Astris Energi Inc. (Mississauga, ON), a developer of alkaline fuel cell technology, announced unaudited results for the first quarter and three months ended March 31, 2004. Revenue from product sales decreased to CDN$5,662 for the first quarter of 2004 from CDN$9,074 for the first three months of 2003, reflecting a decrease in sales primarily of the company's older model fuel cells.
Astris' expenses continued to exceed revenue and the company reported a loss of CDN$580,887 for the first quarter, which compares with a loss of CDN$265,131 for the first three months of 2003. The increase is due to gearing up for pilot production of the POWERSTACK™ MC250. The company increased its cash position from CDN$217,058 at March 31, 2003, to CDN$583,337 at March 31, 2004. The company raised CDN$742,250 through the issuance of common shares to private investors during the first quarter. Shareholders' deficiency at March 31, 2004, was CDN$6,109,057.
"We are focused on progressing to pilot production of our POWERSTACK™ MC250, which would increase revenues significantly," said President and Chief Executive Officer Jiri Nor. "We have been encouraged by the continued interest both of private investors as seen by the recent investment activity, and of companies well positioned to partner with Astris."
