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Monday January 26, 12:24 pm Eastern Time
Company Press Release
SOURCE: Electric Fuel Corporation
Electric Fuel Corporation Establishes Three Divisions For Zinc-Air Battery Applications
- New Division Heads Named -
NEW YORK, Jan. 26 /PRNewswire/ -- Electric Fuel Corporation (Nasdaq: EFCX - news) announced today the creation of three market-related divisions to expand its zinc-air battery technology for wider applications. The Company has named managers for the three parallel business units; Electric Vehicle, Consumer Electronics, and Defense and Safety Products.
Jonathan Whartman, Vice President of Marketing for the corporation, will also serve as Division Manager of the Electric Vehicle Division which will continue to focus on fleet applications of the zinc-air battery system with its partners in the United States, Europe and Asia. The division will also continue development of new vehicle applications including an electric scooter battery for the Far East market and a battery for transit buses in cooperation with the Center for Sustainable Technology in Las Vegas, Nevada for the U.S. mass transit market.
The acting Division Manager of the Consumer Electronics Division will be Yehuda Harats, President and CEO of the Company. The division will pursue the increasing market interest in a primary battery as an alternative to the current heavier and more expensive rechargeable batteries. Applications include batteries for cellular telephones, camcorders, laptop computers and other portable consumer electronic devices.
Binyamin Koretz has been named Division Manager of the Defense and Safety Products Division which will continue to expand the development of other advanced uses of the battery technology. The Division is working under contracts developing a high-power zinc-oxygen battery for torpedoes and underwater propulsion systems, and an advanced portable zinc-air battery for the U.S. Army's Communications-Electronics Command (CECOM). The Division will also be responsible for expanding the Company's growing activities of its water activated survivor locator light for airline and marine applications as well as pursue further development of the safety products business.
As part of the restructuring, Dr. Joshua Degani, the Company's executive vice president, was appointed as Chief Operating Officer of Electric Fuel Ltd. responsible for R&D, engineering, operations and production. The group with facilities and laboratories in Jerusalem and Beit-shemesh, Israel, and Auburn, Alabama, will provide services to all three business divisions.
''While we continue to pursue commercialization of our zinc-air battery for electric vehicles, we believe the market for consumer, industrial and defense applications of our technology will provide increased near-term revenues,'' says Yehuda Harats, President and CEO of Electric Fuel. ''Forming the divisions will allow us to better focus our resources and advanced technology with the aim of capturing a substantial share of these markets.''
Electric Fuel Corporation, with corporate offices in New York City and manufacturing and R&D facilities in Jerusalem, Israel and in Auburn, Alabama, is pioneering the use of zinc-air battery technology for electric vehicle, consumer electronic products, and industrial applications,
NOTE: This press release contains forward-looking statements. There are certain important factors that could cause results to differ materially from those anticipated by the statements made above.
SOURCE: Electric Fuel Corporation
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