Ener1 Relocates Battery Manufacturing Operations to the U.S.; Company Repays Italian Ministry of Industry.Business Editors FORT LAUDERDALE Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla.--(BUSINESS WIRE)--April 4, 2002 Ener1 Battery Company announced today that it has repaid the Italian Ministry of Industry $5.2 million (EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 5.9 million) in connection with a grant anticipation that was forfeited by the Company's decision to move its battery operations to the USA. This repayment finalizes the settlement of all grant obligations in Sardinia Grant 488 and the La Spezia La Spe·zia A city of northwest Italy east-southeast of Genoa on the Gulf of La Spezia, an arm of the Ligurian Sea. The city is a major seaport and year-round resort. Population: 90,800. Noun 1. Area Contract. Mike Zoi, President of Ener1 stated, "We are pleased to finalize our Italian grant process in connection with our decision to move battery operations from Italy to the USA. We believe that our long-term business interests will be best served by relocating our operations to the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The United States represents 60% of our target customer base. We expect to begin production of our high-energy-density batteries in Fort Lauderdale, Florida Fort Lauderdale, known as the "Venice of America" due to its expansive and intricate canal system, is a city in Broward County, Florida, United States. The city's population is described as metropolitan, where diverse culture is commonplace. According to 2006 U.S. during the fourth quarter of this year. Jonathan New, Ener1's Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. said, "This repayment finalizes our successful settlement in Italy with all of our suppliers. We appreciate the efforts of our Italian associates and regret we were unable to come to a successful conclusion in Italy due to a difficult situation we encountered with the Ministry of Industry and their administrators (EPF EPF early pregnancy factor. ). On the other hand, the continued support of Meliorbanca S.p.A. has been a great success to date. Meliorbanca continues to demonstrate support by providing the credit facility to repay the $5.2 million grant anticipation. The Company and Meliorbanca continue to work together to find a buyer for Ener1's remaining 80,000 square foot facility in Sardinia, Italy. We also appreciate the cooperation of our builder Andreoni S.P.A. through their association with our director of works. About Ener1 Ener1 Battery Company plans to produce samples of its patent pending lithium-metal batteries mid-year with full production beginning late in the fourth quarter. The Company possesses a superior battery research and development team that is currently installing $24 million of manufacturing equipment in our Fort Lauderdale, Florida, company-owned facility. Ener1's proprietary battery technology has up to three-times the energy density (by weight) of the lithium-ion batteries commonly used in electronics and telecommunications equipment today. The Company has filed five patents on this technology and is currently preparing another two applications. Dr. Peter Novak, Chief Science Officer said, "The policy of Ener1 is to file intellectual property patents on an as-needed basis. We have an exceptional team with a significant backlog of patents to be filed in the areas of battery technology, electromagnetic radiation electromagnetic radiation, energy radiated in the form of a wave as a result of the motion of electric charges. A moving charge gives rise to a magnetic field, and if the motion is changing (accelerated), then the magnetic field varies and in turn produces an prevention, and the specially-created software used to develop the above technologies." For further information, visit Ener1's website at http://www.ener1.com or call 954/202-4442. |
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