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Medis Technologies Ltd. Added to Russell 2000 and Russell 3000 Stock Indexes.

Business Editors

NEW YORK--(BUSINESS WIRE)--July 10, 2001

MEDIS TECHNOLOGIES (NASDAQ:MDTL) today announced that it has been added to the Russell 2000(R) and Russell 3000(R) Indexes, effective July 1, 2001. The Russell 3000(R) Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization. The largest 1,000 companies in the ranking comprise the Russell 1000(R), while the remaining 2,000 companies become the small-cap Russell 2000(R) Index. The Frank Russell Company's 21 U.S. equity indexes are widely used as benchmarks for both passive and active investment strategies. More than US $177 billion is invested in index funds that use Russell's U.S. stock indexes as their model.

"We are pleased at the recognition accorded our company by inclusion in these important indexes," said Robert K. Lifton, Chairman and CEO of Medis. "As we continue to achieve new milestones in the development of our Direct Liquid Methanol Fuel Cells for portable electronic devices and other of our technologies, we look to increased investor interest in our company."

Frank Russell company, a global investment services firm, provides manager-of-manager investment products and services in more than 35 countries. Russell manages $66 billion in assets and advises clients representing more than US $1 trillion worldwide. Founded in 1936, Russell is a subsidiary of Northwestern Mutual and is headquartered in Tacoma, Washington, with additional offices in New York, Toronto, London, Paris, Singapore, Auckland and Tokyo.

Medis Technologies Ltd. is involved in the development of highly advanced proprietary technology products primarily related to sources of clean energy for the 21st Century. The Company's primary focus is on Direct Liquid Methanol Fuel Cell technology. Its business strategy is to license, sell or joint venture with large international corporations. The Company's product pipeline, in varying stages of development, includes highly electrically conductive polymers, the toroidal engine and compressor, Stirling cycle linear compressor and reciprocating electrical machine. The Company has also developed the CellScan with many applications relating to disease detection and cure.

This report may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risk and uncertainties, including, but not limited to, the successful completion of product development, the success of product tests, commercialization risks, availability of financing and results of financing efforts. Further information regarding these and other risks is described from time to time in the Company's filings with the SEC.
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Publication:Business Wire
Date:Jul 10, 2001
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