Astris Energi in Strongest Position Yet, President Tells Shareholders.

Business Editors

MISSISSAUGA, Ontario, Canada--(BUSINESS WIRE)--July 18, 2000

In a letter to shareholders, Jiri K. Nor, president of Astris Energi Inc. (ASRF) Tuesday reported that the company has made significant advances during the past three months in product development and on the corporate front as well, putting the fuel cell technology company in the strongest position in its history.

Nor confirmed that completion of a fuel cell system to power golf carts and other small vehicles is being aggressively pursued and a prototype vehicle, with full demonstration capabilities, is expected to be available in the first quarter of next year.

Nor, just back from several weeks at the company's affiliate company in the Czech Republic, Astris S.R.O., also confirmed an earlier report that Astris S.R.O. has submitted a complete four-kilowatt Alkaline Fuel Cell (AFC) system to a Czech university as part of a project demonstrating alternative energy systems.

"The AFC system," Nor said, "is a precursor of appliance-like units providing electricity and heat in the homes of the future." He added that the results of this evaluation project "are anticipated to be highly favorable."

In recent corporate progress, the company has cleared with the Alberta Securities Commission certain deficiencies of the previous management and is now completing documentation for application to the U.S. Securities and Exchange Commission for listing on the Nasdaq Bulletin Board system. A New York law firm has been retained to assist in this action.

Meanwhile, Nor said, Astris Energi shares will continue to trade on the pink sheet broker network.

"Astris Energi is now in the strongest position in its history," Nor concluded, "and we intend to maintain our current momentum."

For further information, contact Gordon Molesworth at Molesworth Associates Inc., 520/625-0550, fax: [phone], or visit the Astris Energi website at: www.astrisfuelcell.com.

Note: Any statements contained in this release that are not statement of fact may be considered "forward-looking statements" as that term is defined under U.S. Federal security laws. Forward-looking statements are only predictions and may differ materially from actual events or results.