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Medis Technologies Successfully Demonstrates Direct Ethanol Fuel Cell.

Business Editors

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

Medis Technologies Ltd. (NASDAQ:MDTL) announced today that in the Fuel Cell 2001 Asian Conference now being held in Tokyo, Japan it successfully demonstrated that its proprietary DLM (direct liquid methanol) fuel cells can utilize a broad range of alcohols or mixture of alcohols as fuel without reducing the performance or longevity of the fuel cell. At the Conference, Medis presented fuel cells operating on ethanol (an alcohol) that performed at the highest level of its methanol fuel cells. The use of a special architecture that prevents fuel migration to the cathode and the use of its liquid electrolyte instead of a Proton Exchange Membrane are part of its advanced DLM fuel cell technology that makes these results possible.

Medis also displayed updated performance characteristics of the Company's DLM fuel cell at the Conference, showing 5100 milliampere hours - more than 40 hours - of continuous operation on the initial fueling using methanol. This is a significant advance over the performance presented during the Knowledge Foundation's 3rd Annual International Symposium on Small Fuel Cells and Battery Technologies for Portable Power Applications, held in Washington, D.C. on April 22, 2001.

"We consider this new development in the use of ethanol to be a major achievement in the arena of fuel cells for portable electronic devices," said Robert K. Lifton, Chairman and CEO of Medis Technologies. "An ethanol fuel cell would resolve all the questions raised about the safety of methanol and the ability to carry methanol bearing products on airplanes and elsewhere. The use of ethanol in fuel cells is totally safe and, of course, can generally be transported without restriction. Moreover, the flexibility of Medis' technology allows it to use alcohol fuels that have a much lower freezing point than diluted methanol thus helping to overcome the problem of using diluted methanol in colder climates. The ability to use alcohol is especially important for military applications where the fuel cells have to operate outdoors in sub-zero temperatures.

"We believe that an ethanol fuel cell can give us a decided advantage over any other competitive fuel cell product for portable electronic devices. We know of no other fuel cell capable of offering similar power density and length of operating time from an internal ethanol source.

"The demonstration of our DLM fuel cells' performance at the Knowledge Foundation's small fuel cell conference in Washington D.C. resulted in a number of articles about Medis' technology, notably the article in the Economist of June 23rd and the July Scientific American. We hope that our demonstration of this new major breakthrough of using ethanol as a fuel source for our fuel cells will generate further interest in Medis' fuel cell technology and how far it has advanced even since that April conference."

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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