Astris Energi Details Benefits from Quebec Joint Venture.Business Editors MISSISSAUGA, Ontario For the First Nation, see . Mississauga (pronounced: [ˌmɪsɪˈsɑgə] listen , Canada--(BUSINESS WIRE)--Feb. 13, 2003 Astris Energi Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: 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, detailed today some of the benefits to be gained by Astris and its shareholders from the $15-million joint venture with CareAction Inc., which was concluded last week. CareAction is a diversified company diversified company A company engaged in varied business operations not directly related to one another. A diversified company is less likely to suffer either a collapse or a spectacular gain in earnings compared with a firm concentrating its operations in a based near Montreal, Quebec. Astris will provide its technology under license to the new jointly owned fuel cell development and manufacturing enterprise, called 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. ). CareAction will supply financing, manufacturing know-how and general management. The initial goal of ATSI is to become the first volume producer of alkaline fuel cell systems for use in transportation, with the first Astris-powered vehicles rolled out before the end of this year. For its contribution Astris receives (1) a 40 percent equity interest in ATSI, (2) a direct investment in the company of $C500,000 by March l5, 2003, (3) monthly license payments totaling $1,440,000 over the next three years, (4) payment of Astris' technical staff engaged in continuing R&D, and (5) a royalty on all fuel cell production based on Astris technology. For its part, CareAction acquires the leading alkaline fuel cell technology upon which it can now build a global operation in the burgeoning fuel cell industry. "We have the technology," said Jiri K. Nor, president of Astris, "but we have lacked the financial resources required to achieve mass production of our systems for the growing world market. CareAction fulfills that need." Astris remains free to license its technology to, or form joint ventures with, manufacturers of products outside the transportation area, such as portable power units and systems to provide electricity, heat, air conditioning air conditioning, mechanical process for controlling the humidity, temperature, cleanliness, and circulation of air in buildings and rooms. Indoor air is conditioned and regulated to maintain the temperature-humidity ratio that is most comfortable and healthful. and hot water for homes and other buildings, both of which Astris has already developed. NOTE: Any statements in this release that are not statements of fact may be considered "forward-looking statements 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 in federal security law. Forward-looking statements are only predictions and may differ materially from actual events or results. |
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