Astris Energi, CareAction Update Joint Venture.Business Editors MISSISSAUGA, Ontario, Canada--(BUSINESS WIRE)--May 29, 2003 Astris Energi Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: ASRNF) has been advised this week by its joint venture partner, CareAction Inc., of Montreal, that the company expects to have its funding in place next month and be in position to complete closing of the joint venture -- Astris Transportation Systems Inc. (ATSI ATSI Aboriginal and Torres Strait Islander (Australia) ATSI Association of Thai Software Industry ATSI Association of TeleServices International ATSI American Transmission Systems, Inc. ) -- that has already been formed in Montreal. "Our financing should be concluded by the third week in June," according to F. Lynnwood Farr, 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 CareAction. Upon closing, ATSI will immediately initiate planning and installation of the world's first plant for production of Astris electric energy-producing 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. systems in its new headquarters, the 28,000-square-foot facility in St. Laurent, Quebec, formerly owned by HPower Corp. of Englewood, N.J. Technical teams of both companies are meeting this week to work on the joint business development plans. 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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion