Electro Energy Inc. Raises $750,000 From Sale of Warrants
31 July 2008 - 12:00AM
Marketwired
DANBURY, CT announced today that the company has completed a
$750,000 sale of warrants.
Michael E. Reed, President and Chief Executive Officer of
Electro Energy Inc., stated, "We are pleased to announce this
additional investment by a current shareholder. We are continuing
to seek additional sources of capital to fund our development
efforts and ongoing business initiatives. This investment will
provide us with the short-term liquidity we need in order to pursue
longer term financing to allow us to aggressively execute our
business plan." Mr. Reed added, "We have made significant progress
in our efforts to begin shipping 18650 rechargeable lithium ion
cylindrical cells, the standard in the electronics industry, from
our Gainesville, Florida plant. Underwriters Laboratories has
certified our 2.2Ah cell, and we are providing samples to targeted
customers for their testing and qualification. Electro Energy's
effort to commercialize its 18650 cells is at a time of high demand
and a global shortage. These efforts should help us to achieve our
goal of attaining significant commercial revenue in the second half
of 2008."
Additional information is available in the Company's Form 8-K
filed on July 28, 2008.
About Electro Energy Inc.
Electro Energy Inc., headquartered in Danbury, Connecticut, was
founded in 1992 to develop, manufacture and commercialize
high-powered, rechargeable bipolar wafer cell nickel-metal hydride
batteries for use in a wide range of applications. Its Colorado
Springs operation is AS9100/ISO9001 certified and supplies
aerospace-grade high quality nickel cadmium batteries and
components for satellites, aircraft and other specialty
applications. EEEI is developing high power lithium rechargeable
batteries utilizing the Company's proprietary bipolar wafer cell
design. Its Gainesville, Florida facility is the largest lithium
ion battery manufacturing plant in the US with annual capacity of
over 30 million 18650 cylindrical cells, the standard cell used in
the electronics industry. For further information, please visit
www.electroenergyinc.com.
Certain statements in this news release may contain
forward-looking information within the meaning of Rule 175 under
the Securities Act of 1933 and Rule 3b-6 under the Securities
Exchange Act of 1934, and are subject to the safe harbor created by
those rules. All statements, other than statements of fact,
included in this release, including, without limitation, statements
regarding potential future plans and objectives of the companies,
are forward-looking statements that involve risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
Factors that could cause actual results to differ materially from
those in the forward-looking statements include, among other
things, the following: general economic and business conditions;
competition; unexpected changes in technologies and technological
advances; ability to commercialize and manufacture products;
results of experimental studies; research and development
activities; changes in, or failure to comply with, governmental
regulations; and the ability to obtain adequate financing in the
future. This information is qualified in its entirety by cautionary
statements and risk factors disclosure contained in certain of
Electro Energy Inc.'s Securities and Exchange Commission filings
available at http://www.sec.gov.
Contact: Timothy Coyne (203) 797-2699
Electro Energy Inc. (MM) (NASDAQ:EEEID)
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