Astris Energi is Top Gainer in Shareholder Value Among 16 Publicly Traded Fuel Cell Companies.

Energy Editors/Business Editors

MISSISSAUGA, Ontario, Canada--(BUSINESS WIRE)--Oct. 15, 2003

Astris Energi Inc. (OTC BB: ASRNF), leading developer of alkaline fuel cell technology, was the only one of 16 publicly traded North American fuel cell companies reporting an increase in shareholder value during 2002, posting a gain of 249 percent over the 2001 figure. This data is contained in the recently released "2003 Fuel Cell Industry Survey" prepared by PriceWaterhouseCoopers, LLP.

Astris was still a development stage company in those years, yet its modest revenues rose 553 percent in 2002, also the largest percentage gain in the group, according to the survey.

Astris warranted special attention because it is the only North American fuel cell company specializing in alkaline fuel cell (AFC) technology, which it has pioneered. Most other concerns surveyed are pursuing proton exchange membrane fuel cell (PEMFC) technology. In the last decade, a majority of investment has concentrated on PEMFC, yet problems still persist -- mainly the cost of the cell and the complexity of the system. With substantially less funding, Astris technology has addressed some of these cost and operational issues. Astris AFCs do not need expensive platinum catalysts which PEMFCs require, and AFCs operate over a wider temperature range (including sub-zero temperatures) where PEMFCs do not.

Astris is a publicly owned company whose approximately 18 million shares are traded on the OTC Bulletin Board Service under the symbol ASRNF.

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

NOTE: Parties interested in receiving Astris news releases or corporate documents may e-mail such a request to [e-mail]. They can also review the company's Web site at www.astrisfuelcell.com or its public documents at www.sedar.com or www.sec.gov, or they can contact their broker or financial advisor.