fuel cell The alkaline fuel cell (AFC), also known as the Bacon fuel cell after its British inventor, is one of the most developed fuel cell technologies and is the cell that flew Man to the Moon. technology, announced today that it has signed a Letter of Intent with Alternate Energy Corp. (OTCBB:ARGY), which has acquired the rights to a unique and reportedly low-cost technology for the production of hydrogen gas required for fuel cell operation. The proposed joint venture plans to combine these fuel cell and hydrogen technologies Hydrogen technologies are technologies for creating electricity from hydrogen. They are related to the goal of a future hydrogen economy. The application of hydrogen technologies have the potential to play role in preventing climate change and are applicable in many uses. to produce and sell complete stationary electric power systems for the vast household and business markets. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Jiri K. Nor, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Astris Energi, the company and its Czech Republic affiliate, developed and delivered more than two years ago a four-kilowatt fuel cell to provide electricity, heat and hot water for individual homes and small businesses. It has also been operating a golf car powered by a two-kilowatt Astris alkaline fuel cell "engine" since early 2001. Fuel cells generate electric energy through a chemical reaction between hydrogen gas and oxygen from the air. They are noiseless noise·less adj. Making or marked by no noise. See Synonyms at still1. noise  less·ly adv. ,
odourless and release no pollutants to the atmosphere, the only effluent
being pure water one can drink.
"The fuel cell industry has long awaited a cost effective method of extracting the high quality hydrogen gas required to run the fuel cell," said Blaine Froats, Chairman of Alternative Energy Corp. "The merging of a reliable alkaline fuel cell (Astris) with a low-cost supply of hydrogen (AEC AEC US Atomic Energy Commission Noun 1. AEC - a former executive agency (from 1946 to 1974) that was responsible for research into atomic energy and its peacetime uses in the United States Atomic Energy Commission ) is expected to provide the market with an affordable fuel cell for the consumer. The prospective joint venture with Astris will place our two companies in the forefront of the industry," he asserted. Under the Letter of Intent, set-up of the Joint Venture operation will begin within sixty days, following completion of hydrogen quality tests using the new AEC process. Founded in March, 2000, AEC also owns patented technologies that enable electric utility and large industrial companies to increase their power output while reducing fossil fuel consumption, pollution and operating costs. NOTE: Any statement in this release that is not a statement of fact may be considered a "forward-looking statement forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ", as that term is defined under Federal security laws. Forward-looking statements are only predictions; and may differ materially from actual events or results. |
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