Don-- your post on Formosa is great, but lets not get our hopes up that this is necessarily NiMh that will be powering these vehicles. Remember that Formosa quickly got disillusioned and took out a very expensive license from Evercel (fka Energy Research) on their Nickel Zinc. That production plant is almost done and is located in Xiamen same spot mentioned in your Formosa post. We haven't heard anything from Stan, Bob and Nancy on Formosa in quite some time. Good news travels fast, and bad news....
From Yahoo!
Thursday May 6, 12:07 pm Eastern Time
Company Press Release
Evercel's Xiamen Nickel-Zinc Battery Plant Nears
Completion
Product Expected Within Three Months
DANBURY, Conn.--(BUSINESS WIRE)--May 6, 1999--Evercel, Inc. (NASDAQ: EVRC - news) today announced that its
affiliate's new manufacturing facility in Xiamen, People's Republic of China, is nearing completion and is expected to begin
producing deep cycle nickel-zinc rechargeable batteries within three months. The Company's first targeted market is the
worldwide electric scooter and bicycle industry.
Evercel's President and CEO, Robert L. Kanode and Chairman, Jerry D. Leitman have recently returned from a visit of the
manufacturing affiliate, Xiamen Three Circles - ERC Battery Co., Ltd., located in Xiamen, China.
''I was pleased with the state of readiness of the Xiamen facility,'' commented Mr. Kanode. ''The Xiamen manufacturing
facility gives Evercel advanced high volume, low cost manufacturing capability which we believe will place Evercel in a very
competitive market position.''
The Xiamen facility is nearing a state of full readiness. All basic functions, building, utilities, manufacturing areas and office
support areas are nearing completion. All critical manufacturing equipment is on order and 70% has been installed and is
undergoing acceptance testing. The People's Republic of China is providing full technical, economic and government support of
the Xiamen manufacturing operations.
The Xiamen manufacturing facility is intended to work in harmony with the Evercel Danbury, Connecticut facility, which is
responsible for product design and process development. Distribution hubs will be set up both in Danbury and Xiamen, China
to support worldwide sales and distribution.
Evercel, Inc. located in Danbury, Connecticut, is a leader in the field of high performance battery technology. The Company,
formerly a unit of Energy Research Corporation (AMEX:ERC - news) is engaged in the development and commercialization of
an innovative, patented, Nickel-Zinc rechargeable battery, as well as the research and design of other advanced battery
technologies. The Company's Nickel-Zinc battery has been used on a limited test basis in a range of rechargeable battery
applications, including bicycles, scooters, electric vehicles, trolling motors for boats, lawn mowers, electric wheelchairs and golf
carts.
This press release contains forward-looking statements, including statements about the Company's plans and expectations
regarding the commercialization of its battery technology. All forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from those projected. Factors that could cause such a difference include,
without limitation, the risk that the completion of the Xiamen manufacturing facility will be delayed, the risk that Evercel will not
initiate manufacturing or commercial sales as currently anticipated, general risks associated with doing business in China,
product development, manufacturing and introduction, rapid technological change, and competition, unanticipated costs and
expenses or other events affecting Evercel's business, as well as other risks set forth in Evercel's filings with the Securities and
Exchange Commission. The forward-looking statements contained herein speak only as of the date of this press release.
Evercel expressly disclaims any obligation of undertaking to release publicly any updates or revisions to any such statement to
reflect any change in Evercel's expectations or any change in events, conditions or circumstances on which any such statement
is based. |
