Oct 25, 2003
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October 23, 2003 04:15 PM US Eastern Timezone
Millennium Cell CEO Emphasizes Flexible Hydrogen System for near Term Markets
NEW YORK--(BUSINESS WIRE)--Oct. 23, 2003--Dr. Stephen S. Tang, Millennium Cell President and CEO, was featured today at the Ardour Capital/Coudert Brothers Energy Technology Conference. He emphasized the advantages of Millennium Cell Hydrogen on Demand(TM) technology, including its energy density, flexibility and safety, particularly for the early adopter markets of consumer electronics and standby power. Millennium Cell Inc. (NASDAQ: MCEL), a leading technology company that has created a proprietary technology to safely store, generate and deliver pure hydrogen, has systems currently in development with commercial partners for these markets.
"Millennium Cell is positioned to prosper from the vast market for micro-fuel cell devices--including laptop personal computers, mobile phones, and personal digital assistants--for consumers as well as for the military," said Tang. "The ability of Hydrogen on Demand(TM) fuel systems to "cut the second wire," making Wi Fi applications cordless, is a compelling value proposition." Tang described the potential of the Millennium Cell system to provide better performance than lithium ion batteries at a lower cost than alkaline batteries. In addition, he said, it has more commercial promise than direct methanol fuel cells, because it is safer, more efficiently used (i.e., less fuel for the same runtime) and can provide more energy in a smaller configuration.
"Military markets will also prove important to Millennium Cell. The U.S. Department of Defense is the world's largest single consumer of fuel. Each branch of service is testing fuel cells to power the 'warrior of the future.' These troops will need radios, computer power in the field, electrical generators, tactical land vehicles, ships, and submarines. Hydrogen on Demand(TM), the Millennium Cell technology, minimizes thermal and visual signatures, minimizes field support from fuel supply chain and minimized the threat of fuel interdiction," he said.
Tang described the Hydrogen on Demand(TM) fuel system which safely generates pure hydrogen from environmentally friendly raw materials. In the process, the energy potential of hydrogen is carried in the chemical bonds of sodium borohydride, which in the presence of a catalyst releases hydrogen. The primary input components of the reaction are water and sodium borohydride, a derivative of borax. Borax is found in substantial natural reserves globally.
The Ardour Capital/Coudert Brothers Energy Technology Conference featured only ten CEOs from energy technology, product and service companies for its investor audience. Tang's presentation was furnished pursuant to Regulation FD in an 8-K submitted to the Securities and Exchange Commission by Millennium Cell on September 12, 2003.
About Millennium Cell
Founded in 1998, Millennium Cell is based in Eatontown, NJ, and has developed a multi-faceted patent portfolio, which the company is pursuing in the United States and internationally surrounding a proprietary process called Hydrogen on Demand(TM). The Hydrogen on Demand(TM) system safely generates pure hydrogen from environmentally friendly raw materials. In the process, the energy potential of hydrogen is carried in the chemical bonds of sodium borohydride, which in the presence of a catalyst releases hydrogen. The primary input components of the reaction are water and sodium borohydride, a derivative of borax. Borax is found in substantial natural reserves globally. Hydrogen from this system can be used to power fuel cells or fed directly to internal combustion engines. Millennium Cell also has a patented design for boron-based longer-life batteries. For more information visit http://www.millenniumcell.com or call 866-532-2783.
Cautionary Note Regarding Forward-looking Statements:
This press release may include statements that are not historical facts and are considered ``forward-looking'' within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Millennium Cell's current views about future events and financial performance. These forward-looking statements are identified by their use of terms and phrases such as ``believe,'' ``expect,'' ``plan,'' ``anticipate'', "on target" and similar expressions identifying forward-looking statements. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties and other factors that could cause actual results to differ materially from Millennium Cell's expectations, and Millennium Cell expressly does not undertake any duty to update forward-looking statements. These factors include, but are not limited to, the following: (i) the cost and timing of development and market acceptance of Millennium Cell's hydrogen fuel storage and delivery system, (ii) the cost and commercial availability of the quantities of raw materials required by the hydrogen fuel storage and delivery systems, (iii) competition from current, improving and alternative power technologies, (iv) our ability to raise capital at the times, in the amounts and at the costs and terms that are acceptable to fund the development and commercialization of our hydrogen fuel storage and delivery system, (v) our ability to protect our intellectual property, (vi) our ability to achieve budgeted revenue and expense amounts and (vii) other factors detailed from time to time in Millennium Cell's filings with the Securities and Exchange Commission.
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