ENERGY VENTURES INC. PRESS RELEASE
FOR IMMEDIATE RELEASE Contact: Terry B. Kimmel Tel. (613)
990-9373
Wednesday, July 5th 2000 Terry.Kimmel@nrc.ca
or Wayne Hartford
hartford@energyvi.com
ENERGY VENTURES COMPLETES PHASE 1 OF DIRECT METHANOL FUEL CELL RESEARCH PROGRAM
Energy Ventures Inc. ("EVI") [OTCBB:NASDAQ, "EGYV"] announced today that it has completed the initial phase of its research, development and demonstration program on its Direct Methanol Fuel Cell ("DMFC") technology.
The work was undertaken to verify the company's proprietary technique for resolving the methanol "crossover" problem that occurs in other DMFC technologies. The results of the initial work have also identified several other advantages to the EVI system. The company has previously filed a
patent application on the base technology and will be filing for patent continuation. EVI is now moving to a phase two program that will include the construction of prototypes fuel cells of 150W and 2.5 kW size for identified market applications.
The recent research results have determined that EVI's DMFC innovation is a promising stand-alone technology that can be incorporated into other fuel cell formats such as PEM (Proton Exchange Membrane) cells or Alkaline fuel cells and provide improved performance at a reduced cost. D. Wayne Hartford, President of EVI, stated that the major issue facing fuel cell development today is the production cost which remains prohibitively high for most market applications. EVI's efforts are focused on developing a
cost-effective, high efficiency DMFC system but the potential for application of the company's technology to other fuel cell systems could be equally important.
In associated matters, Northern Securities Inc. of Toronto
(www.enorthern.com) is proceeding with EVI's Stage 2 financing to raise Cdn. $6 million to $10 million in an offering of Special Warrants convertible into common shares of the company. A successful financing may lead to EVI's
creating a dedicated fuel cell facility to accelerate the research, development and commercialization of Direct Methanol Fuel Cells. The location of this facility is under discussion with two western Canadian cities. The financing is expected to be completed within the next two months.
We note that statements made in this release which are not historical facts are forward-looking statements, and as such, are based upon our objectives, expectations, intentions and assumptions. Such statements cannot be
guaranteed, and involve a number of risks and uncertainties, including, but not limited to, general economic conditions and our ability to successfully
complete our R&D programs already in progress.
Energy Ventures Inc. is a portable power technology developer and integrator with activities in fuel cell and rechargeable battery technology. It develops and commercializes technology products that produce reliable and
economical portable power and reduce pollution. For further information please contact Terry Kimmel at (613) 990-9373 . EVI's website is at energyvi.com.
Terry Kimmel
Vice President & General Manager
Energy Ventures Inc.
Tel. 613-990-9373 Fax. 613-990-9464
e-mail; Terry.Kimmel@NRC.CA
energyvi.com |
