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Medis Reports 2nd-quarter, 6-month Financial Results.

New York, NY-based fuel cell technology developer Medis Technologies, Ltd. recently announced its financial results for the second quarter and six months ended June 30, 2004, reporting a quarterly net loss of $3.4 million, or 13 cents per share, compared to a net loss of $2.7 million, or 11 cents per share, for the same period last year.

Medis reported a year-to-date net loss of $6.6 million, or 25 cents per share, compared to a net loss of $5.1 million, or 22 cents per share, for the six months ended June 30, 2003.

The company noted that it continued to increase funding of its technologies during both the quarter and six months.

"The increase in cash expenditures to about $3.1 million for the quarter is fully consistent with our prior estimates and reflects the increase in outlays required to move towards commercial production of our fuel cell Power Pack products," said Medis chairman and CEO Robert Lifton. "We continue to work towards our target of reaching high-volume production of our disposable Power Pack in the second half of 2005."

Contact: Robert Lifton, Medis, phone 212-935-8484, website http://www.medistechnologies.com.

(EIN STAFF: 8/5)
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Publication:Fuel Cells Today
Geographic Code:1USA
Date:Aug 10, 2004
Words:199
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